Asking rents for newly constructed apartments have seen the biggest year-over-year increase in 18 months, rising 1.5% to a median of $1,802 during the third quarter. The increase followed two consecutive quarters in which rents for new apartments fell by more than 7%, according to a Redfin report. The median rent for new apartments had fallen as low as $1,714 during the second quarter, which was the lowest level since mid-2021.

On a regional basis, asking rents fell 3.6% in the Northeast during the third quarter as newly finished apartments increased 13% year-over-year to 11,390 units in the second quarter. That is the highest level of new completions since Q4 2022, said Redfin. The median new asking rent in the region was $2,300.

Other regions across the country saw higher rents, including the West, which had the largest uptick in the median by 4.4% to $1,899. This is despite a 34.1% increase in new apartment completions, or 25,920 new units, the report found.