{"id":79597,"date":"2025-04-14T05:00:52","date_gmt":"2025-04-14T12:00:52","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79597"},"modified":"2025-05-09T14:57:23","modified_gmt":"2025-05-09T21:57:23","slug":"rental-tracker-march-2025","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/rental-tracker-march-2025\/","title":{"rendered":"U.S. Asking Rents Fell Slightly in March, But Tariffs Could Drive Up Costs for Renters"},"content":{"rendered":"<p><strong><i>The median asking rent dropped 0.6% year over year to $1,610, the 13th-straight month in which rents have been fairly stable. New tariffs could increase rental demand and hamper rental supply, which would cause rents to rise.<\/i><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The median U.S. asking rent fell 0.6% year over year to $1,610 in March, and rose 0.4% month over month.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-7t1LB\" style=\"border: none;\" title=\"Asking Rents Flatten Out\" src=\"https:\/\/datawrapper.dwcdn.net\/7t1LB\/1\/\" width=\"600\" height=\"446\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Asking rents have stabilized below their 2022 record high of $1,705. March marked the 13th-straight month in which asking rents barely decreased or increased, with a year-over-year change of less than 1% during each of those months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin economists have been saying for months that it\u2019s only a matter of time before rents tick up again. That\u2019s because apartment construction is slowing, which will likely motivate landlords to raise rents because there won\u2019t be as much supply, meaning they won\u2019t be competing as fiercely for tenants. Now there\u2019s a new twist that could expedite this process: tariffs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAmerica gets <\/span><a href=\"https:\/\/eyeonhousing.org\/2024\/12\/import-data-for-residential-construction-materials\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">a lot<\/span><\/a><span style=\"font-weight: 400;\"> of building materials from other countries, so tariffs will make building apartments more expensive. That could further hamper apartment supply, causing rents to jump,\u201d said Redfin Economics Research Lead <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/chen-zhao\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Chen Zhao<\/span><\/a><span style=\"font-weight: 400;\">. \u201cTariffs could also drive up rents by increasing demand. People may opt to rent instead of buy homes because the turmoil around tariffs has fueled widespread economic uncertainty. Tariffs have already caused huge swings in the stock market, and they will <\/span><a href=\"https:\/\/www.redfin.com\/news\/tariffs-volatile-mortgage-rates-construction\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">lead<\/span><\/a><span style=\"font-weight: 400;\"> to higher prices for many goods and services, along with increased unemployment.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin agents confirm that some people are leaning toward renting because they\u2019re concerned about the economy. <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/matt-ferris\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Matt Ferris<\/span><\/a><span style=\"font-weight: 400;\">, a <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent in Northern Virginia, said one of his customers is considering selling their home and renting for a year because they\u2019re worried about losing their job. Federal workers in Northern Virginia and Washington, D.C. have been heavily impacted by <\/span><a href=\"https:\/\/www.nytimes.com\/interactive\/2025\/03\/28\/us\/politics\/trump-doge-federal-job-cuts.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">mass layoffs<\/span><\/a><span style=\"font-weight: 400;\"> instituted by Elon Musk\u2019s Department of Government Efficiency (DOGE).