Redfin has an interesting look at the current state of multifamily rents. On one hand, they're still incredibly high in an historical setting. On the other hand, it's costing them in concessions.
The firm said that the median U.S. asking rent in August was $2,052. The same period in 2022 was the record high, but that was only $2 more. And the asking rent in July 2023 was $2,038.
A month-to-month fixation doesn't necessarily tell where markets are going and what they'll support. And medians are just that, a middle point. No way to tell how the distribution looks or how high or low the top or bottom of the distribution goes. Then there is geographic distribution, because markets are never even across the country.
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