{"id":79809,"date":"2025-05-12T05:30:01","date_gmt":"2025-05-12T12:30:01","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79809"},"modified":"2025-05-09T16:09:50","modified_gmt":"2025-05-09T23:09:50","slug":"rental-tracker-april-2025","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/rental-tracker-april-2025\/","title":{"rendered":"U.S. Asking Rents Fell 1% Year Over Year in April\u2014Biggest Drop in 14 Months"},"content":{"rendered":"<p><strong><i>The median asking rent was $1,625, down $80 from the record high, as elevated apartment supply pushed rents lower. Asking rents fell fastest in Austin, down 10% year over year and $400 below the record high.<\/i><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">The median U.S. asking rent fell 1% year over year to $1,625 in April, marking the biggest decline since February 2024. That\u2019s $80 below the August 2022 record high of $1,705.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-reiN2\" style=\"border: none;\" title=\"Asking Rents Fall Most in Over a Year\" src=\"https:\/\/datawrapper.dwcdn.net\/reiN2\/4\/\" 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;\">On a month-over-month basis, the median U.S. asking rent rose 1.2% in April\u2014typical for this time of year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAsking rents are sluggish because there are more apartments for rent than people who want to rent them,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cRenter demand is strong, but growth in apartment supply is even stronger because multifamily construction surged in the wake of the pandemic moving frenzy. Permits to build apartments have started to <\/span><a href=\"https:\/\/www.redfin.com\/news\/multifamily-construction-permits-2025\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">taper<\/span><\/a><span style=\"font-weight: 400;\"> off, though, so asking rents could rebound in the coming months.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The rental vacancy rate for buildings with five or more units was<\/span> <a href=\"https:\/\/www.census.gov\/housing\/hvs\/data\/histtab3.xlsx\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">8.2%<\/span><\/a> <span style=\"font-weight: 400;\">in the first quarter\u2014the most recent period for which data is available.<\/span> <span style=\"font-weight: 400;\">That\u2019s tied with the prior quarter for the highest level since early 2021. Less than <\/span><a href=\"https:\/\/www.redfin.com\/news\/apartments-rented-near-slowest-rate-on-record\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">half<\/span><\/a><span style=\"font-weight: 400;\"> of newly built apartments are getting rented out within three months\u2014one of the lowest shares on record. This helps explain why asking rents are declining in many areas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But while asking rents fell last month, zooming out to a longer timeline paints a picture of stability. April marked the 14th-straight month in which asking rents barely decreased or increased, with a year-over-year change of 1% or less during each of those months. Those changes pale in comparison to the wild swings during the pandemic era, when asking rents jumped as much as 17.7% and fell as much as 4.1%.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-QSP9k\" style=\"border: none;\" title=\"Asking Rents Hover Below Their Record High\" src=\"https:\/\/datawrapper.dwcdn.net\/QSP9k\/3\/\" width=\"600\" height=\"446\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<h3><b>Austin Asking Rents Are Down 10% From a Year Ago<\/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 9.6% year over year to $1,399 in April\u2014$400 below the record high. That\u2019s the largest decline in percentage terms among the 44 major core-based statistical areas (CBSAs) Redfin analyzed. Next came <\/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;\"> (-7.3%), <\/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;\"> (-5.3%), <\/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;\"> (-5.2%), 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;\"> (-5.2%).