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Realtor.com® November Rental Report: Even with Rent Declines, Minimum Wage Earners Need Extended Hours to Afford Rents

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To afford the median rent, two minimum wage earners would have to each work 82 hours per week in Nashville, Tenn., 79 hours in Austin, Texas and 77 hours in Dallas, three metros that saw the largest decline in rent prices

SANTA CLARA, Calif., Dec. 16, 2024 /PRNewswire/ — Rents declined in November, falling by -1.1% year over year to a median of $1,703, according to the Realtor.com® November Rental Report released today. Despite the dip in rents, affordability remains a concern, with minimum wage earners requiring extended working hours to afford a typical rental unit in 44 of the top 50 metros in the United States.

“Lower rents, combined with stable or increased minimum wages, have offered a break to renters in some metro areas this year, though many minimum wage earners still struggle to find affordable rents,” said Danielle Hale, chief economist at Realtor.com®. “With minimum wages set to increase in more than half of the top 50 markets next year, and a projected 0.1% annual decline in median asking rents in 2025, we expect some further relief in the coming year; however, more new construction is still one of the biggest levers we have to help with affordability.”

To better understand the hurdles faced by hourly workers in today’s rental market, this month, Realtor.com® analyzed how many hours per week a renter would need to work at local minimum wage rates to afford a typical 0-2 bedroom home. Among the top 10 markets with the largest year-over-year rent declines in November, fewer working hours were required to afford the median rent compared to the same time last year. Yet only in Denver and Phoenix could two minimum wage earners each work 40 hours or less per week and affordably split the median rent for a 0-2 bedroom unit.

Market

Median 
Asking
Rent,

Nov. 2024 

Y/Y Change 

Annual HH
Income Needed 
to Afford a 0-2
Bedroom, Nov
2024

Minimum 
Wage 2024 

Work Hours 
per Renter per 
Week at
Minimum
Wage, Nov.
2024

Diff. in Hours 
(Nov. 2024 vs. 
2023)

Denver-Aurora-Lakewood, CO

$1,808

-6.7 %

$72,320

$18.29

38

-5

Memphis, TN-MS-AR

$1,186

-6.2 %

$47,440

$7.25

63

-4

Nashville-Davidson–Murfreesboro–
Franklin, TN

$1,542

-5.6 %

$61,680

$7.25

82

-5

Austin-Round Rock-Georgetown, TX

$1,486

-4.7 %

$59,440

$7.25

79

-4

San Francisco-Oakland-Berkeley, CA

$2,711

-4.5 %

$108,440

$16.00

65

-5

Dallas-Fort Worth-Arlington, TX

$1,453

-4.4 %

$58,120

$7.25

77

-4

San Diego-Chula Vista-Carlsbad, CA

$2,726

-4.3 %

$109,040

$16.85

62

-5

Phoenix-Mesa-Chandler, AZ

$1,503

-4.1 %

$60,120

$14.35

40

-4

Birmingham-Hoover, AL

$1,236

-3.6 %

$49,440

$7.25

66

-2

San Antonio-New Braunfels, TX

$1,242

-3.5 %

$49,680

$7.25

66

-2

Minimum wage earners need to work extended hours to afford rents
To keep their half of the rent at an affordable 30% of their budgets, two minimum wage earners would have to each work 82 hours per week in Nashville, Tenn., 79 hours in Austin,Texas and 77 hours in Dallas, despite large year-over-year rent declines. The affordability crunch is worst in markets that are subject to the federal minimum wage of $7.25 per hour. But in San Francisco, where the minimum wage is $16, and San Diego, where it’s $16.85, workers would still need to work 65 and 62 hours per week respectively to afford the median rent. By contrast, in Denver and Phoenix, two minimum wage earners would each need to work 38 and 40 hours per week respectively to afford the median rent.

Higher minimum wages and falling rents point to continued relief in 2025
Minimum wages will rise in 23 of the top 50 markets on Jan. 1, 2025, while additional markets will see increases later in 2025. If rents hold steady, eight of those markets are expected to see at least a two-hour reduction in weekly working hours at minimum wage needed to afford rent. In both St. Louis and Kansas City, Mo., where the minimum wage is due to rise to $13.75 per hour from $12.30, two workers earning that wage will each need to work four hours less per week to afford the median rent. Minimum wage earners will need to work two hours less in six markets: Sacramento, Calif., Virginia Beach, Va., Riverside, Calif., San Francisco, New York, and San Jose, Calif.

Rents decline across all unit sizes
Rents for 0-2 bedroom units fell on a year-over-year basis for the 16th straight month in November, dropping by $19 (-1.1%) to $1,703. That’s $17 less than last month and $57 lower than its August 2022 peak. It’s still $261 (18.1%) higher than the same period in 2019, before the pandemic.

