Redfin Report: U.S. Asking Rents Rose 0.4% in February—A Small Increase, But the First in 6 Months
Landlords may have more leeway to raise rents next year because apartment construction is slowing, which could eventually lead to more renters than vacant units
Though asking rents inched up in February, they’ve been relatively flat for the past 10 months compared to the large swings of the past few years. Rents skyrocketed as much as
“The era of big rent declines is 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. But apartment construction is starting to slow, which means there may be more renters than apartments to go around as soon as next year. That could cause rents to tick up and the perks that many renters have grown accustomed to—like free parking—to disappear.”
Asking rents drop most in
In
Asking rents have been falling quickly in parts of
Rents rose most in
Asking rents tick up for smaller apartments, but tick down for larger apartments
The median asking rent for 0-1 bedroom apartments rose
The median asking rent for 3+ bedroom apartments fell
To view the full report, including charts and methodology, please visit:
https://www.redfin.com/news/rental-tracker-february-2025
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Source: Redfin