The national median asking rent rose for the third consecutive month in March to 0.8%. It's a pattern driven by a number of factors, including the rising costs of buying a home, a new Redfin report revealed.
"Many people are delaying home purchasing plans because monthly payments for homebuyers are near their record high. That's bolstering rental demand, and as a result, rent prices," Redfin noted. "The median asking rent in March was just 3.3% ($67) below the record high of $2,054 in August 2022."
Once again, gains in the Midwest and Northeast far outstripped gains in the South and West. Indeed, rents in the South were largely flat and even fell slightly in the West. That's largely because these regions have seen a significant increase in apartment supply.
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