{"id":769394,"date":"2023-07-12T15:10:23","date_gmt":"2023-07-12T19:10:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-the-typical-u-s-asking-rent-is-only-24-below-its-record-high\/"},"modified":"2023-07-12T15:10:23","modified_gmt":"2023-07-12T19:10:23","slug":"redfin-reports-the-typical-u-s-asking-rent-is-only-24-below-its-record-high","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-the-typical-u-s-asking-rent-is-only-24-below-its-record-high\/","title":{"rendered":"Redfin Reports The Typical U.S. Asking Rent Is Only $24 Below Its Record High"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }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 The Typical U.S. Asking Rent Is Only $24 Below Its Record High<\/b><\/p>\n<p class=\"bwalignc\"><i>Rent growth has slowed rapidly, but rents remain costly as landlords offer perks like free parking instead of lowering prices to fill vacant units. The good news is that months of cooling rent increases are finally helping bring down inflation in a big way.<\/i><\/p>\n<p>SEATTLE&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\n(NASDAQ: RDFN) \u2014 The U.S. rental market has been slowing for more than a year, but the median asking rent is still only $24 below its record high. That\u2019s 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-june-2023&amp;esheet=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=report&amp;index=1&amp;md5=392d632267811bd87c8fa0f791ff4c42\">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=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=redfin.com&amp;index=2&amp;md5=f38f87e8088fa493f3bf6be118f2c12e\">redfin.com<\/a>), the technology-powered real estate brokerage. The median asking rent was $2,029 in June, little changed from $1,995 one month earlier, $2,019 one year earlier and a record high of $2,053 set in August 2022.<\/p>\n<p>\nIn percentage terms, rents were up 0.5% year over year in June, not far from May\u2019s 0.6% annual drop. Rents rose 1.7% from one month earlier in June.<\/p>\n<p>\n\u201cThe housing market tends to be \u2018downside sticky,\u2019 which means rents don&#8217;t typically fall much even when renter demand pulls back,\u201d Redfin Deputy Chief Economist Taylor Marr said. \u201cInstead of lowering rents when business is slow, many landlords offer perks like a free month\u2019s rent or discounted parking, which tends to be less of a hit to profits.\u201d<\/p>\n<p>\nMarr continued: \u201cThe steep slowdown in rent growth over the last year is providing some relief for renters, who now have more room to negotiate as their landlords grapple with rising vacancies. But with rents near their record high, most renters still aren\u2019t finding big bargains.\u201d<\/p>\n<p><b>Slowing Rent Growth Is Finally Making a Dent in Inflation; Rents and Inflation Have Room to Fall<\/b><\/p>\n<p>\nWhile the dropoff in rent growth hasn\u2019t made a big dent for many renters, it <i>has<\/i> helped ease the historic inflation plaguing U.S. consumers, according to data released today. Consumer prices were up 3% this year through June, a deceleration from the 4% figure reported in May and the peak of about 9% last summer. The cost of shelter, which mainly includes rent, rose 0.4% from a month earlier in June on a seasonally adjusted basis\u2014a significant cooling from 0.8% at the end of last year. Inflation data typically lags Redfin\u2019s rental data, so the slowdown in inflation reported today is in large part due to the deceleration in rent growth over the past year.<\/p>\n<p>\n\u201cInflation should continue easing this year and into 2024, partly because the recent slowdown in rent growth isn\u2019t fully baked into inflation data yet, and partly because rents have room to fall,\u201d said Redfin Economics Research Lead Chen Zhao. \u201cRents have room to come down because there remains a backlog of under-construction rentals that have yet to hit the market, which means landlords will continue grappling with vacancies and won\u2019t be able to hike rents as rapidly.\u201d<\/p>\n<p>\nRent growth has cooled from its 2022 high partly because fewer people are moving due to economic uncertainty and slowing household formation, and partly because the number of options renters can choose from has surged. Completed residential projects in buildings with five or more units rose 23.9% year over year to 493,000 on a seasonally adjusted basis in May\u2014the most recent month for which data is available\u2014which means landlords have more vacancies to fill and less leeway to raise prices.<\/p>\n<p>\nWhile a homebuilding boom has led to more rentals on the market, the boom is easing. The number of <i>permitted <\/i>residential projects in buildings with five or more units <i>fell<\/i> 12.2% year over year to 540,000 on a seasonally-adjusted basis in May. Permits, or approvals given by local jurisdictions to start construction projects, are a leading indicator of what\u2019s happening in the housing market. Completions are a lagging indicator.<\/p>\n<p><b>Rents Are Rising Fastest in the Northeast and Midwest<\/b><\/p>\n<p>\nIn the Northeast, the median asking rent rose 4.3% year over year to a record $2,503 in June. By comparison, asking rents rose 3.7% to $1,396 in the Midwest, 0.8% to $1,670 in the South, and fell 0.3% to $2,452 in the West. While rents continued climbing across much of the U.S., rent growth was far below its peak in most of the country.<\/p>\n<p>\nRent growth has been slowing fastest in the West and South in part because it accelerated so quickly during the pandemic as people flooded into Sun Belt cities including <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F14240%2FAZ%2FPhoenix%2Fapartments-for-rent&amp;esheet=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=Phoenix&amp;index=3&amp;md5=76084e35854a23dc32138bb9dd063362\">Phoenix<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F11458%2FFL%2FMiami%2Fapartments-for-rent&amp;esheet=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=Miami&amp;index=4&amp;md5=ab2727840d6d07b21c4fb73823b4fb86\">Miami<\/a> and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhousing-migration-trends-may-2023%2F&amp;esheet=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=Dallas&amp;index=5&amp;md5=035ae55247822730d230c397a050f735\">Dallas<\/a>. Now, rents in those regions have more room to cool as supply catches up with demand.<\/p>\n<p>\nBut while rents have dipped from a year ago in some areas, affordable deals are still often hard to come by.