{"id":739191,"date":"2023-03-10T09:03:28","date_gmt":"2023-03-10T14:03:28","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-rents-drop-to-lowest-level-in-a-year\/"},"modified":"2023-03-10T09:03:28","modified_gmt":"2023-03-10T14:03:28","slug":"redfin-reports-rents-drop-to-lowest-level-in-a-year","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-rents-drop-to-lowest-level-in-a-year\/","title":{"rendered":"Redfin Reports Rents Drop to Lowest Level in a Year"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdecimal { list-style-type: decimal }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Redfin Reports Rents Drop to Lowest Level in a Year<\/b><\/p>\n<p class=\"bwalignc\"><i>The median U.S. asking rent is up just 1.7% from a year ago\u2014the smallest gain in nearly two years\u2014as landlords grapple with vacancies due to still-high rental costs and rising supply<\/i><\/p>\n<p>SEATTLE&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\n(NASDAQ: RDFN) \u2014The median U.S. asking rent rose 1.7% year over year to $1,937 in February\u2014the smallest increase in nearly two years and the lowest level in a year, according to a new <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fredfin-rental-report-february-2023%2F&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=report&amp;index=1&amp;md5=61177841c03c1c1b366623e9d840c1b1\">report<\/a> from Redfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=redfin.com&amp;index=2&amp;md5=76dee6d24b266612ee395c3146b8a057\">redfin.com<\/a>), the technology-powered real estate brokerage. Rents were up nearly 10 times that much (16.5%) a year earlier.\n<\/p>\n<p>\nFebruary was the ninth straight month in which rent growth slowed on a year-over-year basis. Rents fell 0.3% from a month earlier. Still, the median asking rent remained 21.4% higher than it was in February 2020, the month before the coronavirus was declared a pandemic.\n<\/p>\n<p>\nRent growth has cooled as persistently high housing costs, inflation, recession fears and a slowdown in household formation have made people less likely to move, putting a damper on demand for new leases. A jump in supply due to a boom in apartment construction has also contributed to the slowdown in rent growth. The number of apartments under construction is up 24.9% year over year to 943,000, the highest level since 1974, according to a recent report from the National Association of Home Builders.\n<\/p>\n<p>\n\u201cLandlords are slowing their roll on rent increases because they\u2019re grappling with a rise in vacancies as an influx of new apartments hits the market and demand slows from its peak,\u201d said Redfin Deputy Chief Economist Taylor Marr. \u201cRents are likely close to hitting a floor, though. That\u2019s because stubbornly high inflation is boosting expenses for landlords, so instead of dropping rents they may seek to lure renters with other concessions, like free parking or a discounted security deposit.\u201d\n<\/p>\n<p>\nMarr continued: \u201cWhile rent growth has slowed, it hasn\u2019t slowed quite as much as expected\u2014in part because the labor market has held up better than anticipated, which has helped prop up demand. This is likely a reason overall inflation remains stubbornly high, as rent growth is a major contributor to inflation.\u201d\n<\/p>\n<p><b>Rents Declined in 11 Major U.S. Metro Areas<\/b><\/p>\n<ol class=\"bwlistdecimal\">\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F30818%2FTX%2FAustin&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Austin%2C+TX&amp;index=3&amp;md5=3b5057fc4a5331203831cf463c327aba\">Austin, TX<\/a> (-6.5%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F14233%2FLA%2FNew-Orleans&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=New+Orleans%2C+LA&amp;index=4&amp;md5=a975b0f24106cebbdcafb56236314480\">New Orleans, LA<\/a> (-6.4%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F14240%2FAZ%2FPhoenix&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Phoenix%2C+AZ&amp;index=5&amp;md5=c58d833fff6fbf788253b39c794d06a7\">Phoenix, AZ<\/a> (-4%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F10943%2FMN%2FMinneapolis&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Minneapolis%2C+MN&amp;index=6&amp;md5=679ebbecfc7ffc23a8038a6b3a90c81c\">Minneapolis, MN<\/a> (-3.5%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F30794%2FTX%2FDallas&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Dallas%2C+TX&amp;index=7&amp;md5=7cf91f050bdd283471f3c767b0976c17\">Dallas, TX<\/a> (-2.6%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F1073%2FMD%2FBaltimore&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Baltimore%2C+MD&amp;index=8&amp;md5=881a4b4f24336a0350cb122531f5ec6a\">Baltimore, MD<\/a> (-2.2%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F8903%2FTX%2FHouston&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Houston%2C+TX&amp;index=9&amp;md5=d4ec4fadb7ffa4e37714e4297daee9a3\">Houston, TX<\/a> (-1.9%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F1823%2FAL%2FBirmingham&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Birmingham%2C+AL&amp;index=10&amp;md5=b0aa8645b723c6d59ad3e6ee792cf199\">Birmingham, AL<\/a> (-0.5%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F29470%2FIL%2FChicago&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Chicago%2C+IL&amp;index=11&amp;md5=1e4a9b80b4aae98adbef31659fb8fb83\">Chicago, IL<\/a> (-0.5%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F5155%2FCO%2FDenver&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Denver%2C+CO&amp;index=12&amp;md5=e186fa0ba386186c24163b4f0023d988\">Denver, CO<\/a> (-0.3%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F20418%2FVA%2FVirginia-Beach&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Virginia+Beach%2C+VA&amp;index=13&amp;md5=1672c17db916966b1489cffec071df06\">Virginia Beach, VA<\/a> (-0.2%)\n<\/li>\n<\/ol>\n<p><b>Raleigh Saw the Largest Rent Increase<\/b><\/p>\n<ol class=\"bwlistdecimal\">\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F3105%2FNC%2FCharlotte&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Charlotte%2C+NC&amp;index=14&amp;md5=df22a4bb5147cac0c09cafa362bbc05f\">Charlotte, NC<\/a> (14.3%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F4664%2FOH%2FColumbus&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Columbus%2C+OH&amp;index=15&amp;md5=1c26955ab5e59c9f1d0736e50936c299\">Columbus, OH<\/a> (12.6%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F35759%2FWI%2FMilwaukee&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Milwaukee%2C+WI&amp;index=16&amp;md5=4d5c3ebd320c599a7b25e1ce9a178787\">Milwaukee, WI<\/a> (9.5%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F13415%2FTN%2FNashville&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Nashville%2C+TN&amp;index=17&amp;md5=3f992b9207bfae442f9c9a2010b939c0\">Nashville, TN<\/a> (9.0%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F9170%2FIN%2FIndianapolis&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Indianapolis%2C+IN&amp;index=18&amp;md5=2b707488b12295f9379fde0b8fe3766d\">Indianapolis, IN<\/a> (8.5%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F35751%2FMO%2FKansas-City&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Kansas+City%2C+MO&amp;index=19&amp;md5=6718f2b32d5e1be9ed142241302af0ca\">Kansas City, MO<\/a> (8.3%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F9406%2FCT%2FHartford&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Hartford%2C+CT&amp;index=20&amp;md5=e6e671c82c942e4bb8025695bd874256\">Hartford, CT<\/a> (6%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F2832%2FNY%2FBuffalo&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Buffalo%2C+NY&amp;index=21&amp;md5=bb9d6955de5bbb772b63ad878420034f\">Buffalo, NY<\/a>; <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F15272%2FRI%2FProvidence&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Providence+RI&amp;index=22&amp;md5=7724ef36c203060cd3cde3e1a4eb2793\">Providence RI<\/a> (5.9%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F3879%2FOH%2FCincinnati&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Cincinnati%2C+OH&amp;index=23&amp;md5=f4871d644120624d1565730cafc0a392\">Cincinnati, OH<\/a>; <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F12262%2FKY%2FLouisville&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Louisville%2C+KY&amp;index=24&amp;md5=932d89fcee9c038e3cae042d21429554\">Louisville, KY<\/a>; <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F12260%2FTN%2FMemphis&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Memphis%2C+TN&amp;index=25&amp;md5=beeae1df5580c2791184036f40b8e1b6\">Memphis, TN<\/a> (5.5%)\n<\/li>\n<li><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F15935%2FCA%2FRiverside&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Riverside%2C+CA&amp;index=26&amp;md5=70be3e55b799be512439f21581616706\">Riverside, CA<\/a>; <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F16904%2FCA%2FSan-Diego&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=San+Diego&amp;index=27&amp;md5=64255ae2f8643f476e8253f6b85a34df\">San Diego<\/a> (5.3%)\n<\/li>\n<\/ol>\n<p>\nTo view the full report, including charts, full metro-level breakouts and methodology, please visit: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fredfin-rental-report-february-2023%2F&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fredfin-rental-report-february-2023%2F&amp;index=28&amp;md5=eab424c4f19ef5572aa5d91187f2a415\">https:\/\/www.redfin.com\/news\/redfin-rental-report-february-2023\/<\/a><\/p>\n<p><b>About Redfin<\/b><\/p>\n<p>\nRedfin (<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.redfin.com%2F&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=29&amp;md5=c3a61a00c054aebea9cd80488a9c76e6\">www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country&#8217;s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we&#8217;ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.