Rents across the United States increased last month, continuing to remain at highs well above the pre-pandemic period, according to real estate brokerage Redfin.
The median asking rent rose by 0.6 percent on an annual basis in September to $1,634, said an Oct. 10 press release by the firm. This is in line with the median rental trends over the past two years where prices have largely remained within a range of between $1,599 and $1,663. In 16 of the past 24 months, the rents were in an even narrower range of $1,630 and $1,650.
Along with wages rising by four percent yearly, rents are now “more affordable” compared to two years back, the brokerage stated. However, compared to the pre-pandemic period, rents continue to remain high. The September 2024 median rent is over 20 percent higher than September 2019, data from Redfin shows….