Median residential asking rents declined in 28 out of 44 major metros in the United States last month on an annual basis, the highest number since September 2023, real estate brokerage Redfin said in a June 4 statement.
Austin saw the largest percentage decline in May among the 44 metros analyzed by the company, with the median asking rent dipping 8.8 percent to $1,385. It was followed by Minneapolis, Columbia, Nashville, and Portland.
Nationwide, the median asking rent dropped 1 percent year-over-year in May to $1,633.
“Apartment construction in America has been hovering near a 50-year high, and even though renter demand is strong, it’s not keeping pace with supply,” said Redfin Senior Economist Sheharyar Bokhari….