Units of all sizes saw rents fall in November, with smaller units continuing to show larger declines. The median rent for studios fell -1.6% year-over-year, to $1,423. That’s down -4.5% from its peak in October 2022 but 12% higher than five years ago. Rent for one-bedroom units dipped -1.2% to $1,585, representing a -4.4% decline from its August 2022 peak but still 16.4% higher than five years ago. And the median rent for two-bedroom units declined by -1.1% to $1,886, a drop of -3.8% from its August 2022 peak. That’s 20.2% higher than five years ago.

Despite sixteen months of declines, the U.S. median rent was just $57 (-3.2%) less than the peak seen in August 2022. Notably, it was still $261 (18.1%) higher than the same time in 2019 (pre-pandemic), but this increase is roughly on par with what has occurred in overall consumer prices (up 22.7% in the five years ending November 2024) and pales in comparison to the 49.7% increase in median price-per-square-foot of for-sale home listings in the five years ending November 2024.

National Rental Data – November 2024

Unit Size 

Median Rent 

Rent YoY 

Rent Change – 5 years 

Overall

$1,703

-1.1 %

18.1 %

Studio

$1,423

-1.6 %

12.0 %

1-bed

$1,585

-1.2 %

16.4 %

2-bed

$1,886

-1.1 %

20.2 %

50 Largest Metropolitan Areas – November 2024

Metro

Median 
Asking Rent 

YOY Change 

Minimum Wage 2024 

2024 Work Hours per Renter 
per Week at Minimum Wage

Atlanta-Sandy Springs-
Alpharetta, GA

$1,576

-3.1 %

$7.25

84

Austin-Round Rock-
Georgetown, TX

$1,486

-4.7 %

$7.25

79

Baltimore-Columbia-
Towson, MD

$1,812

-0.2 %

$15.00

46

Birmingham-Hoover, AL

$1,236

-3.6 %

$7.25

66

Boston-Cambridge-Newton,
MA-NH

$2,942

-1.0 %

$15.00

75

Buffalo-Cheektowaga, NY

NA

NA

NA

NA

Charlotte-Concord-
Gastonia, NC-SC

$1,519

-2.7 %

$7.25

81

Chicago-Naperville-Elgin,
IL-IN-WI

$1,793

-2.7 %

$16.20

43

Cincinnati, OH-KY-IN

$1,365

2.6 %

$10.45

50

Cleveland-Elyria, OH

$1,193

-3.0 %

$10.45

44

Columbus, OH

$1,190

0.2 %

$10.45

44

Dallas-Fort Worth-Arlington,
TX

$1,453

-4.4 %

$7.25

77

Denver-Aurora-Lakewood,
CO

$1,808

-6.7 %

$18.29

38

Detroit-Warren-Dearborn,
MI

$1,316

-0.8 %

$10.33

49

Hartford-East Hartford-
Middletown, CT

NA

NA

NA

NA

Houston-The Woodlands-
Sugar Land, TX

$1,375

-1.4 %

$7.25

73

Indianapolis-Carmel-
Anderson, IN

$1,288

-0.8 %

$7.25

68

Jacksonville, FL

$1,523

-1.1 %

$13.00

45

Kansas City, MO-KS

$1,342

1.1 %

$12.30

42

Las Vegas-Henderson-
Paradise, NV

$1,479

-0.8 %

$12.00

47

Los Angeles-Long Beach-
Anaheim, CA

$2,789

-1.4 %

$17.28

62

Louisville/Jefferson County,
KY-IN

$1,245

0.6 %

$7.25

66

Memphis, TN-MS-AR

$1,186

-6.2 %

$7.25

63

Miami-Fort Lauderdale-
Pompano Beach, FL

$2,353

-1.1 %

$13.00

70

Milwaukee-Waukesha, WI

$1,613

-0.2 %

$7.25

86

Minneapolis-St. Paul-
Bloomington, MN-WI

$1,516

0.1 %

$15.57

37

Nashville-Davidson–
Murfreesboro–Franklin, TN

$1,542

-5.6 %

$7.25

82

New Orleans-Metairie, LA

NA

NA

NA

NA

New York-Newark-Jersey
City, NY-NJ-PA

$2,905

2.0 %

$16.00

70

Oklahoma City, OK

$1,023

1.6 %

$7.25

54

Orlando-Kissimmee-
Sanford, FL

$1,680

-0.9 %

$13.00

50

Philadelphia-Camden-
Wilmington, PA-NJ-DE-MD

$1,761

-1.1 %

$7.25

93

Phoenix-Mesa-Chandler,
AZ

$1,503

-4.1 %

$14.35

40

Pittsburgh, PA

$1,440

-0.9 %

$7.25

76

Portland-Vancouver-
Hillsboro, OR-WA

$1,687

1.6 %

$15.00

43

Providence-Warwick,
RI-MA

NA

NA

NA

NA

Raleigh-Cary, NC

$1,512

-1.4 %

$7.25

80

Richmond, VA

$1,478

-1.3 %

$12.00

47

Riverside-San Bernardino-
Ontario, CA

NA

NA

NA

NA

Rochester, NY

$1,319

4.3 %

$15.00

34

Sacramento-Roseville-
Folsom, CA

$1,902

1.7 %

$16.00

46

San Antonio-New Braunfels,
TX

$1,242

-3.5 %

$7.25

66

San Diego-Chula Vista-
Carlsbad, CA

$2,726

-4.3 %

$16.85

62

San Francisco-Oakland-
Berkeley, CA

$2,711

-4.5 %

$16.00

65

San Jose-Sunnyvale-Santa
Clara, CA

$3,314

2.6 %

$17.55

73

Seattle-Tacoma-Bellevue,
WA

$1,971

-2.3 %

$19.97

38

St. Louis, MO-IL

$1,323

1.1 %

$12.30

41

Tampa-St. Petersburg-
Clearwater, FL

$1,713

-1.7 %

$13.00

51

Virginia Beach-Norfolk-
Newport News, VA-NC

$1,500

-0.6 %

$12.00

48

Washington-Arlington-
