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Residential Rents Post Third Consecutive Y-O-Y Increase
The median U.S. asking residential rent rose 0.8% year over year to $1,987 in March, marking the third consecutive increase following three months of decreases, Redfin said in a new report. Asking rents were little changed from February. Redfin’s yardstick for rental prices encompasses single-family homes, multifamily units, condos/co-ops and townhouses.
Rising rents in the Midwest and Northeast helped drive the national uptick in rents, and elevated mortgage rates also likely contributed. The average 30-year-fixed mortgage rate is 6.82%, below the 23-year high of nearly 8% last October, but still more than double the all-time low of 2.65% during the pandemic.
The median asking rent in the Midwest hit a record $1,456 in March, up 5.3% from a year earlier, a larger gain than any other region. The second biggest increase was in the Northeast, where asking rents climbed 3.8% Y-O-Y to $2,504. Rents were roughly flat in the South (up 0.3% to $1,656), and fell slightly in the West (down 0.7% to $2,365).
- ◦Lease