<\/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, offering renters some relief.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMany people in Austin are finding that it\u2019s a lot cheaper to rent than buy,\u201d said local <\/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 <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/andrew-vallejo\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Andrew Vallejo<\/span><\/a><span style=\"font-weight: 400;\">. \u201cYou could buy a home and have a monthly mortgage payment of $3,200, but the same home will rent for $1,900. Unless the buyer has a good amount of money for a down payment, renting is way less expensive.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The typical U.S. homebuyer needs to earn over <\/span><a href=\"https:\/\/www.redfin.com\/news\/rent-vs-buy-income-gap-2025\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">$50,000<\/span><\/a><span style=\"font-weight: 400;\"> more than the typical renter to afford monthly housing payments, and the gap has been widening. That\u2019s partly because mortgage payments are at a <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-housing-costs-sales-decline\/\"><span style=\"font-weight: 400;\">record<\/span><\/a><span style=\"font-weight: 400;\"> high due to elevated mortgage rates. This affordability gap is boosting demand for rentals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Asking rents<\/span><i><span style=\"font-weight: 400;\"> rose<\/span><\/i><span style=\"font-weight: 400;\"> 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;\"> (8.7%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/15702\/PA\/Pittsburgh\/apartments-for-rent\"><span style=\"font-weight: 400;\">Pittsburgh<\/span><\/a><span style=\"font-weight: 400;\"> (7.5%), <\/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;\"> (5.9%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/1823\/AL\/Birmingham\/apartments-for-rent\"><span style=\"font-weight: 400;\">Birmingham, AL<\/span><\/a><span style=\"font-weight: 400;\"> (5.8%) and <\/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;\"> (5.2%).<\/span><\/p>\n<h3><b>Asking Rents Are Falling Fastest for Two Bedroom Apartments<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nThe median asking rent for 0-1 bedroom apartments fell 1.2% year over year to $1,481. For 2 bedroom apartments, it decreased 1.5% to $1,699\u2014the largest decline since February 2024. And for 3+ bedroom apartments, it fell 1% to $1,999.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-eqE3P\" style=\"border: none;\" title=\"Asking Rents Fall Across Bedroom Types\" src=\"https:\/\/datawrapper.dwcdn.net\/eqE3P\/1\/\" 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 April 30, 2025<\/b><\/h3>\n<p><i><span style=\"font-weight: 400;\">The table below includes 44 of the 50 most populous U.S. CBSAs\u2014those for which Rent. and Redfin have sufficient rental data.<\/span><\/i><\/p>\n\n<table id=\"tablepress-456\" class=\"tablepress tablepress-id-456\">\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\">$1,542 <\/td><td class=\"column-3\">0.7%<\/td><td class=\"column-4\">-0.9%<\/td><td class=\"column-5\">$1.59 <\/td><td class=\"column-6\">0.9%<\/td><td class=\"column-7\">-2.8%<\/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\">$1,399 <\/td><td class=\"column-3\">-1.5%<\/td><td class=\"column-4\">-9.6%<\/td><td class=\"column-5\">$1.66 <\/td><td class=\"column-6\">-0.6%<\/td><td class=\"column-7\">-1.8%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Baltimore-Columbia-Towson, MD\u00a0<\/td><td class=\"column-2\">$1,615 <\/td><td class=\"column-3\">0.5%<\/td><td class=\"column-4\">5.9%<\/td><td class=\"column-5\">$1.75 <\/td><td class=\"column-6\">0.2%<\/td><td