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U.S. Asking Rents Have Declined for 4 Months in a Row, But Are Still Only $63 Below Their Record High

Redfin reports asking rents fell in over half the major U.S. metros Redfin analyzed in June

SEATTLE--(BUSINESS WIRE)-- The median U.S. asking rent fell 0.5% year over year to $1,642 in June, the fourth straight month of annual declines. That鈥檚 according to a new from , the real estate brokerage powered by Rocket. On a month-over-month basis, asking rents rose 0.6%.

Even though the median asking rent is lower than it was a year ago, it鈥檚 still only $63 shy of the $1,705 all-time high hit in August 2022.

Overall, rents have been fairly steady for roughly the last year, posting annual declines or increases of about 1% or less since March 2024. That follows large swings during the pandemic era, when the median asking rent increased by as much as 18% year over year and decreased by as much as 4%.

Rents have declined slightly but steadily over the last several months because there鈥檚 more apartment supply than demand鈥攅ven as many Americans opt to rent instead of buy given homebuying costs. U.S. apartment construction is near a 50-year high, leading to a lot of vacant units. A separate Redfin analysis found that less than half of newly built apartments completed at the end of 2024 were rented within three months. That gives renters negotiating power with landlords.

鈥淩enters have the upper hand鈥攁t least for now鈥攂ecause there are a near-record number of apartments coming on the market that landlords are scrambling to lease,鈥� said , a senior economist at Redfin. 鈥淚n certain parts of the country, renters may be able to negotiate discounted rent, flexible leases or free parking. But these perks may be short-lived given that apartment construction is expected to slow and rental demand is expected to remain strong.鈥�

The multifamily building boom that accelerated during the pandemic has started to taper off, with permits to build apartments now back to pre-pandemic levels.

Austin Rents Are Falling Fastest in Minneapolis and Austin

Asking rents fell in 23 of the 44 major core-based statistical areas (CBSAs) Redfin analyzed in June, with the biggest declines in (-5.8% year over year), (-5.7%) and (-4%).

In Austin, that decline puts the median asking rent at $1,379, the lowest in over four years.

While demand for rentals in Austin is strong鈥攚ith Redfin agents reporting that many locals are choosing to rent because it鈥檚 more affordable than buying鈥攖here鈥檚 still more apartment supply than demand. That鈥檚 in part because the pandemic apartment building boom was especially strong there. Builders in Austin secured far more permits than builders in other major metro areas between 2021 and 2023, sending vacancy rates soaring.

Asking rents rose most in , which posted a 6.2% year over year increase. Next come two other Rust Belt metros: (4.3%) and (3.7%). There is lower-than-average apartment construction in these metros, which may be buoying rents.

Two-Bedroom Apartments Posted Biggest Rent Decline

The median asking rent for 2-bedroom apartments in the U.S. fell 1.5% year over year to $1,713 in June.

For 0-1 bedroom apartments, and for 3+ bedroom apartments, rents were little changed from a year earlier. The median asking rent for 0-1 bedroom apartments was $1,499, and it was $2,014 for 3+ bedroom apartments.

To view the full report, including charts and metro-level insights, please visit:

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin鈥檚 clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at . For more information about Rocket Companies, visit .

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Contact Redfin

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Kenneth Applewhaite, 206-414-8880

[email protected]

Source: Redfin