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tariffs could have a big impact on the rental market partly because nearly one-quarter of America\u2019s softwood lumber\u2014a key material in building apartments\u2014comes from Canada, <\/span><a href=\"https:\/\/www.nahb.org\/advocacy\/top-priorities\/building-materials-trade-policy\/how-tariffs-impact-home-building\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">according<\/span><\/a><span style=\"font-weight: 400;\"> to the National Association of Home Builders. The U.S. Department of Commerce recently outlined plans to more than <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-04-07\/us-hits-canada-lumber-with-34-duties-even-before-trump-tariffs?sref=fRZXrT1O\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">double<\/span><\/a><span style=\"font-weight: 400;\"> the current tariff on Canadian softwood lumber later this year\u2014to 34.45% from 14.4%. That\u2019s separate from the flood of tariffs now being discussed by the Trump Administration. President Trump last week <\/span><a href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/114309144289505174\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">authorized<\/span><\/a><span style=\"font-weight: 400;\"> a 90-day pause on reciprocal tariffs for countries other than China. The U.S. also imports building materials from China, Mexico and other countries.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-aeWOG\" style=\"border: none;\" title=\"Asking Rents Are Hovering Below Their Record High\" src=\"https:\/\/datawrapper.dwcdn.net\/aeWOG\/1\/\" width=\"600\" height=\"446\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">During the pandemic moving frenzy, rents skyrocketed because there weren\u2019t enough apartments to meet surging demand. Builders then ramped up construction, which caused rents to fall in 2023 and early 2024 because landlords were competing for tenants. There are still a lot of newly built apartments coming on the market, which is keeping rent growth at bay. But renter demand is strong due to high homebuying costs, which means rent declines are also limited\u2014for now.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<h3><b>Asking rents are nearly $400 below their record high in Austin, but posting double-digit increases in Cincinnati<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nIn <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\/apartments-for-rent\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Austin, TX<\/span><\/a><span style=\"font-weight: 400;\">, the median asking rent dropped 10.7% year over year to $1,420 in March\u2014$379 below its record high. That was the largest decline in percentage terms among the 44 major U.S. metropolitan areas Redfin analyzed. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/16904\/CA\/San-Diego\/apartments-for-rent\"><span style=\"font-weight: 400;\">San Diego<\/span><\/a><span style=\"font-weight: 400;\"> (-9.7%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30772\/OR\/Portland\/apartments-for-rent\"><span style=\"font-weight: 400;\">Portland, OR<\/span><\/a><span style=\"font-weight: 400;\"> (-7.8%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/10943\/MN\/Minneapolis\/apartments-for-rent\"><span style=\"font-weight: 400;\">Minneapolis<\/span><\/a><span style=\"font-weight: 400;\"> (-7.8%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/35711\/NC\/Raleigh\/apartments-for-rent\"><span style=\"font-weight: 400;\">Raleigh, NC<\/span><\/a><span style=\"font-weight: 400;\"> (-6.8%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Texas was one of the top homebuilders during the pandemic building boom, which is one reason Austin is seeing such a large decline in rents. The recent declines mean Austin is <\/span><a href=\"https:\/\/www.texastribune.org\/2025\/01\/22\/austin-texas-rents-falling\/#:~:text=The%20chief%20reason%20behind%20Austin's,the%20rest%20of%20the%20country.