Connect with us

Technology

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

Published

on

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 

View original content:https://www.prnewswire.com/news-releases/realtorcom-november-rental-report-even-with-rent-declines-minimum-wage-earners-need-extended-hours-to-afford-rents-302332033.html

SOURCE Realtor.com

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Northern Hemisphere Heat Drives Demand for Cooling and Sun-Protection Products on Yiwugo

Published

on

By

YIWU, China, July 24, 2026 /PRNewswire/ — Yiwugo.com, the official website of the Yiwu Commodity Market, is the largest commodity wholesale market in the world. The final whistle may have blown on the World Cup, but the intense heat gripping the Northern Hemisphere shows no sign of letting up. Europe has experienced unusually hot weather this year, sparking not only a surge in demand for air conditioners but also a boom in portable handheld fans. Merchants on Yiwugo say that in previous years, European customers would begin placing orders in March or April and take their time completing their annual procurement. This year, however, the purchasing season has stretched well into summer, with a flood of new buyers coming in, most of them looking for small handheld fans. With customers eager to capitalize on the peak summer season, delivery timelines have also become significantly tighter. Whereas orders in previous years could generally be fulfilled within a month, merchants are now frequently being asked to deliver within about a week, leaving manufacturers scrambling to keep pace with demand.

Lingpan Official Flagship Store has specialized in the production and sales of small fans, insulated cups, and related products for 15 years. This summer, demand from European customers for high-speed small fans has risen sharply, accompanied by urgent delivery requirements. Many customers began requesting shipment just one week after placing their orders, hoping the products would arrive in time for the World Cup and the ongoing heatwave across Europe. One long-standing European customer purchased only five models of small fans from Lingpan last year. Anticipating stronger demand ahead of this summer, the customer expanded the order to 10 models. The first shipment sold out soon after arriving at port, prompting several subsequent repeat orders. European buyers have shown particular interest in high-speed cooling fans and placed great requirements on product quality. So far this year, Lingpan’s fan sales have more than doubled compared with the same period last year, with total purchases reaching approximately RMB 1 million.

Beyond Europe, the owner of Lingpan, Ling Pan pointed out that the Indian market has also undergone significant changes over the past two years. Indian customers are showing great interest in panda-shaped fans, drinking cups, and related products. Procurement volumes among many Indian buyers have increased substantially, with average annual purchases now reaching several hundred thousand yuan.

Unlike European countries grappling with sudden heat waves, Asian markets such as Japan and South Korea, where summers are consistently hot and air conditioners and fans are already everyday essentials, have shown much stronger demand for sun-protection products. From April 1, 2026 to date, sales of sun-protection masks on Yiwugo have increased by 31.6% YoY, while sales of sun-protection face shields surged by 72.42% and sun hats rose by 8.1%.

Chen Jia, a Yiwugo merchant, has engaged in the production and sales of sun-protection masks and sun-protection face shields for eight years. Chen operates the Xiao Zhen and Xiao Mian Sun-Protection Products Workshop in District 4 of the Yiwu International Trade Market. In recent years, the company has customized cooling nylon fabrics for customers in Japan and South Korea. Sun-protection masks and sun-protection face shields made from this material not only offer UPF 50+ protection, but also maintain a more structured shape and are less susceptible to snagging or deformation. Their protective performance remains effective after routine washing, and the products can last for more than five years under normal use.

In 2024, a TV shopping operator from South Korea contacted Xiao Zheng and Xiao Mian through Yiwugo and began placing orders after inspecting the products in person. Over the following two years, the company continued to improve the fitness and design of its sun-protection products. It introduced sun-protection face shields with breathable mesh panels and incorporated soft supports around the nose area to prevent the masks from rubbing against lipstick. These product upgrades have steadily driven up customer ratings on the client’s store. Annual procurement, initially valued at around RMB 300,000, has risen year by year, and the company has since developed into a recognized brand in the local market.

