The median U.S. asking rent fell 0.8% year-over-year in December to $1,964, according to Redfin, marking the third consecutive decline, following a 2.1% annual drop in November, the largest since 2020. There was only a slight dip of 0.3% recorded in October. December rents showed little change, -0.2%, from November.
This decrease in median rental prices is directly linked to vacancies in the market.
The past few years has seen a large increase in building, resulting in a jump in supply in the rental market. Some landlords have been left struggling to fill vacancies, which results in a drop in rent, offering a free month's rent, or even offering reduced parking costs to attract renters.
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