Asking Rent Prices Appear To Be Decreasing

The median asking rent in November declined 2.1% from a year before to $1,967. This marks the biggest annual drop since February 2020.

Rent prices appeared to drop in recent months.

The median asking rent in November declined 2.1% from a year before to $1,967. This marks the biggest annual drop since February 2020. Asking rent was also down 0.6% from October.

This study reviews the median asking price of apartments that were available for new renters during the report month, not the median of what all current renters are paying. Still, the drop compares with how fast rent costs have climbed in the past few years.

Rents are still up 22.1% from November 2019, before the pandemic housing boom, and are just 4.2% below the $2,054 record high hit in August 2022. But the amount landlords can ask has lost some steam over the last year and a half as more apartments hit the market. As a consequence, many landlords are now struggling to fill vacancies, resulting in the decrease of asking rent.