\"><span style=\"font-weight: 400;\">no longer<\/span><\/a><span style=\"font-weight: 400;\"> the state\u2019s most expensive big city for renters.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-8PO1e\" style=\"border: none;\" title=\"Dallas Now Has Higher Rents Than Austin\" src=\"https:\/\/datawrapper.dwcdn.net\/8PO1e\/1\/\" width=\"600\" height=\"446\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Asking rents rose most in <\/span><a href=\"https:\/\/www.redfin.com\/city\/3879\/OH\/Cincinnati\/apartments-for-rent\"><span style=\"font-weight: 400;\">Cincinnati<\/span><\/a><span style=\"font-weight: 400;\"> (12.1%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/15272\/RI\/Providence\/apartments-for-rent\"><span style=\"font-weight: 400;\">Providence, RI<\/span><\/a><span style=\"font-weight: 400;\"> (11.4%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/4145\/OH\/Cleveland\/apartments-for-rent\"><span style=\"font-weight: 400;\">Cleveland<\/span><\/a><span style=\"font-weight: 400;\"> (10.6%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/12839\/DC\/Washington-DC\/apartments-for-rent\"><span style=\"font-weight: 400;\">Washington, D.C.<\/span><\/a><span style=\"font-weight: 400;\"> (8.5%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/1073\/MD\/Baltimore\/apartments-for-rent\"><span style=\"font-weight: 400;\">Baltimore<\/span><\/a><span style=\"font-weight: 400;\"> (8.4%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin Premier agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/cody-brownfield\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Cody Brownfield<\/span><\/a><span style=\"font-weight: 400;\"> said Cincinnati has seen an influx of new apartments, but not enough to meet demand, which is one reason rents are climbing. Many of those new apartments are also in high-priced buildings, he <\/span><a href=\"https:\/\/www.redfin.com\/news\/rent-vs-buy-income-gap-2025\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">added<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><b>Asking rents tick down across all bedroom types<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nThe median asking rent for 0-1 bedroom apartments fell 0.9% year over year to $1,467. For 2 bedroom apartments, it decreased 0.5% to $1,690. And for 3 bedroom apartments, it fell\u00a0 0.4% to $1,997\u2014the smallest decrease in months.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-SUmeK\" style=\"border: none;\" title=\"Asking Rents Fall Across Bedroom Types\" src=\"https:\/\/datawrapper.dwcdn.net\/SUmeK\/2\/\" width=\"600\" height=\"476\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<h3><b>Metro-level summary: three months ending March 31, 2025<\/b><\/h3>\n<p><i><span style=\"font-weight: 400;\">The table below includes 44 of the 50 most populous U.S. core-based statistical areas (CBSAs)\u2014those for which Rent. and Redfin have sufficient rental data.<\/span><\/i><\/p>\n\n<table id=\"tablepress-449\" class=\"tablepress tablepress-id-449\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>Core-based statistical area (CBSA)<\/strong><\/th><th class=\"column-2\"><strong>Median asking rent<\/strong><\/th><th class=\"column-3\"><strong>MoM change in median asking rent<\/strong><\/th><th class=\"column-4\"><strong>YoY change in median asking rent<\/strong><\/th><th class=\"column-5\"><strong>Median asking rent per square foot<\/strong><\/th><th class=\"column-6\"><strong>MoM change in median asking rent per square foot<\/strong><\/th><th class=\"column-7\"><strong>YoY change in median asking rent per square foot<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Atlanta-Sandy