Alexandria, DC-VA-MD-WV

$2,255

2.0 %

$17.50

50

Methodology
Rental data as of November 2024 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the top 50 largest metropolitan areas. Realtor.com began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019.

To determine the minimum wage at the metro level, we use the minimum wage of the principal city as a representative figure for the metro area. If the principal city does not have a local minimum wage policy, the state-level minimum wage is applied. In cases where the state does not have a minimum wage regulation, the Federal minimum wage of $7.25 per hour is used. Minimum wage data is sourced from ADP.

About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.

Media Contact: Mallory Micetich, press@realtor.com 

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SOURCE Realtor.com

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GAC Exports 223,000 Units in Jan-Oct, Setting a New Record! Steadily Advancing High-Quality Globalization

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GUANGZHOU, China, Nov. 5, 2026 /PRNewswire/ — In October, GAC’s self-owned brand exports reached 26,017 units, up a robust 80.8% year-on-year, posting a steady growth trajectory. From January to October this year, GAC accumulated exports of 223,000 units, setting a new historic record.

As a strategic highland of GAC’s globalization, the European market saw wholesale volume surge 547% year-on-year in October. On October 12, the 91st Paris Motor Show officially opened, with GAC making a major appearance with its new energy product lineup across its three brands. These multiple strategic moves, landing in tandem, mark GAC’s entry into a new phase of full-chain localized deep engagement in Europe.

As the core foundation of GAC’s globalization, the Asia-Pacific market continued its steady progress. In October, wholesale volume in the Southeast Asian market grew 49% year-on-year. In Hong Kong, GAC ranked third among all brands and second among Chinese brands in new vehicle registrations from January to September, the E9 has held the No.1 in Hong Kong luxury MPV sales for three consecutive months.

The Americas market maintained strong growth momentum, with wholesale volume up 95% year-on-year in October, including Colombia up 331%, Bolivia up 232%, and Brazil up 223%. Multiple key markets saw sales double, with market coverage and channel capabilities upgrading in tandem. GAC also officially entered Guyana, completing its market coverage across all 12 South American countries and marking a milestone in its regional expansion.

In the Middle East, UAE wholesale volume grew 41% year-on-year in October, Kuwait up 146% month-on-month, and Qatar up 98%. In Africa, wholesale volume surged 307% year-on-year in October. The CIS market also maintained high growth, with wholesale volume up 273% year-on-year in October. Alongside rapid sales growth, GAC has been continuously introducing flagship premium products to multiple markets across the Middle East and Africa, crafting scenario-based experiences tailored to local needs, precisely reaching local users, and driving the brand upward.

While deeply cultivating regional markets, GAC leveraged the Canton Fair, a national-level trade platform, to present its high-tech smart electric products and energy ecosystem to global buyers, answering high-standard opening-up with systematic globalization.

For further information about GAC, please visit: https://www.gacgroup.com/en or follow us on social media.

 

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Hello Group to Report Third Quarter 2026 Results on December 7, 2026

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BEIJING, Nov. 5, 2026 /PRNewswire/ — Hello Group Inc. (NASDAQ: MOMO) (the “Company”), a leading player in Asia’s online social networking space, today announced that it will release its unaudited financial results for the third quarter ended September 30, 2026 before U.S. markets open on Monday, December 7, 2026.

Hello Group’s management will host an earnings conference call on Monday, December 7, 2026, at 6:00 a.m. U.S. Eastern Time (7:00 p.m. Beijing / Hong Kong Time on the same day).

