For all the talk of multifamily rent growth rates going up or down, a new Redfin report on 33 metro regions takes on a different aspect as important, if not more so. What is happening with today's asking rates?

The answer is a year-over-year drop across all bedroom counts for the first time since 2020. The national median asking rent of $1,647. That's down $53 from 2022's record high.

The median asking rent for studios and 1-bedroom apartments was $1,498 a month, down 0.1% year-over-year. For two-bedroom apartments, the average asking monthly rent was $1,730, down 0.3%. And for three or more bedroom apartments, the rent was $2,010, off by 2.4% over last year. All three categories are down at least $50 from recent all-time highs.