class=\"column-7\">3.8%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Birmingham-Hoover, AL\u00a0<\/td><td class=\"column-2\">$1,418 <\/td><td class=\"column-3\">2.2%<\/td><td class=\"column-4\">5.8%<\/td><td class=\"column-5\">$1.32 <\/td><td class=\"column-6\">1.0%<\/td><td class=\"column-7\">2.5%<\/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\">$2,834 <\/td><td class=\"column-3\">1.9%<\/td><td class=\"column-4\">2.3%<\/td><td class=\"column-5\">$3.41 <\/td><td class=\"column-6\">2.9%<\/td><td class=\"column-7\">2.7%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Buffalo-Cheektowaga, NY\u00a0<\/td><td class=\"column-2\">$1,310 <\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">2.3%<\/td><td class=\"column-5\">$1.68 <\/td><td class=\"column-6\">0.6%<\/td><td class=\"column-7\">-1.0%<\/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\">$1,504 <\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">0.3%<\/td><td class=\"column-5\">$1.59 <\/td><td class=\"column-6\">0.5%<\/td><td class=\"column-7\">-1.7%<\/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\">$1,772 <\/td><td class=\"column-3\">1.1%<\/td><td class=\"column-4\">3.3%<\/td><td class=\"column-5\">$2.25 <\/td><td class=\"column-6\">0.7%<\/td><td class=\"column-7\">5.1%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Cincinnati, OH-KY-IN\u00a0<\/td><td class=\"column-2\">$1,450 <\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">8.7%<\/td><td class=\"column-5\">$1.61 <\/td><td class=\"column-6\">2.1%<\/td><td class=\"column-7\">3.9%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Cleveland-Elyria, OH\u00a0<\/td><td class=\"column-2\">$1,290 <\/td><td class=\"column-3\">-0.8%<\/td><td class=\"column-4\">2.1%<\/td><td class=\"column-5\">$1.49 <\/td><td class=\"column-6\">0.0%<\/td><td class=\"column-7\">4.1%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Columbus, OH\u00a0<\/td><td class=\"column-2\">$1,421 <\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">-2.5%<\/td><td class=\"column-5\">$1.59 <\/td><td class=\"column-6\">1.4%<\/td><td class=\"column-7\">0.3%<\/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\">$1,480 <\/td><td class=\"column-3\">1.8%<\/td><td class=\"column-4\">-2.2%<\/td><td class=\"column-5\">$1.75 <\/td><td class=\"column-6\">0.8%<\/td><td class=\"column-7\">-3.2%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Denver-Aurora-Lakewood, CO\u00a0<\/td><td class=\"column-2\">$1,749 <\/td><td class=\"column-3\">2.0%<\/td><td class=\"column-4\">-2.6%<\/td><td class=\"column-5\">$2.09 <\/td><td class=\"column-6\">0.9%<\/td><td class=\"column-7\">-6.8%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Detroit-Warren-Dearborn, MI\u00a0<\/td><td class=\"column-2\">$1,395 <\/td><td class=\"column-3\">1.5%<\/td><td class=\"column-4\">0.6%<\/td><td class=\"column-5\">$1.57 <\/td><td class=\"column-6\">0.9%<\/td><td class=\"column-7\">3.3%<\/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\">$1,250 <\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">-1.2%<\/td><td class=\"column-5\">$1.44 <\/td><td class=\"column-6\">0.2%<\/td><td class=\"column-7\">-3.1%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Indianapolis-Carmel-Anderson, IN\u00a0<\/td><td class=\"column-2\">$1,401 <\/td><td class=\"column-3\">-0.3%<\/td><td class=\"column-4\">-2.1%<\/td><td class=\"column-5\">$1.54 <\/td><td class=\"column-6\">0.7%<\/td><td class=\"column-7\">0.4%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Jacksonville, FL\u00a0<\/td><td class=\"column-2\">$1,490 <\/td><td class=\"column-3\">1.0%<\/td><td class=\"column-4\">-3.6%<\/td><td class=\"column-5\">$1.56 <\/td><td class=\"column-6\">0.8%<\/td><td class=\"column-7\">-0.5%<\/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\">0.1%<\/td><td class=\"column-4\">-1.3%<\/td><td class=\"column-5\">$1.64 <\/td><td class=\"column-6\">0.1%<\/td><td class=\"column-7\">-2.5%<\/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\">$2,753 <\/td><td class=\"column-3\">0.1%<\/td><td class=\"column-4\">-2.2%<\/td><td class=\"column-5\">$3.39 <\/td><td class=\"column-6\">0.7%<\/td><td class=\"column-7\">0.9%<\/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\">0.0%<\/td><td class=\"column-4\">-1.2%<\/td><td class=\"column-5\">$1.40 <\/td><td class=\"column-6\">1.3%<\/td><td class=\"column-7\">1.3%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Memphis, TN-MS-AR\u00a0<\/td><td class=\"column-2\">$1,260 <\/td><td class=\"column-3\">0.8%<\/td><td class=\"column-4\">-0.9%<\/td><td class=\"column-5\">$1.29 <\/td><td class=\"column-6\">1.2%<\/td><td class=\"column-7\">-1.5%<\/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\">$2,425 <\/td><td class=\"column-3\">0.7%<\/td><td class=\"column-4\">-1.3%<\/td><td class=\"column-5\">$2.59 <\/td><td class=\"column-6\">1.8%<\/td><td class=\"column-7\">3.5%<\/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\">$1,530 <\/td><td class=\"column-3\">0.1%<\/td><td class=\"column-4\">-7.3%<\/td><td class=\"column-5\">$1.91 <\/td><td class=\"column-6\">0.5%<\/td><td class=\"column-7\">-6.7%<\/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\">$1,546 <\/td><td class=\"column-3\">0.3%<\/td><td class=\"column-4\">-3.0%<\/td><td class=\"column-5\">$1.71 <\/td><td class=\"column-6\">-0.4%<\/td><td class=\"column-7\">-0.7%<\/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\">$2,845 <\/td><td class=\"column-3\">0.2%<\/td><td class=\"column-4\">-3.4%<\/td><td class=\"column-5\">$3.58 <\/td><td class=\"column-6\">0.3%<\/td><td class=\"column-7\">-0.1%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Orlando-Kissimmee-Sanford, FL\u00a0<\/td><td class=\"column-2\">$1,745 <\/td><td class=\"column-3\">0.3%<\/td><td class=\"column-4\">-3.2%<\/td><td class=\"column-5\">$1.79 <\/td><td class=\"column-6\">0.0%<\/td><td class=\"column-7\">-5.5%<\/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\">$1,910 <\/td><td class=\"column-3\">1.3%<\/td><td class=\"column-4\">0.6%<\/td><td class=\"column-5\">$2.34 <\/td><td class=\"column-6\">3.5%<\/td><td class=\"column-7\">2.4%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">Phoenix-Mesa-Chandler, AZ\u00a0<\/td><td class=\"column-2\">$1,483 <\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">-3.3%<\/td><td class=\"column-5\">$1.80 <\/td><td class=\"column-6\">0.5%<\/td><td class=\"column-7\">-1.4%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">Pittsburgh, PA\u00a0<\/td><td class=\"column-2\">$1,499 <\/td><td class=\"column-3\">1.6%<\/td><td class=\"column-4\">7.5%<\/td><td class=\"column-5\">$1.76 <\/td><td class=\"column-6\">1.2%<\/td><td class=\"column-7\">4.1%<\/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\">$1,795 <\/td><td class=\"column-3\">1.8%<\/td><td class=\"column-4\">-5.3%<\/td><td class=\"column-5\">$2.12 <\/td><td class=\"column-6\">5.1%<\/td><td class=\"column-7\">-1.1%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Providence-Warwick, RI-MA\u00a0<\/td><td class=\"column-2\">$2,185 <\/td><td class=\"column-3\">0.7%<\/td><td class=\"column-4\">2.2%<\/td><td class=\"column-5\">$2.63 <\/td><td class=\"column-6\">0.7%<\/td><td class=\"column-7\">5.2%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Raleigh-Cary, NC\u00a0<\/td><td class=\"column-2\">$1,450 <\/td><td class=\"column-3\">1.5%<\/td><td class=\"column-4\">-5.2%<\/td><td class=\"column-5\">$1.55 <\/td><td class=\"column-6\">1.4%<\/td><td class=\"column-7\">-2.8%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Richmond, VA\u00a0<\/td><td class=\"column-2\">$1,599 <\/td><td class=\"column-3\">0.8%<\/td><td class=\"column-4\">-0.7%<\/td><td class=\"column-5\">$1.77 <\/td><td class=\"column-6\">1.4%<\/td><td class=\"column-7\">-3.0%<\/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\">0.1%<\/td><td class=\"column-4\">0.9%<\/td><td class=\"column-5\">$2.62 <\/td><td class=\"column-6\">0.8%<\/td><td