Markets continue to reflect regional and local variations in their asking rates with the Northeast/Midwest posting rises of 5%, even as numbers nationwide declined from a year earlier in May, according to Redfin.
Specifically, the median U.S. asking rent fell 0.6% YOY to $1,995 in May. That nationwide drop is the largest since March 2020, attributed to a building boom that increased supply and economic challenges that lessened demand.
Despite that trend, the Northeast/Midwest's increase is an expected result of growing demand in those areas, cited in several GlobeSt.com reports.
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