{"id":80004,"date":"2025-06-04T05:00:10","date_gmt":"2025-06-04T12:00:10","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=80004"},"modified":"2025-06-03T16:35:21","modified_gmt":"2025-06-03T23:35:21","slug":"rental-tracker-may-2025","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/rental-tracker-may-2025\/","title":{"rendered":"Asking Rents Are Falling in 28 Major U.S. Metros\u2014the Most Since 2023"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>The median U.S. asking rent dropped 1% year over year to $1,633 in May as elevated apartment supply gave renters room to negotiate.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Asking rents fell fastest in Austin, down 9% to the lowest level since 2021.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Rents hit a record high in four metros: Chicago, Cincinnati, Memphis and Washington, D.C.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The median U.S. asking rent fell 1% year over year in May to $1,633, which is $72 below the August 2022 record high. On a month-over-month basis, the median U.S. asking rent rose 0.5% in May\u2014typical for this time of year.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-2EjEk\" style=\"border: none;\" title=\"Asking Rents Fall for Third Month in a Row\" src=\"https:\/\/datawrapper.dwcdn.net\/2EjEk\/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;\">Overall, 28 of the 44 major U.S. core-based statistical areas (CBSAs) Redfin analyzed saw asking rents decline last month\u2014the highest number since September 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cApartment construction in America has been <\/span><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1Jp22\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">hovering<\/span><\/a><span style=\"font-weight: 400;\"> near a 50-year high, and even though renter demand is strong, it\u2019s not keeping pace with supply,\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;\">. \u201cMany units are sitting <\/span><a href=\"https:\/\/www.redfin.com\/news\/rental-absorption-q1-2025\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">vacant<\/span><\/a><span style=\"font-weight: 400;\"> for months, which means renters have power to negotiate concessions and landlords have less leeway to keep rents high.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Multifamily construction surged in the wake of the pandemic moving frenzy, and while it has 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, it\u2019s still at historically high levels. As it continues to slow, asking rents may rebound.<\/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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While asking rents are falling, they\u2019re much less volatile than they were during the pandemic.\u00a0 May marked the 15th-straight month in which asking rents barely decreased or increased, with a year-over-year change of roughly 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-VQ1az\" style=\"border: none;\" title=\"Asking Rents Hover Below Their Record High\" src=\"https:\/\/datawrapper.dwcdn.net\/VQ1az\/1\/\" width=\"600\" height=\"446\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<h3>Austin Asking Rents Drop to Four-Year Low as Building Spree Continues<\/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 8.8% year over year to $1,385 in May\u2014the lowest level since February 2021 and $414 below the August 2023 record high. That\u2019s the largest decline in percentage terms among the 44 major 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;\"> (-6.3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/4664\/OH\/Columbus\/rentals\/filter\/property-type=multifamily\"><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/a><span style=\"font-weight: 400;\"> (-3.5%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/13415\/TN\/Nashville\/rentals\/filter\/property-type=multifamily\"><span style=\"font-weight: 400;\">Nashville<\/span><\/a><span style=\"font-weight: 400;\"> (-3.4%) and <\/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;\"> (-3.4%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Austin granted permits to build 64.5 multifamily units for every 10,000 people from April 2024 to March 2025\u2014a higher number than any other metro Redfin analyzed in a separate <\/span><a href=\"https:\/\/www.redfin.com\/news\/multifamily-construction-permits-2025\/\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">. Columbus and Nashville also ranked in the top 10 when it came to multifamily permitting. Columbus\u2019s 3.5% asking-rent decline marked the largest drop for that metro in records dating back to 2019.