The median asking rent in the United States dropped by 1 percent year over year in April to $1,625, marking the steepest annual decline since February 2024, according to a new report from Redfin, one of the country’s largest real estate brokerage websites.
The drop puts median rents $80 below their August 2022 high of $1,705. While rents typically rise in the spring, Redfin noted that this year’s month-over-month increase of 1.2 percent came amid a broader cooling trend.
“Asking rents are sluggish because there are more apartments for rent than people who want to rent them,” said Redfin Senior Economist Sheharyar Bokhari. “Renter demand is strong, but growth in apartment supply is even stronger because multifamily construction surged in the wake of the pandemic moving frenzy. Permits to build apartments have started to taper off, though, so asking rents could rebound in the coming months.”…