The median asking rent in June dropped by 0.5% year-over-year to $1,642, according to data from Redfin. This marked the fourth straight month of annual declines.
On a month-over-month basis, asking rents rose 0.6%. June’s median asking rent is $63 below the $1,705 all-time high hit in August 2022. Asking rents fell in 23 of the 44 major core-based statistical areas Redfin analyzed in June, with the biggest declines in Minneapolis (-5.8% year over year), Austin (-5.7%), and Las Vegas (-4%).
Among the different rental housing configurations, the median asking rent for 2-bedroom apartments fell 1.5% year over year to $1,713 in June. For studio and 1-bedroom, the median asking rent was $1,499, while the price was $2,014 for 3+ bedroom apartments.
“Renters have the upper hand—at least for now—because there are a near-record number of apartments coming on the market that landlords are scrambling to lease,” said Sheharyar Bokhari, a senior economist at Redfin. “In certain parts of the country, renters may be able to negotiate discounted rent, flexible leases or free parking. But these perks may be short-lived given that apartment construction is expected to slow and rental demand is expected to remain strong.”
Hi, do you happen to have data regarding how rental rates have performed in Walnut Creek, CA 94595? I am especially interested in two-bedroom, one bath units at Rossmoor, a senior community in that city. Thank you!
What has happened with 3 bedroom home rent in Atlanta suburbs?