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With rents falling and homebuying costs rising in many U.S. cities, a lot of Americans are opting to keep renting.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI\u2019m not seeing many first-time homebuyers right now,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/nicole-m-stewart\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Nicole Stewart<\/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 <\/span><a href=\"https:\/\/www.redfin.com\/city\/2287\/ID\/Boise\/houses-for-rent\"><span style=\"font-weight: 400;\">Boise, ID<\/span><\/a><span style=\"font-weight: 400;\">. \u201c<\/span><span style=\"font-weight: 400;\">Rental rates here are still more manageable than saving up for a down payment and mortgage. People are finding rentals that are nicer than the house they could afford at the same monthly cost. That&#8217;s in part because a lot of home sellers are overpricing their properties as they struggle to adjust to the <\/span><a href=\"https:\/\/www.redfin.com\/news\/sellers-vs-buyers-price-impact\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">changing<\/span><\/a><span style=\"font-weight: 400;\"> housing market.\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 due to high home prices and mortgages rates.<\/span><\/p>\n<h3>Asking Rents Hit Record High in Four U.S. Metros<\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">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;\">, the median asking rent rose 7.4% year over year to a record $1,460 in May\u2014the largest increase among the 44 CBSAs Redfin analyzed. The second largest gain was in <\/span><a href=\"https:\/\/www.redfin.com\/city\/18142\/FL\/Tampa\/rentals\/filter\/property-type=multifamily\"><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/a><span style=\"font-weight: 400;\"> (4.2%), followed by <\/span><a href=\"https:\/\/www.redfin.com\/city\/16661\/MO\/St-Louis\/rentals\/filter\/property-type=multifamily\"><span style=\"font-weight: 400;\">St. Louis<\/span><\/a><span style=\"font-weight: 400;\"> (4%), <\/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;\"> (3.5%) and <\/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;\"> (2.4%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Aside from Cincinnati, three metros saw rents hit a record high in May: <\/span><a href=\"https:\/\/www.redfin.com\/city\/29470\/IL\/Chicago\/rentals\/filter\/property-type=multifamily\"><span style=\"font-weight: 400;\">Chicago<\/span><\/a><span style=\"font-weight: 400;\"> (up 1.9% Y\/Y to $1,781), <\/span><a href=\"https:\/\/www.redfin.com\/city\/12260\/TN\/Memphis\/rentals\/filter\/property-type=multifamily\"><span style=\"font-weight: 400;\">Memphis<\/span><\/a><span style=\"font-weight: 400;\"> (1.9% to $1,274) 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;\"> (2.4% to $2,104).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All metros in this section aside from Tampa and Washington D.C. are permitting less multifamily construction than the national average, which may be buoying rents.<\/span><\/p>\n<h3>Asking Rents Are Falling Fastest for Two Bedroom Apartments<\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nThe median asking rent for 0-1 bedroom apartments fell 0.7% year over year to $1,492. For 2 bedroom apartments, it decreased 1.8% to $1,704\u2014the largest decline since February 2024. And for 3+ bedroom apartments, it fell 0.2% to $2,009\u2014the smallest decline in about a year.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-7exYj\" style=\"border: none;\" title=\"Asking Rents Fall Across Bedroom Types\" src=\"https:\/\/datawrapper.dwcdn.net\/7exYj\/1\/\" width=\"600\" height=\"476\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<h3>Metro-level summary: three months ending May 31, 2025<\/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-461\" class=\"tablepress tablepress-id-461\">\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>\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 CBSA<\/td><td class=\"column-2\">$1,549<\/td><td class=\"column-3\">0.5%<\/td><td class=\"column-4\">-1.0%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Austin-Round Rock-Georgetown, TX CBSA<\/td><td class=\"column-2\">$1,385<\/td><td class=\"column-3\">-1.0%<\/td><td class=\"column-4\">-8.8%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Baltimore-Columbia-Towson, MD CBSA<\/td><td class=\"column-2\">$1,610<\/td><td class=\"column-3\">-0.3%<\/td><td class=\"column-4\">0.9%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Birmingham-Hoover, AL CBSA<\/td><td class=\"column-2\">$1,418<\/td><td class=\"column-3\">0.0%<\/td><td class=\"column-4\">2.4%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Boston-Cambridge-Newton, MA-NH