The median U.S. asking rent fell 1 percent year over year in May to $1,633, which is $72 below the August 2022 record high, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. On a month-over-month basis, the median U.S. asking rent rose 0.5 percent in May — typical for this time of year.
Overall, 28 of the 44 major U.S. core-based statistical areas (CBSAs) Redfin analyzed saw asking rents decline last month — the highest number since September 2023.
“Apartment construction in America has been hovering near a 50-year high, and even though renter demand is strong, it’s not keeping pace with supply,” said Sheharyar Bokhari, Redfin senior economist. “Ma