\n<\/p>\n<p>\nFor more information or to contact a local Redfin real estate agent, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2F&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=30&amp;md5=2360baa377c3a0ac7f1b940f9e2cadd9\">www.redfin.com<\/a>. To learn about housing market trends and download data, visit the <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fdata-center%2F&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=Redfin+Data+Center&amp;index=31&amp;md5=bb411e5b9044592034b603a6e88df9d3\">Redfin Data Center<\/a>. To be added to Redfin&#8217;s press release distribution list, email <a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a>. To view Redfin&#8217;s press center, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fpress.redfin.com%2Fphoenix.zhtml%3Fc%3D252734%26p%3Dirol-overview&amp;esheet=53359675&amp;newsitemid=20230310005119&amp;lan=en-US&amp;anchor=click+here&amp;index=32&amp;md5=c2830257b581e9573570abf1ee45a00f\">click here<\/a>.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230310005119r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230310005119\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230310005119\/en\/<\/a><\/span><\/p>\n<p><b>Redfin Journalist Services:<br \/>\n<\/b><br \/>Kenneth Applewhaite, 206-588-6863<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:press@redfin.com\">press@redfin.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Washington<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Residential Building &amp; Real Estate Finance Construction &amp; Property Building Systems REIT<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230310005119\/en\/1407505\/3\/Redfin_Standard_Web_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Redfin Reports Rents Drop to Lowest Level in a Year The median U.S. asking rent is up just 1.7% from a year ago\u2014the smallest gain in nearly two years\u2014as landlords grapple with vacancies due to still-high rental costs and rising supply SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014The median U.S. asking rent rose 1.7% year over year to $1,937 in February\u2014the smallest increase in nearly two years and the lowest level in a year, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Rents were up nearly 10 times that much (16.5%) a year earlier. February was the ninth straight month in which rent growth slowed on a year-over-year basis. Rents fell 0.3% from a month earlier. Still, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-rents-drop-to-lowest-level-in-a-year\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Redfin Reports Rents Drop to Lowest Level in a Year&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-739191","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Redfin Reports Rents Drop to Lowest Level in a Year - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-rents-drop-to-lowest-level-in-a-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports Rents Drop to Lowest Level in a Year - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Redfin Reports Rents Drop to Lowest Level in a Year The median U.S. asking rent is up just 1.7% from a year ago\u2014the smallest gain in nearly two years\u2014as landlords grapple with vacancies due to still-high rental costs and rising supply SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014The median U.S. asking rent rose 1.7% year over year to $1,937 in February\u2014the smallest increase in nearly two years and the lowest level in a year, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Rents were up nearly 10 times that much (16.5%) a year earlier. February was the ninth straight month in which rent growth slowed on a year-over-year basis. Rents fell 0.3% from a month earlier. 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Rents were up nearly 10 times that much (16.5%) a year earlier. February was the ninth straight month in which rent growth slowed on a year-over-year basis. Rents fell 0.3% from a month earlier. 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