The median asking rent in the U.S. dipped by 0.4% year-over-year last month to $1,937, according to new data from Redfin (NASDAQ:RDFN). This marked the first annual decline since March 2020 and the lowest median asking rent in 13 months.
The median asking rent in March was unchanged from February, although it was $322 higher (19.9%) than during the period prior to the state of the Covid-19 pandemic. A driving force in this decline was th pandemic-era boom in multifamily housing – the number of multifamily units that went under construction and the number completed each rose to the second highest level in more than three decades in February, according to Redfin.
The major metro areas with the greatest year-over-year rent declines were Austin (-11%), Chicago (-9.2%), New Orleans (-3%), Birmingham (-2.9%) and Cincinnati (-2.9%). The largest year-over-year rent increases were recorded in Raleigh (16.6%), Cleveland (15.3%), Charlotte (13%), Indianapolis (10.5%) and Nashville (9.6%).
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