The median U.S. apartment 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 such as a free month’s rent or reduced parking costs to attract renters. This means the prices renters are paying in total are likely coming down faster than they appear to be in the data.