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.
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