Real estate remains local and despite the overall decrease in rents now occurring, some markets are experiencing large rent increases. And the locations are in a range of markets so there's no single region that is experiencing this new trend.

Raleigh, N.C. has risen 16.6% year over year, followed by Cleveland at 15.3%, Charlotte at 13%, Indianapolis at 10.5%, Nashville at 9.6%, Columbus at 9.4%, Kansas City, MO., at 8.1%, Riverside Calif., at 7.2%, Denver at 7% and St. Louis at 4.2%, according to a Redfin report.

Reasons why vary but in Nashville it's said to be due to investors, high home prices and a strong job market being the main drivers, according to local Redfin real estate salesperson Jennifer Bowers. In that city, the median asking rent this past March was $2,160, which represented the 9.6% climb from a year ago. Says Bowers, "Tons of investors bought homes in Nashville and turned them into rentals during the pandemic in order to take advantage of low mortgage rates and rising rental demand—which allowed them to jack up rents," she says. "While investors have since pumped the brakes on purchases, they haven't cut rents. Demand for rentals rose in part because skyrocketing housing prices pushed homeowners out of reach for many families. Elevated mortgage rates over the last year-and-a-half have also priced buyers out," she says.