For June, median asking rents have fallen by half of a percent year-over-year to $1,642. That marked the fourth straight month of annual declines, according to a Redfin report. The marketplace attributed the steady decline to greater supply than demand, despite a strong rental market buoyed by challenging home-buying costs.These fluctuations are consistent with a relatively steady rental market that has persisted over the past year, with annual declines and increases of about 1% or less since March 2024, according to Redfin. Before that, larger swings in asking rent were common throughout the pandemic, with prices increasing by as much as 18% or decreasing by as much as 4%.Although the median asking rent has fallen from a year ago, current levels are just $63 less than the all-time high of $1,705 recorded in August 2022.
Source: “Renters Have the Upper Hand” Amid Falling Asking Rents