Preregistration Information

Participants can register for the conference call by navigating to https://s1.c-conf.com/diamondpass/10058292-gzgnw6.html. Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

A telephone replay of the call will be available after the conclusion of the conference call through December 14, 2026. The dial-in details for the replay are as follows:

U.S. / Canada:

1-855-883-1031

Hong Kong:

800-930-639

Passcode:

10058292

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Hello Group’s website at https://ir.hellogroup.com.

About Hello Group Inc.

We are a leading player in Asia’s online social networking space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates social interactions based on location, interests and a variety of online recreational activities. Tantan, which we added to our family of applications through acquisition in May 2018, is a leading social and dating application. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. Since 2019, we have continuously expanded our portfolio through internal incubation and strategic acquisitions, adding apps such as Hertz, Soulchill, and Happn. These products target more niche markets and selective user demographics both domestically and internationally, further strengthening our global presence.

For investor and media inquiries, please contact:

Hello Group Inc.

Investor Relations
Phone: +852-3157-1669
Email: ir@hellogroup.com

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com 

View original content:https://www.prnewswire.com/news-releases/hello-group-to-report-third-quarter-2026-results-on-december-7-2026-302930248.html

SOURCE Hello Group Inc.

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Propshop Events and Exhibitions Limited (‘Propshop’) in the first half of FY 2026-27 posts strong performance; global execution scale signals and accelerated growth ahead

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Propshop’s evolution from a traditional exhibition stand contractor into a globally recognized exhibition solutions partner serving brands across multiple industries and international markets

MUMBAI, India, Nov. 5, 2026 /PRNewswire/ — Propshop Events and Exhibitions Limited has announced a robust financial performance for the half year ended September 30, 2026, reflecting the company’s growing global footprint, execution excellence, and increasing demand for end-to-end exhibition infrastructure solutions. Revenue from operations for the half year stood at ₹3,445.63 lakh, while Profit After Tax reached ₹401.47 lakh, demonstrating healthy profitability and operational efficiency. The company’s net worth strengthened significantly, supported by an increase in reserves and surplus to ₹2,869.21 lakh.

The results underscore Propshop’s evolution from a traditional exhibition stand contractor into a globally recognized exhibition solutions partner serving brands across multiple industries and international markets. During the period, the company continued to expand its execution capabilities, strengthen its balance sheet, and scale operations across key exhibition destinations worldwide.

A highlight of this growth journey was the successful execution of 23 exhibition stands at CPHI Milan 2026, one of the world’s largest pharmaceutical exhibitions. After more than six months of meticulous planning, the project brought together 23 project managers, over 500 workers, 15 trucks, and seven cars, demonstrating Propshop’s capability to execute large-scale international assignments with precision and reliability.

Further showcasing its operational strength, Propshop recorded 158 booth entries across 76 exhibitions within just 90 days, covering approximately 10,500 sqm of exhibition space across North America, Europe, the Middle East, and Asia. From Detroit, Las Vegas, London, Berlin, Paris, Amsterdam, Dubai, Singapore, Thailand, Taiwan, and major Indian cities, the company delivered impactful exhibition experiences across pharmaceuticals, technology, engineering, automotive, FMCG, defense, healthcare, real estate, manufacturing, and several other sectors.

With increasing global demand for experiential marketing, trade exhibitions, and immersive brand environments, Propshop remains strategically positioned to capitalize on international opportunities. The company’s strong financial performance, expanding global presence, and proven ability to deliver complex projects at scale reinforce its growth outlook and commitment to creating long-term value for investors, exhibitors, and stakeholders.

About Propshop Events & Exhibitions

Propshop Events & Exhibitions Limited is an NSE-listed exhibition and experiential marketing company specializing in exhibition stand design and construction, turnkey exhibition solutions, experiential marketing, corporate events and brand experiences.

With capabilities across India and international markets, Propshop works with brands to create high-impact physical and experiential environments that connect businesses with their customers at exhibitions, trade shows, corporate events and industry platforms.

The company serves leading Indian and global brands across sectors including technology, manufacturing, automotive, pharmaceuticals, engineering, infrastructure, consumer brands and business services.

Propshop is driving the global expansion of India’s exhibition industry, with an expanding presence across India, the USA, Europe, the GCC and APAC.

For more information:
Website: https://thepropshopindia.com | https://thepropshop.us | https://thepropshopworldwide.com/ 
LinkedIn: https://www.linkedin.com/company/the-propshop-india/

Media Contact 

Dibyendu Mukherjee
CMO ( Chief Marketing Officer )
Propshop Events & Exhibitions Limited
Email:dibyendu@propshop.co.in 
Phone: +917439000124
Media Enquiries:
For interviews, company information, leadership commentary, financial/business stories, exhibition industry insights, partnerships and press opportunities, please contact the media representative above.

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