Springs-Alpharetta, GA\u00a0<\/td><td class=\"column-2\">$1,535 <\/td><td class=\"column-3\">0.7%<\/td><td class=\"column-4\">0.4%<\/td><td class=\"column-5\">$1.58 <\/td><td class=\"column-6\">0.8%<\/td><td class=\"column-7\">-1.7%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Austin-Round Rock-Georgetown, TX\u00a0<\/td><td class=\"column-2\">$1,420 <\/td><td class=\"column-3\">0.2%<\/td><td class=\"column-4\">-10.7%<\/td><td class=\"column-5\">$1.68 <\/td><td class=\"column-6\">2.1%<\/td><td class=\"column-7\">-3.7%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Baltimore-Columbia-Towson, MD\u00a0<\/td><td class=\"column-2\">$1,606 <\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">8.4%<\/td><td class=\"column-5\">$1.75 <\/td><td class=\"column-6\">0.1%<\/td><td class=\"column-7\">6.7%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Birmingham-Hoover, AL\u00a0<\/td><td class=\"column-2\">$1,383 <\/td><td class=\"column-3\">0.7%<\/td><td class=\"column-4\">5.6%<\/td><td class=\"column-5\">$1.31 <\/td><td class=\"column-6\">1.2%<\/td><td class=\"column-7\">4.0%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Boston-Cambridge-Newton, MA-NH\u00a0<\/td><td class=\"column-2\">$2,787 <\/td><td class=\"column-3\">2.7%<\/td><td class=\"column-4\">6.9%<\/td><td class=\"column-5\">$3.32 <\/td><td class=\"column-6\">3.7%<\/td><td class=\"column-7\">5.8%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Buffalo-Cheektowaga, NY\u00a0<\/td><td class=\"column-2\">$1,305 <\/td><td class=\"column-3\">0.8%<\/td><td class=\"column-4\">3.9%<\/td><td class=\"column-5\">$1.67 <\/td><td class=\"column-6\">0.0%<\/td><td class=\"column-7\">0.6%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Charlotte-Concord-Gastonia, NC-SC\u00a0<\/td><td class=\"column-2\">$1,500 <\/td><td class=\"column-3\">1.1%<\/td><td class=\"column-4\">1.0%<\/td><td class=\"column-5\">$1.59 <\/td><td class=\"column-6\">0.9%<\/td><td class=\"column-7\">-0.9%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Chicago-Naperville-Elgin, IL-IN-WI\u00a0<\/td><td class=\"column-2\">$1,750 <\/td><td class=\"column-3\">1.4%<\/td><td class=\"column-4\">5.2%<\/td><td class=\"column-5\">$2.24 <\/td><td class=\"column-6\">2.1%<\/td><td class=\"column-7\">7.4%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Cincinnati, OH-KY-IN\u00a0<\/td><td class=\"column-2\">$1,435 <\/td><td class=\"column-3\">-1.2%<\/td><td class=\"column-4\">12.1%<\/td><td class=\"column-5\">$1.57 <\/td><td class=\"column-6\">-1.8%<\/td><td class=\"column-7\">4.1%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Cleveland-Elyria, OH\u00a0<\/td><td class=\"column-2\">$1,300 <\/td><td class=\"column-3\">2.0%<\/td><td class=\"column-4\">10.6%<\/td><td class=\"column-5\">$1.49 <\/td><td class=\"column-6\">3.0%<\/td><td class=\"column-7\">8.6%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Columbus, OH\u00a0<\/td><td class=\"column-2\">$1,417 <\/td><td class=\"column-3\">1.3%<\/td><td class=\"column-4\">3.1%<\/td><td class=\"column-5\">$1.57 <\/td><td class=\"column-6\">0.6%<\/td><td class=\"column-7\">6.3%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Dallas-Fort Worth-Arlington, TX\u00a0<\/td><td class=\"column-2\">$1,455 <\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">-5.4%<\/td><td class=\"column-5\">$1.73 <\/td><td class=\"column-6\">0.3%<\/td><td class=\"column-7\">-3.7%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Denver-Aurora-Lakewood, CO\u00a0<\/td><td class=\"column-2\">$1,720 <\/td><td class=\"column-3\">2.4%<\/td><td class=\"column-4\">-1.2%<\/td><td class=\"column-5\">$2.08 <\/td><td class=\"column-6\">1.0%<\/td><td class=\"column-7\">-5.5%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Detroit-Warren-Dearborn, MI\u00a0<\/td><td class=\"column-2\">$1,375 <\/td><td class=\"column-3\">1.9%<\/td><td