<\/p>\n<p>\n\u201cThe headlines say <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F17151%2FCA%2FSan-Francisco%2Fapartments-for-rent&amp;esheet=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=San+Francisco&amp;index=6&amp;md5=7cbbab6595a97a74b51b56016f1cd144\">San Francisco<\/a>\u2019s housing market is plummeting, but I\u2019m still seeing people moving in and spending $4,000 a month on rent,\u201d said local <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fpremier&amp;esheet=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=Redfin+Premier&amp;index=7&amp;md5=dca730e78c8a09a3e60b17f42966baca\">Redfin Premier<\/a> real estate agent <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Freal-estate-agents%2Fali-mafi&amp;esheet=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=Ali+Mafi&amp;index=8&amp;md5=057f4add789a5c06b9232a5e1a8952b1\">Ali Mafi<\/a>. \u201cA lot of tech workers who left the Bay Area for places like <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.redfin.com%2Fcity%2F30818%2FTX%2FAustin%2Fapartments-for-rent&amp;esheet=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=Austin&amp;index=9&amp;md5=750eb76c2e2a5785cfd93bbec6f6c0f4\">Austin<\/a> during the pandemic are now coming back because their employers cut their pay when they moved and\/or have asked them to come back to the office.\u201d<\/p>\n<p>\nTo view the full report, including charts, 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-june-2023&amp;esheet=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fredfin-rental-report-june-2023&amp;index=10&amp;md5=5457c6d7f065125d3ec62611e4973efa\">https:\/\/www.redfin.com\/news\/redfin-rental-report-june-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=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=11&amp;md5=fcc7a6c3a02f6340dc47a0c9e9b7ce2a\">www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, 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 in certain markets can 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. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we&#8217;ve saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.<\/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=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=www.redfin.com&amp;index=12&amp;md5=d7e0adbf4cf86df6546c4735bc6242f5\">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=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=Redfin+Data+Center&amp;index=13&amp;md5=344a27c4f3862403b5f6fe887bc4b707\">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=53451842&amp;newsitemid=20230712830400&amp;lan=en-US&amp;anchor=click+here&amp;index=14&amp;md5=a6192a7702d07d50c627f93ac6a69b02\">click here<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230712830400r1&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\/20230712830400\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230712830400\/en\/<\/a><\/span><\/p>\n<p>\nRedfin Journalist Services:<br \/>\n<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> Residential Building &amp; Real Estate Construction &amp; Property Professional Services Finance<\/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\/20230712830400\/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 The Typical U.S. Asking Rent Is Only $24 Below Its Record High Rent growth has slowed rapidly, but rents remain costly as landlords offer perks like free parking instead of lowering prices to fill vacant units. The good news is that months of cooling rent increases are finally helping bring down inflation in a big way. SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 The U.S. rental market has been slowing for more than a year, but the median asking rent is still only $24 below its record high. That\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The median asking rent was $2,029 in June, little changed from $1,995 one month earlier, $2,019 one year &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-the-typical-u-s-asking-rent-is-only-24-below-its-record-high\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Redfin Reports The Typical U.S. Asking Rent Is Only $24 Below Its Record High&#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-769394","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Redfin Reports The Typical U.S. Asking Rent Is Only $24 Below Its Record High - 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-the-typical-u-s-asking-rent-is-only-24-below-its-record-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports The Typical U.S. Asking Rent Is Only $24 Below Its Record High - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Redfin Reports The Typical U.S. Asking Rent Is Only $24 Below Its Record High Rent growth has slowed rapidly, but rents remain costly as landlords offer perks like free parking instead of lowering prices to fill vacant units. The good news is that months of cooling rent increases are finally helping bring down inflation in a big way. SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 The U.S. rental market has been slowing for more than a year, but the median asking rent is still only $24 below its record high. That\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The median asking rent was $2,029 in June, little changed from $1,995 one month earlier, $2,019 one year &hellip; Continue reading &quot;Redfin Reports The Typical U.S. Asking Rent Is Only $24 Below Its Record High&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-the-typical-u-s-asking-rent-is-only-24-below-its-record-high\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-12T19:10:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230712830400r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/redfin-reports-the-typical-u-s-asking-rent-is-only-24-below-its-record-high\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/redfin-reports-the-typical-u-s-asking-rent-is-only-24-below-its-record-high\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Redfin Reports The Typical U.S. Asking Rent Is Only $24 Below Its Record High\",\"datePublished\":\"2023-07-12T19:10:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/redfin-reports-the-typical-u-s-asking-rent-is-only-24-below-its-record-high\\\/\"},\"wordCount\":1100,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/redfin-reports-the-typical-u-s-asking-rent-is-only-24-below-its-record-high\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230712830400r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/redfin-reports-the-typical-u-s-asking-rent-is-only-24-below-its-record-high\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/redfin-reports-the-typical-u-s-asking-rent-is-only-24-below-its-record-high\\\/\",\"name\":\"Redfin Reports The Typical U.S. Asking Rent Is Only $24 Below Its Record High - 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The good news is that months of cooling rent increases are finally helping bring down inflation in a big way. SEATTLE&#8211;(BUSINESS WIRE)&#8211; (NASDAQ: RDFN) \u2014 The U.S. rental market has been slowing for more than a year, but the median asking rent is still only $24 below its record high. That\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. 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