For more than a year, the once sizzling rental market has been slowing. Yet, the median asking rent is still only $24 below what its record price was, according to Redfin.
In June, the median asking rent was $2,029, or $34 more than the $1,995 it reached in May and that was $10 more than a year ago when it was $2,019. Its record high when it was $24 higher was in August 2022 when it reached $2, 053.
What's more key than these specific numbers are that they reflect a rental trend that Taylor Marr, Redfin's Deputy Chief Economist, explains. "The housing market tends to be 'downside sticky,' which means rents don't typically fall much even when renter demand pulls back. Instead of lowering rents when business is slow, many landlords offer perks like a free month's rent or discounted parking, which tends to be less of a hit to profits," he said.
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