CBSA<\/td><td class=\"column-2\">$2,872<\/td><td class=\"column-3\">1.3%<\/td><td class=\"column-4\">0.6%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Buffalo-Cheektowaga, NY CBSA<\/td><td class=\"column-2\">$1,323<\/td><td class=\"column-3\">1.0%<\/td><td class=\"column-4\">-0.2%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Charlotte-Concord-Gastonia, NC-SC CBSA<\/td><td class=\"column-2\">$1,510<\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">0.1%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Chicago-Naperville-Elgin, IL-IN-WI CBSA<\/td><td class=\"column-2\">$1,781<\/td><td class=\"column-3\">0.5%<\/td><td class=\"column-4\">1.9%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Cincinnati, OH-KY-IN CBSA<\/td><td class=\"column-2\">$1,460<\/td><td class=\"column-3\">0.7%<\/td><td class=\"column-4\">7.4%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Cleveland-Elyria, OH CBSA<\/td><td class=\"column-2\">$1,283<\/td><td class=\"column-3\">-0.5%<\/td><td class=\"column-4\">-2.4%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Columbus, OH CBSA<\/td><td class=\"column-2\">$1,427<\/td><td class=\"column-3\">0.5%<\/td><td class=\"column-4\">-3.5%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Dallas-Fort Worth-Arlington, TX CBSA<\/td><td class=\"column-2\">$1,489<\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">-0.5%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Denver-Aurora-Lakewood, CO CBSA<\/td><td class=\"column-2\">$1,780<\/td><td class=\"column-3\">1.8%<\/td><td class=\"column-4\">-2.9%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Detroit-Warren-Dearborn, MI CBSA<\/td><td class=\"column-2\">$1,391<\/td><td class=\"column-3\">-0.3%<\/td><td class=\"column-4\">-0.6%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Houston-The Woodlands-Sugar Land, TX CBSA<\/td><td class=\"column-2\">$1,253<\/td><td class=\"column-3\">0.2%<\/td><td class=\"column-4\">-0.8%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Indianapolis-Carmel-Anderson, IN CBSA<\/td><td class=\"column-2\">$1,399<\/td><td class=\"column-3\">-0.1%<\/td><td class=\"column-4\">-1.6%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Jacksonville, FL CBSA<\/td><td class=\"column-2\">$1,500<\/td><td class=\"column-3\">0.7%<\/td><td class=\"column-4\">-0.7%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Las Vegas-Henderson-Paradise, NV CBSA<\/td><td class=\"column-2\">$1,499<\/td><td class=\"column-3\">-0.1%<\/td><td class=\"column-4\">-3.1%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Los Angeles-Long Beach-Anaheim, CA CBSA<\/td><td class=\"column-2\">$2,768<\/td><td class=\"column-3\">0.5%<\/td><td class=\"column-4\">-1.3%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Louisville\/Jefferson County, KY-IN CBSA<\/td><td class=\"column-2\">$1,268<\/td><td class=\"column-3\">-0.2%<\/td><td class=\"column-4\">-2.3%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Memphis, TN-MS-AR CBSA<\/td><td class=\"column-2\">$1,274<\/td><td class=\"column-3\">1.1%<\/td><td class=\"column-4\">1.9%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Miami-Fort Lauderdale-Pompano Beach, FL CBSA<\/td><td class=\"column-2\">$2,440<\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">-1.3%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Minneapolis-St. Paul-Bloomington, MN-WI CBSA<\/td><td class=\"column-2\">$1,551<\/td><td class=\"column-3\">0.7%<\/td><td class=\"column-4\">-6.3%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Nashville-Davidson--Murfreesboro--Franklin, TN CBSA<\/td><td class=\"column-2\">$1,540<\/td><td class=\"column-3\">-0.4%<\/td><td class=\"column-4\">-3.4%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">New York-Newark-Jersey City, NY-NJ-PA CBSA<\/td><td class=\"column-2\">$2,887<\/td><td class=\"column-3\">1.5%<\/td><td class=\"column-4\">-3.1%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Orlando-Kissimmee-Sanford, FL CBSA<\/td><td class=\"column-2\">$1,750<\/td><td class=\"column-3\">0.3%<\/td><td class=\"column-4\">-2.2%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">Philadelphia-Camden-Wilmington, PA-NJ-DE-MD CBSA<\/td><td class=\"column-2\">$1,924<\/td><td class=\"column-3\">0.7%<\/td><td class=\"column-4\">-0.6%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">Phoenix-Mesa-Chandler, AZ CBSA<\/td><td class=\"column-2\">$1,493<\/td><td class=\"column-3\">0.5%<\/td><td class=\"column-4\">-3.0%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">Pittsburgh, PA CBSA<\/td><td class=\"column-2\">$1,495<\/td><td class=\"column-3\">-0.3%<\/td><td class=\"column-4\">3.5%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Portland-Vancouver-Hillsboro, OR-WA