At $1937, median asking home rents by U.S. landlords is lowest in 13 months

Here are a few key bullets from Redfin’s latest rent price report, and a link to the report is also below:

– Median rent was $1,937 in March, the lowest level in 13 months.

– Median asking rent in March was unchanged from February. It remained $322 higher (19.9%) than it was at the onset of the pandemic three years earlier.

– Rents declined as multi-family units completed rose to second highest level in more than 3 decades in February.

– Completed residential projects in buildings with 5+ units jumped 72% YoY to 509k, the highest level since 1987 (with the exception of February 2019).

The median asking rent fell 0.4% to $1,937 in March—the first annual decline since March 2020 and the lowest level in 13 months. By comparison, annual rents were UP 17.5% in March 2022.

___
Check It Out:

– Rental Market Tracker: U.S. Rents Post First Annual Decline in Three Years