class=\"column-4\">4.7%<\/td><td class=\"column-5\">$1.56 <\/td><td class=\"column-6\">1.7%<\/td><td class=\"column-7\">4.9%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Houston-The Woodlands-Sugar Land, TX\u00a0<\/td><td class=\"column-2\">$1,249 <\/td><td class=\"column-3\">1.1%<\/td><td class=\"column-4\">-1.6%<\/td><td class=\"column-5\">$1.44 <\/td><td class=\"column-6\">0.3%<\/td><td class=\"column-7\">-5.6%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Indianapolis-Carmel-Anderson, IN\u00a0<\/td><td class=\"column-2\">$1,405 <\/td><td class=\"column-3\">0.9%<\/td><td class=\"column-4\">1.3%<\/td><td class=\"column-5\">$1.53 <\/td><td class=\"column-6\">0.7%<\/td><td class=\"column-7\">3.7%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Jacksonville, FL\u00a0<\/td><td class=\"column-2\">$1,479 <\/td><td class=\"column-3\">1.9%<\/td><td class=\"column-4\">-6.1%<\/td><td class=\"column-5\">$1.55 <\/td><td class=\"column-6\">0.6%<\/td><td class=\"column-7\">-4.1%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Las Vegas-Henderson-Paradise, NV\u00a0<\/td><td class=\"column-2\">$1,500 <\/td><td class=\"column-3\">0.9%<\/td><td class=\"column-4\">0.4%<\/td><td class=\"column-5\">$1.64 <\/td><td class=\"column-6\">-0.3%<\/td><td class=\"column-7\">-2.0%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Los Angeles-Long Beach-Anaheim, CA\u00a0<\/td><td class=\"column-2\">$2,747 <\/td><td class=\"column-3\">-0.1%<\/td><td class=\"column-4\">-2.3%<\/td><td class=\"column-5\">$3.36 <\/td><td class=\"column-6\">0.0%<\/td><td class=\"column-7\">1.3%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Louisville\/Jefferson County, KY-IN\u00a0<\/td><td class=\"column-2\">$1,270 <\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">6.1%<\/td><td class=\"column-5\">$1.39 <\/td><td class=\"column-6\">1.2%<\/td><td class=\"column-7\">12.4%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Memphis, TN-MS-AR\u00a0<\/td><td class=\"column-2\">$1,253 <\/td><td class=\"column-3\">2.9%<\/td><td class=\"column-4\">4.5%<\/td><td class=\"column-5\">$1.27 <\/td><td class=\"column-6\">2.8%<\/td><td class=\"column-7\">1.9%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Miami-Fort Lauderdale-Pompano Beach, FL\u00a0<\/td><td class=\"column-2\">$2,415 <\/td><td class=\"column-3\">0.3%<\/td><td class=\"column-4\">-0.2%<\/td><td class=\"column-5\">$2.55 <\/td><td class=\"column-6\">-0.1%<\/td><td class=\"column-7\">3.6%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Minneapolis-St. Paul-Bloomington, MN-WI\u00a0<\/td><td class=\"column-2\">$1,526 <\/td><td class=\"column-3\">0.1%<\/td><td class=\"column-4\">-7.8%<\/td><td class=\"column-5\">$1.90 <\/td><td class=\"column-6\">0.6%<\/td><td class=\"column-7\">-5.0%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Nashville-Davidson--Murfreesboro--Franklin, TN\u00a0<\/td><td class=\"column-2\">$1,549 <\/td><td class=\"column-3\">1.2%<\/td><td class=\"column-4\">-1.7%<\/td><td class=\"column-5\">$1.72 <\/td><td class=\"column-6\">-0.5%<\/td><td class=\"column-7\">2.5%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">New York-Newark-Jersey City, NY-NJ-PA\u00a0<\/td><td class=\"column-2\">$2,843 <\/td><td class=\"column-3\">0.3%<\/td><td class=\"column-4\">-3.2%<\/td><td class=\"column-5\">$3.57 <\/td><td class=\"column-6\">1.5%<\/td><td class=\"column-7\">-0.3%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Orlando-Kissimmee-Sanford, FL\u00a0<\/td><td class=\"column-2\">$1,740 <\/td><td class=\"column-3\">0.3%<\/td><td class=\"column-4\">-3.9%<\/td><td class=\"column-5\">$1.80 <\/td><td class=\"column-6\">0.1%<\/td><td class=\"column-7\">-5.6%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">Philadelphia-Camden-Wilmington, PA-NJ-DE-MD\u00a0<\/td><td class=\"column-2\">$1,885 <\/td><td class=\"column-3\">0.8%<\/td><td