- The median asking rent fell 0.7% year over year in November to $1,595, dropping 1.1% month over month.
- The asking price per square foot for rental apartments fell 2.2% year over year to the lowest level since December 2021.
- Rents dropped across all bedroom counts for the fifth consecutive month.
- Cleveland recorded the biggest rent increase, while Austin, TX posted the biggest decrease.
The median U.S. asking rent fell 0.7% year over year in November to $1,595, the lowest level since March 2022. Rents were down 1.1% on a month-over-month basis.