CBSA<\/td><td class=\"column-2\">$1,799<\/td><td class=\"column-3\">0.2%<\/td><td class=\"column-4\">-3.4%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Providence-Warwick, RI-MA CBSA<\/td><td class=\"column-2\">$2,185<\/td><td class=\"column-3\">0.0%<\/td><td class=\"column-4\">1.9%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Raleigh-Cary, NC CBSA<\/td><td class=\"column-2\">$1,474<\/td><td class=\"column-3\">1.7%<\/td><td class=\"column-4\">-3.4%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Richmond, VA CBSA<\/td><td class=\"column-2\">$1,609<\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">0.5%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Riverside-San Bernardino-Ontario, CA CBSA<\/td><td class=\"column-2\">$2,333<\/td><td class=\"column-3\">0.1%<\/td><td class=\"column-4\">0.4%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Sacramento-Roseville-Folsom, CA CBSA<\/td><td class=\"column-2\">$2,056<\/td><td class=\"column-3\">0.3%<\/td><td class=\"column-4\">1.0%<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Salt Lake City, UT CBSA<\/td><td class=\"column-2\">$1,570<\/td><td class=\"column-3\">1.2%<\/td><td class=\"column-4\">-0.4%<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">San Diego-Chula Vista-Carlsbad, CA CBSA<\/td><td class=\"column-2\">$2,721<\/td><td class=\"column-3\">0.1%<\/td><td class=\"column-4\">-2.5%<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">San Francisco-Oakland-Berkeley, CA CBSA<\/td><td class=\"column-2\">$2,764<\/td><td class=\"column-3\">1.0%<\/td><td class=\"column-4\">-0.9%<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">San Jose-Sunnyvale-Santa Clara, CA CBSA<\/td><td class=\"column-2\">$3,295<\/td><td class=\"column-3\">0.3%<\/td><td class=\"column-4\">1.0%<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">Seattle-Tacoma-Bellevue, WA CBSA<\/td><td class=\"column-2\">$2,070<\/td><td class=\"column-3\">0.8%<\/td><td class=\"column-4\">-0.2%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">St. Louis, MO-IL CBSA<\/td><td class=\"column-2\">$1,295<\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">4.0%<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">Tampa-St. Petersburg-Clearwater, FL CBSA<\/td><td class=\"column-2\">$1,805<\/td><td class=\"column-3\">0.0%<\/td><td class=\"column-4\">4.2%<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">Virginia Beach-Norfolk-Newport News, VA-NC CBSA<\/td><td class=\"column-2\">$1,575<\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">-0.8%<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">Washington-Arlington-Alexandria, DC-VA-MD-WV CBSA<\/td><td class=\"column-2\">$2,104<\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">2.4%<\/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>$1,633<\/strong><\/td><td class=\"column-3\"><strong>0.5%<\/strong><\/td><td class=\"column-4\"><strong>-1.0%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-461 from cache -->\n<h3>Methodology<\/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 May 2025 covers rentals that were listed on Rent.com and Redfin.com during the three months ending May 31, 2025. Redfin\u2019s rental records date back to 2019.\u00a0<\/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 U.S. asking rent dropped 1% year over year to $1,633 in May as elevated apartment supply gave renters room to negotiate. Asking rents fell fastest in Austin, down 9% to the lowest level since 2021. Rents hit a record high in four metros: Chicago, Cincinnati, Memphis and Washington, D.C. The median U.S. asking [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":79610,"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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Prior to working at Redfin, Lily spent four years as a reporter at Bloomberg News in New York City.","url":"https:\/\/www.redfin.com\/news\/author\/lily-katzredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/80004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13346"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=80004"}],"version-history":[{"count":4,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/80004\/revisions"}],"predecessor-version":[{"id":80010,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/80004\/revisions\/80010"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/79610"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=80004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=80004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=80004"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=80004"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=80004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}