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US Median Asking Rent Falls 1% Year over Year in April

Strategic Insights

— 2 min read

The median asking rent in the US fell to $1,625 in April, marking the biggest decline since February 2024. This decrease is primarily due to an elevated apartment supply, which has pushed rents lower. A record high of $1,705 in August 2022 and a median asking rent of $1,625 in April mark a decline of $80. On a month-over-month basis, the median US asking rent rose 1.2% in April, typical for this time of year. Redfin Senior Economist Sheharyar Bokhari stated that asking rents are sluggish because there are more apartments for rent than people who want to rent them, citing strong growth in apartment supply due to multifamily construction after the pandemic.

Key Takeaways:

  • The median US asking rent fell 1% year over year to $1,625 in April, marking the biggest decline since February 2024.
  • The decline is primarily due to an elevated apartment supply, which has pushed rents lower.
  • A record high of $1,705 in August 2022 and a median asking rent of $1,625 in April mark a decline of $80.
  • Austin saw the largest rent decline of 10% year over year to $1,399, followed by Minneapolis (-7.3%), Portland, OR (-5.3%), San Diego (-5.2%), and Raleigh, NC (-5.2%).
  • Texas was one of the top homebuilders during the pandemic building boom, which contributed to the decline in rents.
  • The typical US homebuyer needs to earn over $50,000 more than the typical renter to afford monthly housing payments.
  • The affordability gap is boosting demand for rentals, with asking rents rose most in Cincinnati (8.7%), Pittsburgh (7.5%), Baltimore (5.9%), Birmingham (5.8%), and Washington, D.C. (5.2%).
  • Asking rents fell fastest for two-bedroom apartments, with a median asking rent of $1,699, a 1.5% decline since February 2024.
  • The median asking rent for 0-1 bedroom apartments fell 1.2% year over year to $1,481, while 3+ bedroom apartments fell 1% to $1,999.

Statistics:

  • Median US asking rent in April: $1,625
  • Greatest decline in rent: Austin, TX -10% year over year
  • Median asking rent for 2-bedroom apartments in April: $1,699
  • Affordability gap for homebuyers compared to renters: $50,000
  • Number of months with 1% or less year-over-year change in asking rents: 14
  • Largest rent decline in percentage terms: Austin, TX (-10%)
  • Highest rental vacancy rate for buildings with five or more units: 8.2% (Q1)

Sources:

  • https://www.redfin.com/news/rental-tracker-april-2025
  • BusinessWire: "Redfin Reports Median U.S. Asking Rent Fell 1% Year Over Year in April, Following the Record High Set in August 2022"
  • Source: Redfin; Assn: Charles Elliot, et al.

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