According to Redfin, the median asking apartment rent in May was up 0.8% year-over-year to $1,653, following the 0.9% growth in April after 11 consecutive monthly decreases. This is the highest asking rent level since May 2022.

"Demand from young renters remains high, as many of them are opting to stay put rather than contend with an increasingly unaffordable homebuying market," Redfin Senior Economist Sheharyar Bokhari said in prepared remarks. "But so far, rent price growth has been limited because there are enough new apartments to meet demand, even in the busiest time of year for the rental market."

As one might expect, the changes in asking rents depend on geography. The biggest jump among 33 metros that Redfin analyzed was in Washington, D.C., where the median asking rent was up 11.1% year over year in May. Cincinnati (10.9%), Chicago (10.8%), Virginia Beach, VA (10.3%), and Minneapolis (10.3%) also saw double-digit gains.