The median U.S. apartment asking rent has risen for the first time in six months, climbing 0.4% year-over-year to $1,607 in February. On a month-over-month basis, asking rents climbed 0.6% for the month, Redfin said in its latest analysis.
Asking rents have been relatively flat for the past 10 months when compared with the large swings they have experienced over the past few years, said Redfin. During the pandemic-driven moving frenzy in 2021, rents skyrocketed by as much as 18% year-over-year followed by declines of up to 4% in 2023. As rents continue to flatten due to a growing equilibrium in rental supply and demand, the era of big rent declines may be over for most of the country, said Redfin senior economist Sheharyar Bokhari.
“A ton of new apartments have hit the market, and demand for those apartments is strong because it’s so expensive to buy a home,” said Bokhari.
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