{"id":823028,"date":"2025-03-07T08:04:35","date_gmt":"2025-03-07T13:04:35","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-report-u-s-asking-rents-rose-0-4-in-february-a-small-increase-but-the-first-in-6-months\/"},"modified":"2025-03-07T08:04:35","modified_gmt":"2025-03-07T13:04:35","slug":"redfin-report-u-s-asking-rents-rose-0-4-in-february-a-small-increase-but-the-first-in-6-months","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-report-u-s-asking-rents-rose-0-4-in-february-a-small-increase-but-the-first-in-6-months\/","title":{"rendered":"Redfin Report: U.S. Asking Rents Rose 0.4% in February\u2014A Small Increase, But the First in 6 Months"},"content":{"rendered":"

<\/p>\n

Redfin Report: U.S. Asking Rents Rose 0.4% in February\u2014A Small Increase, But the First in 6 Months<\/b><\/p>\n

Landlords may have more leeway to raise rents next year because apartment construction is slowing, which could eventually lead to more renters than vacant units<\/i><\/p>\n

SEATTLE–(BUSINESS WIRE<\/a>)–
\n(NASDAQ: RDFN) \u2014 The median U.S. asking rent rose 0.4% year over year to $1,607 in February\u2014the first increase in six months and the biggest in nine months. That\u2019s according to a new report<\/a> from Redfin (redfin.com), the technology-powered real estate brokerage. On a month-over-month basis, asking rents climbed 0.6%.\n<\/p>\n

\nThough asking rents inched up in February, they\u2019ve been relatively flat for the past 10 months compared to the large swings of the past few years. Rents skyrocketed as much as 18% year over year during the pandemic moving frenzy in 2021, and then fell as much as 4% in 2023. Asking rents are now flattening because rental supply and demand are near equilibrium.\n<\/p>\n

\n\u201cThe era of big rent declines is over for most of the country,\u201d said Redfin Senior Economist Sheharyar Bokhari. \u201cA ton of new apartments have hit the market, and demand for those apartments is strong because it\u2019s so expensive to buy a home. But apartment construction is starting to slow, which means there may be more renters than apartments to go around as soon as next year. That could cause rents to tick up and the perks that many renters have grown accustomed to\u2014like free parking\u2014to disappear.\u201d\n<\/p>\n

Asking rents drop most in Austin, rise most in Cincinnati<\/b><\/p>\n

\nIn Austin, TX, the median asking rent dropped 9.4% year over year in February to $1,404\u2014the largest decline among the 44 major U.S. metropolitan areas Redfin analyzed. It\u2019s now 22% below its August 2023 record high.\n<\/p>\n

\nSalt Lake City was home to the second largest decline (-7.8%), followed by Jacksonville, FL (-6.7%), Minneapolis (-5.9%) and San Diego (-5.6%).\n<\/p>\n

\nAsking rents have been falling quickly in parts of Texas and Florida because those states have been building more housing than other states. Florida has also been grappling with intensifying natural disasters, which has made some people hesitant to live there.\n<\/p>\n

\nRents rose most in Cincinnati (15.3%), Providence, RI (12.4%), Baltimore (9.6%), Washington, D.C. (9.2%) and Cleveland (8.5%).\n<\/p>\n

Asking rents tick up for smaller apartments, but tick down for larger apartments<\/b><\/p>\n

\nThe median asking rent for 0-1 bedroom apartments rose 0.4% year over year to $1,467\u2014the first increase since June. The median asking rent for 2 bedroom apartments rose 0.6% to $1,689\u2014also the first increase since June.\n<\/p>\n

\nThe median asking rent for 3+ bedroom apartments fell 0.5% to $1,990, though that was the smallest decline in months.\n<\/p>\n

\nTo view the full report, including charts and methodology, please visit:
\n
https:\/\/www.redfin.com\/news\/rental-tracker-february-2025<\/a><\/p>\n

About Redfin<\/b><\/p>\n

\nRedfin (www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country’s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.\n<\/p>\n

\nRedfin\u2019s subsidiaries and affiliated brands include: Bay Equity Home Loans\u00ae, Rent.\u2122, Apartment Guide\u00ae, Title Forward\u00ae and WalkScore\u00ae.\n<\/p>\n

\nFor more information or to contact a local Redfin real estate agent, visit www.redfin.com<\/a>. To learn about housing market trends and download data, visit the Redfin Data Center<\/a>. To be added to Redfin’s press release distribution list, email press@redfin.com<\/a>. To view Redfin’s press center, click here<\/a>.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250307979549\/en\/<\/a><\/span><\/p>\n

\nContact Redfin
\n
Redfin Journalist Services:
\n
Kenneth Applewhaite
\n
press@redfin.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Washington<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Technology Residential Building & Real Estate Finance Construction & Property Internet<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
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Redfin Report: U.S. Asking Rents Rose 0.4% in February\u2014A Small Increase, But the First in 6 Months Landlords may have more leeway to raise rents next year because apartment construction is slowing, which could eventually lead to more renters than vacant units SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 The median U.S. asking rent rose 0.4% year over year to $1,607 in February\u2014the first increase in six months and the biggest in nine months. That\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. On a month-over-month basis, asking rents climbed 0.6%. Though asking rents inched up in February, they\u2019ve been relatively flat for the past 10 months compared to the large swings of the past few years. … <\/p>\n

Continue reading “Redfin Report: U.S. Asking Rents Rose 0.4% in February\u2014A Small Increase, But the First in 6 Months”<\/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-823028","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRedfin Report: U.S. Asking Rents Rose 0.4% in February\u2014A Small Increase, But the First in 6 Months - 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-report-u-s-asking-rents-rose-0-4-in-february-a-small-increase-but-the-first-in-6-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Report: U.S. Asking Rents Rose 0.4% in February\u2014A Small Increase, But the First in 6 Months - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Redfin Report: U.S. Asking Rents Rose 0.4% in February\u2014A Small Increase, But the First in 6 Months Landlords may have more leeway to raise rents next year because apartment construction is slowing, which could eventually lead to more renters than vacant units SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 The median U.S. asking rent rose 0.4% year over year to $1,607 in February\u2014the first increase in six months and the biggest in nine months. 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