US Median Asking Rent Rises 0.2% Year-Over-Year in October

On Tuesday, Redfin reported that according to its data, the median US asking rent barely moved in October, nudging up 0.2% year-over-year to $1,619. However, rents were down 0.6% on a month-over-month basis.

Redfin points out that rents have remained largely flat over the past two years, after a surge in demand during the pandemic led to a construction boom across a number of Sun Belt states. Depending on where you live in the country, however, you could be seeing very different rental markets—with some metros seeing asking rents rising by double digits, while others are seeing similar-sized falls, Redfin said.

As an example, Redfin notes that rents are rising the most in the Midwest and on the East Coast, where there has been less new construction in comparison to the Sun Belt. Virginia Beach, Virginia, posted the biggest rent increase of the 50 most-populous metros Redfin analyzed in October, up 11.7% year-over-year to $1,647.

Adding background and analysis to the report, Redfin Senior Economist Sheharyar Bokhari said:

“New apartments are being completed at the fastest pace on record and that’s leading to rents falling in places like Tampa or Jacksonville, where supply now outweighs demand. Construction is slowing, but we will continue to see a wave of new apartment buildings coming onto the market in coming months, which is good news for renters looking for an affordable rental in 2025.”