The median U.S. asking rent fell 0.8 percent year-over-year in December to $1,964, according to a new report from Redfin. That’s the third consecutive decline, following a 2.1 percent annual drop in November — which was the largest since 2020 — and a 0.3 percent dip in October.
December rents were little changed from the prior month (–0.2 percent).
The rental market has lost steam largely due to a jump in supply fueled by a building boom in recent years. That has left many landlords struggling to fill vacancies, motivating some of them to drop asking rents. Some landlords are also offering one-time concessions like a free month’s rent or reduced parking costs to attract renters. This me
