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Era of Big Declines May be Over as Asking Rents Rise

The median asking rent for a U.S. apartment rose for the first time in six months in February.

By Kristen Smithberg | March 11, 2025 at 04:42 AM

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.

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