class=\"column-4\">2.4%<\/td><td class=\"column-5\">$2.26 <\/td><td class=\"column-6\">3.8%<\/td><td class=\"column-7\">5.3%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">Phoenix-Mesa-Chandler, AZ\u00a0<\/td><td class=\"column-2\">$1,475 <\/td><td class=\"column-3\">0.0%<\/td><td class=\"column-4\">-2.6%<\/td><td class=\"column-5\">$1.79 <\/td><td class=\"column-6\">0.5%<\/td><td class=\"column-7\">-0.5%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">Pittsburgh, PA\u00a0<\/td><td class=\"column-2\">$1,475 <\/td><td class=\"column-3\">1.7%<\/td><td class=\"column-4\">6.9%<\/td><td class=\"column-5\">$1.74 <\/td><td class=\"column-6\">0.4%<\/td><td class=\"column-7\">5.0%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Portland-Vancouver-Hillsboro, OR-WA\u00a0<\/td><td class=\"column-2\">$1,765 <\/td><td class=\"column-3\">0.9%<\/td><td class=\"column-4\">-7.8%<\/td><td class=\"column-5\">$2.02 <\/td><td class=\"column-6\">0.7%<\/td><td class=\"column-7\">-5.8%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Providence-Warwick, RI-MA\u00a0<\/td><td class=\"column-2\">$2,166 <\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">11.4%<\/td><td class=\"column-5\">$2.60 <\/td><td class=\"column-6\">0.7%<\/td><td class=\"column-7\">9.4%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Raleigh-Cary, NC\u00a0<\/td><td class=\"column-2\">$1,430 <\/td><td class=\"column-3\">0.9%<\/td><td class=\"column-4\">-6.8%<\/td><td class=\"column-5\">$1.54 <\/td><td class=\"column-6\">0.3%<\/td><td class=\"column-7\">-4.3%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Richmond, VA\u00a0<\/td><td class=\"column-2\">$1,589 <\/td><td class=\"column-3\">1.3%<\/td><td class=\"column-4\">-0.5%<\/td><td class=\"column-5\">$1.75 <\/td><td class=\"column-6\">1.8%<\/td><td class=\"column-7\">-3.9%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Riverside-San Bernardino-Ontario, CA\u00a0<\/td><td class=\"column-2\">$2,333 <\/td><td class=\"column-3\">0.5%<\/td><td class=\"column-4\">1.2%<\/td><td class=\"column-5\">$2.60 <\/td><td class=\"column-6\">0.0%<\/td><td class=\"column-7\">1.1%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Sacramento-Roseville-Folsom, CA\u00a0<\/td><td class=\"column-2\">$2,025 <\/td><td class=\"column-3\">1.0%<\/td><td class=\"column-4\">3.8%<\/td><td class=\"column-5\">$2.35 <\/td><td class=\"column-6\">1.0%<\/td><td class=\"column-7\">-2.0%<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Salt Lake City, UT\u00a0<\/td><td class=\"column-2\">$1,521 <\/td><td class=\"column-3\">1.5%<\/td><td class=\"column-4\">-6.7%<\/td><td class=\"column-5\">$1.86 <\/td><td class=\"column-6\">0.9%<\/td><td class=\"column-7\">-8.7%<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">San Diego-Chula Vista-Carlsbad, CA\u00a0<\/td><td class=\"column-2\">$2,677 <\/td><td class=\"column-3\">0.9%<\/td><td class=\"column-4\">-9.7%<\/td><td class=\"column-5\">$3.22 <\/td><td class=\"column-6\">1.0%<\/td><td class=\"column-7\">-7.3%<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">San Francisco-Oakland-Berkeley, CA\u00a0<\/td><td class=\"column-2\">$2,695 <\/td><td class=\"column-3\">0.1%<\/td><td class=\"column-4\">-2.6%<\/td><td class=\"column-5\">$3.53 <\/td><td class=\"column-6\">0.5%<\/td><td class=\"column-7\">-6.6%<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">San Jose-Sunnyvale-Santa Clara, CA\u00a0<\/td><td class=\"column-2\">$3,230 <\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">1.1%<\/td><td class=\"column-5\">$3.79 <\/td><td class=\"column-6\">0.8%<\/td><td class=\"column-7\">7.9%<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">Seattle-Tacoma-Bellevue, WA\u00a0<\/td><td class=\"column-2\">$2,065 <\/td><td class=\"column-3\">0.0%<\/td><td class=\"column-4\">1.7%<\/td><td class=\"column-5\">$2.71 <\/td><td class=\"column-6\">0.3%<\/td><td