Apartment Rents See Biggest Annual Drop Since 2020

The median U.S. asking rent fell 0.6% year over year to $1,995 in May, the largest annual decline since March 2020, according to Redfin data. This compares with a near-record 16.5% annual increase recorded a year earlier across the country’s rental market landscape .  

In the West region of America , rents declined 2.1%, nearly four times faster than national average rate of decrease . On the other hand , Northeast saw an increase in rents by 5.4%, Midwest by 4