Redfin: Median Asking Apartment Rent Tops $2,000 For First Time Ever
The median monthly asking rent in the U.S. surpassed $2,000 for the first time in May, rising 15% year over year to a record high of $2,002, according to a new report from Redfin. That’s on par with April’s annual increase of 15%, but a slowdown from March’s 17% gain.
“More people are opting to live alone, and rising mortgage-interest rates are forcing would-be homebuyers to keep renting,” said Redfin deputy chief economist Taylor Marr. “These are among the demand-side pressures keeping rents sky-high.
“While renting has become more expensive, it is now more attractive than buying for many Americans this year as mortgage payments have surpassed rents on many homes. Although we expect rent-price growth to continue to slow in the coming months, it will likely remain high, causing ongoing affordability issues for renters.”
Top 10 Metro Areas with Fastest-Rising Rents Year Over Year
Austin, TX (48%)
Nashville, TN (32%)
Seattle, WA (32%)
Cincinnati, OH (32%)
Miami, FL (29%)
Fort Lauderdale, FL (29%)
West Palm Beach, FL (29%)
New York, NY (24%)
Nassau County, NY (24%)
New Brunswick, NJ (24%)
- ◦Lease
- ◦Economy
