US Asking Rents Post Sharpest Year-Over-Year Decline Since Early 2024

On Monday, Redfin reported that the median US asking rent fell 1% year-over-year to $1,625 in April, the largest decline since February 2024. That is $80 below the August 2022 record high of $1,705. On a monthly basis, the median asking rent rose 1.2% in April—typical for this time of year.

Redfin reports that although asking rents declined slightly last month, the broader trend shows relative stability. April was the 14th consecutive month in which asking rents saw minimal movement, i.e., with year-over-year changes of 1% or less. These shifts contrast sharply with the volatility of the pandemic era, when rents surged as much as 17.7% or dropped by up to 4.1%.

By unit size, the median asking rent for studio and one-bedroom apartments fell 1.2% year-over-year to $1,481. Two-bedroom rents declined 1.5% to $1,699—the steepest drop since February 2024—while rents for units with three or more bedrooms dipped 1% to $1,999.

Commenting on the report, Redfin Senior Economist Sheharyar Bokhari said:

“Asking rents are sluggish because there are more apartments for rent than people who want to rent them. Renter demand is strong, but growth in apartment supply is even stronger because multifamily construction surged in the wake of the pandemic moving frenzy. Permits to build apartments have started to taper off, though, so asking rents could rebound in the coming months.”