class=\"column-7\">-0.2%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Sacramento-Roseville-Folsom, CA\u00a0<\/td><td class=\"column-2\">$2,050 <\/td><td class=\"column-3\">1.7%<\/td><td class=\"column-4\">1.5%<\/td><td class=\"column-5\">$2.37 <\/td><td class=\"column-6\">0.8%<\/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\">$1,552 <\/td><td class=\"column-3\">2.2%<\/td><td class=\"column-4\">-3.5%<\/td><td class=\"column-5\">$1.96 <\/td><td class=\"column-6\">5.6%<\/td><td class=\"column-7\">-2.0%<\/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\">$2,719 <\/td><td class=\"column-3\">1.6%<\/td><td class=\"column-4\">-5.2%<\/td><td class=\"column-5\">$3.28 <\/td><td class=\"column-6\">1.9%<\/td><td class=\"column-7\">-4.3%<\/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\">$2,737 <\/td><td class=\"column-3\">1.6%<\/td><td class=\"column-4\">-2.8%<\/td><td class=\"column-5\">$3.58 <\/td><td class=\"column-6\">1.5%<\/td><td class=\"column-7\">-4.1%<\/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\">$3,284 <\/td><td class=\"column-3\">1.7%<\/td><td class=\"column-4\">1.8%<\/td><td class=\"column-5\">$3.87 <\/td><td class=\"column-6\">2.1%<\/td><td class=\"column-7\">5.1%<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">Seattle-Tacoma-Bellevue, WA\u00a0<\/td><td class=\"column-2\">$2,054 <\/td><td class=\"column-3\">0.0%<\/td><td class=\"column-4\">-0.6%<\/td><td class=\"column-5\">$2.72 <\/td><td class=\"column-6\">-0.2%<\/td><td class=\"column-7\">-4.8%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">St. Louis, MO-IL\u00a0<\/td><td class=\"column-2\">$1,290 <\/td><td class=\"column-3\">1.3%<\/td><td class=\"column-4\">1.0%<\/td><td class=\"column-5\">$1.46 <\/td><td class=\"column-6\">0.6%<\/td><td class=\"column-7\">-0.1%<\/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\">$1,803 <\/td><td class=\"column-3\">0.7%<\/td><td class=\"column-4\">2.6%<\/td><td class=\"column-5\">$1.97 <\/td><td class=\"column-6\">1.1%<\/td><td class=\"column-7\">-0.5%<\/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\">$1,568 <\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">1.6%<\/td><td class=\"column-5\">$1.69 <\/td><td class=\"column-6\">0.3%<\/td><td class=\"column-7\">2.9%<\/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\">$2,090 <\/td><td class=\"column-3\">1.6%<\/td><td class=\"column-4\">5.2%<\/td><td class=\"column-5\">$2.39 <\/td><td class=\"column-6\">1.3%<\/td><td class=\"column-7\">3.9%<\/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>$1,625 <\/strong><\/td><td class=\"column-3\"><strong>1.2%<\/strong><\/td><td class=\"column-4\"><strong>-1.0%<\/strong><\/td><td class=\"column-5\"><strong>$1.82 <\/strong><\/td><td class=\"column-6\"><strong>0.8%<\/strong><\/td><td class=\"column-7\"><strong>-1.3%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-456 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 April 2025 covers rentals that were listed on Rent.com and Redfin.com during the three months ending April 30, 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 was $1,625, down $80 from the record high, as elevated apartment supply pushed rents lower. Asking rents fell fastest in Austin, down 10% year over year and $400 below the record high. The median U.S. asking rent fell 1% year over year to $1,625 in April, marking the biggest decline since [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":66371,"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":[20,623,562,697,88],"dashboard":[],"coauthors":[125],"class_list":["post-79809","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-rentals","tag-renting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>U.S. Asking Rents Post Biggest Drop in Over a Year<\/title>\n<meta name=\"description\" content=\"The median asking rent was $1,625, down $80 from the record high, as elevated apartment supply pushed rents lower.\" \/>\n<meta name=\"robots\" content=\"index, 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