class=\"column-7\">-3.5%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">St. Louis, MO-IL\u00a0<\/td><td class=\"column-2\">$1,275 <\/td><td class=\"column-3\">1.9%<\/td><td class=\"column-4\">-4.3%<\/td><td class=\"column-5\">$1.46 <\/td><td class=\"column-6\">-0.6%<\/td><td class=\"column-7\">-4.8%<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">Tampa-St. Petersburg-Clearwater, FL\u00a0<\/td><td class=\"column-2\">$1,793 <\/td><td class=\"column-3\">1.0%<\/td><td class=\"column-4\">-0.2%<\/td><td class=\"column-5\">$1.96 <\/td><td class=\"column-6\">1.7%<\/td><td class=\"column-7\">-1.9%<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">Virginia Beach-Norfolk-Newport News, VA-NC\u00a0<\/td><td class=\"column-2\">$1,559 <\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">5.8%<\/td><td class=\"column-5\">$1.68 <\/td><td class=\"column-6\">0.4%<\/td><td class=\"column-7\">6.6%<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">Washington-Arlington-Alexandria, DC-VA-MD-WV\u00a0<\/td><td class=\"column-2\">$2,061 <\/td><td class=\"column-3\">1.1%<\/td><td class=\"column-4\">8.5%<\/td><td class=\"column-5\">$2.36 <\/td><td class=\"column-6\">0.4%<\/td><td class=\"column-7\">5.6%<\/td>\n<\/tr>\n<tr class=\"row-46\">\n\t<td class=\"column-1\"><strong>United States of America<\/strong><\/td><td class=\"column-2\"><strong>$1,610 <\/strong><\/td><td class=\"column-3\"><strong>0.4%<\/strong><\/td><td class=\"column-4\"><strong>-0.6%<\/strong><\/td><td class=\"column-5\"><strong>$1.81 <\/strong><\/td><td class=\"column-6\"><strong>0.2%<\/strong><\/td><td class=\"column-7\"><strong>-1.1%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-449 from cache -->\n<h3><b>\u200b<\/b><b>Methodology<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nMedian asking rent figures in this report cover newly listed units in apartment buildings with five or more units. The median is calculated based on a rolling three-month period, i.e., the median asking rent for March 2025 covers rentals that were listed on Rent.com and Redfin.com during the three months ending March 31, 2025.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Metro-level data in this report cover 44 of the 50 most populous U.S. core-based statistical areas (CBSAs)\u2014those for which Rent. and Redfin have sufficient rental data. The national figures are based on data for the entire U.S.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Asking rents reflect the current costs of new leases during each time period. In other words, the amount shown as the median asking rent is not the median of what all renters are paying, but the median asking price of apartments that were available for new renters during the report period.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The median asking rent dropped 0.6% year over year to $1,610, the 13th-straight month in which rents have been fairly stable. New tariffs could increase rental demand and hamper rental supply, which would cause rents to rise. The median U.S. asking rent fell 0.6% year over year to $1,610 in March, and rose 0.4% month [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":79599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[694,563],"tags":[20,623,562,701,697,88],"dashboard":[],"coauthors":[125],"class_list":["post-79597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-monthly-rental-tracker","category-rental-market","tag-housing-affordability","tag-national","tag-rental-report","tag-rental-tracker","tag-rentals","tag-renting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Rents Fell Slightly in March, But Tariffs Could Drive Up Rent Costs<\/title>\n<meta name=\"description\" content=\"The median asking rent dropped 0.6% year over year to $1,610, the 13th-straight month in which rents have been fairly 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