Persistent heat across the Northern Hemisphere has been creating new forms of cross-border consumer demand while enabling Yiwugo merchants to keenly capture shifts in overseas markets. From the strong sales of small portable fans in Europe to the rising demand for functional sun-protection products in Japan and South Korea, the diversity of orders reflects both consumers’ need for relief from extreme heat and the ability of Yiwu manufacturers to strengthen their presence in global markets through product innovation and rapid fulfillment. Faced with a rapidly changing international market, many merchants are continuing to refine product designs, upgrade fabric techniques, and enhance supply efficiency. By leveraging Yiwugo to broaden their export channels, they are keeping pace with overseas consumption trends and capitalizing on the expanding market for cooling and sun-protection products, turning the summer heat into new momentum for cross-border trade.

View original content to download multimedia:https://www.prnewswire.com/news-releases/northern-hemisphere-heat-drives-demand-for-cooling-and-sun-protection-products-on-yiwugo-302833166.html

SOURCE Yiwugo.com

Continue Reading

Technology

Snorkel AI Highlights First Wave of Open Benchmarks Grants Projects

Published

on

By

SAN FRANCISCO, July 24, 2026 /PRNewswire/ — Snorkel AI today highlighted the first group of projects supported through Open Benchmarks Grants, a $3 million commitment to support open-source datasets, benchmarks, and evaluation research.

Launched in February 2026, Open Benchmarks Grants has received hundreds of applications from researchers, labs, and engineers working to address a growing challenge: AI systems are advancing faster than the field’s ability to rigorously measure their performance on realistic, consequential work.

“From complex environments and huge autonomy horizons to rich, sophisticated outputs, these projects tackle some of the field’s hardest evaluation challenges,” said Fred Sala, a member of the Open Benchmarks Grants steering committee and assistant professor at the University of Wisconsin–Madison. “I’m excited to see the broader research community use, validate, and build on them.”

Open Benchmarks Grants provides selected teams with funding, expert data development support, research and engineering collaboration, and platform resources. Supported projects include:

Frontier-Bench (formerly Terminal-Bench 3.0), developed with Laude Institute and the Harbor community, is a harder, more domain-diverse successor to Terminal-Bench 2.1 — built in the open, task by task, under continuous adversarial review.Agents’ Last Exam, developed with UC Berkeley RDI and the RDI Foundation, evaluates agents on long-horizon, economically valuable professional workflows. It spans 55 sub-industries and includes more than 1,500 tasks toward a 5,000-task target, sourced and validated by more than 300 industry experts.OSWorld 2.0, developed with XLANG Lab, evaluates computer-use agents on 108 long-horizon workflows across 31 self-hosted web environments and professional desktop applications.Continual Learning Bench, developed with UC Berkeley SkyLab and the University of Wisconsin–Madison, measures whether agents genuinely improve across sequential, stateful tasks.SlopCode Bench, developed with the University of Wisconsin–Madison, measures how code quality degrades as coding agents repeatedly modify and extend their own solutions.Terminal-Bench 2.1, developed with Stanford University, Laude Institute and the Harbor community, evaluates agents on challenging work in terminal environments. The release corrected 28 tasks and introduced continuous validation.

With support from Open Benchmarks Grants, Terminal-Bench Science is also now in development, extending the Terminal-Bench framework to computational research workflows across the life, physical, earth, and mathematical sciences.

Beyond the grants program, Snorkel led the development of Senior SWE-Bench with the research teams at Princeton University and the University of Wisconsin–Madison. The benchmark evaluates coding agents on senior-level engineering work, including implementing features from realistic instructions, investigating bugs that require runtime analysis, and producing code that follows existing codebase conventions.

Open Benchmarks Grants was established with support from Hugging Face, Prime Intellect, Together AI, Factory, Harbor, and PyTorch. Applications remain open and are reviewed on a rolling basis.

Learn more and apply for a grant at benchmarks.snorkel.ai.

About Snorkel AI
Snorkel AI is the frontier AI data lab, helping teams build the data and environments behind high-performing frontier and agentic AI. We combine technology with research-driven AI data development to create datasets, benchmarks, evals, and custom solutions for real-world AI systems. Founded out of the Stanford AI Lab in 2019, Snorkel works with leading AI labs and enterprises to move from better data to better outcomes. 

media@snorkel.ai

View original content to download multimedia:https://www.prnewswire.com/news-releases/snorkel-ai-highlights-first-wave-of-open-benchmarks-grants-projects-302833805.html

SOURCE Snorkel AI

Continue Reading

Technology

Payzli Vaults to No. 3 on Tampa Bay’s Fast 50, Up From No. 22 in One Year

Published

on

By

Payments technology company, Payzli earns a second consecutive Fast 50 ranking, crediting the climb to accelerating partner and merchant growth on its proprietary technology stack.

