Asking Rents Fall 0.7% to Lowest Level Since March 2022

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  • 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.
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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.

https://www.redfin.com/news/rental-tracker-november-2024/


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