TAMPA, Fla., July 24, 2026 /PRNewswire/ — Payzli, the partner-first payments technology company, has been named the No. 3 fastest-growing company in the region on the Tampa Bay Business Journal’s 2026 Fast 50 – a 19-spot climb from its No. 22 debut last year, and the company’s second consecutive year on the list.

The ranking was announced July 23 at the Tampa Bay Business Journal’s Fast 50 event in Tampa, where Co-Founder and Chief Revenue Officer Naim Hamdar accepted the award alongside members of the Payzli team.

Payzli attributed its growth to a compounding effect: a national network of ISOs, agents and ISVs bringing merchants onto a technology platform Payzli built and operated in-house. 

That platform rests on three proprietary pillars:

Payzli Connect: the company’s payment CRM and merchant-and-partner dashboard, giving agents and ISOs daily residuals visibility and giving merchants a single place to run their account.Payzli POS: AI-powered point-of-sale and business software purpose-built for service businesses, including salons, med spas, wellness studios, and independent operators.Payzli Transact: an online payment gateway built on Visa Platform Connect through Payzli’s partnership with Visa Acceptance Solutions.

The Visa Acceptance Solutions partnership is central to how Payzli frames its credibility: rather than assembling a growth story on top of borrowed infrastructure, the company processes on rails backed by one of the most established networks in the industry alongside Fiserv and TSYS – a point that matters to the partners and merchants deciding where to place their volume.

“A second year on this list, and a jump to No. 3, isn’t about one good quarter. It’s about a network deciding to build with us and stay,” said Naim Hamdar, Co-Founder and Chief Revenue Officer of Payzli. “Every rank on this list represents partners we’ve earned and merchants who trust us to run their payments. We built the technology in-house so we could keep the promises the industry usually breaks: nothing hidden, a real person in reach, and daily residual visibility our agents can actually count on. That’s what this ranking measures and it’s why we’re doing it all, for the joy of business.”

“They say nothing in Tampa moves fast except the afternoon thunderstorms, so making the Fast 50 two years running feels pretty good,” said Kapil Pershad, Co-Founder and Chief Technology Officer of Payzli. “In all seriousness, this is a credit to our team and the businesses that trust us to power their growth.”

The Fast 50, produced by the Tampa Bay Business Journal, recognizes the fastest-growing private companies in the Tampa Bay region. Payzli’s return to the list and its move into the top three reflects a merchant-first product suite and a rapidly expanding national partner network across the payments and embedded-finance landscape.

About Payzli

Payzli is an end-to-end payments technology partner that makes accepting payments simpler and affordable for businesses of all sizes and risk levels. Founded in 2020 and headquartered in Tampa, Florida, Payzli brings together in-person processing, an advanced online gateway, AI-powered point of sale, and mobile and contactless payments – backed by its own technology, honest pricing, and dedicated human support. Built partner-first, Payzli equips ISOs, agents, developers, and independent software vendors to grow, with direct integrations to major processing platforms, in-house underwriting, a flexible credit policy, a Visa Acceptance Solutions foundation partnership, and sponsor-bank backing from Esquire Bank, a NASDAQ-listed strategic investor in Payzli. For more information, email partners@payzli.com or visit payzli.com.

Payzli is a registered trademark of United Payment Systems LLC. United Payment Systems LLC is a registered ISO of Esquire Bank (Jericho, NY), Commercial Bank of California (Irvine, CA), and KeyBank, National Association (Cleveland, OH).

View original content to download multimedia:https://www.prnewswire.com/news-releases/payzli-vaults-to-no-3-on-tampa-bays-fast-50-up-from-no-22-in-one-year-302834198.html

SOURCE Payzli

Continue Reading

Trending