According to a recent report from Redfin, the average asking rent in the United States increased by 0.6% year over year in September, reaching $1,634. This growth was primarily seen in East Coast and Midwestern cities, with Washington D.C. leading the way.
Over the past two years, median rents have remained relatively stable between $1,599 and $1,663 per month. However, there has been a slight increase in affordability as wages continue to grow at an annual rate of approximately 4%, according to Redfin.
Redfin senior economist Sheharyar Bokhari stated that while national rent prices remain steady overall,
there are significant differences depending on location within the country. In areas where construction activity has been limited such as on the East Coast and Midwest regions,
rents are rising due to high demand for housing options.
On the other hand,
cities located within Sun Belt states that experienced a surge of new construction following pandemic-related shutdowns are now seeing rental prices decline rapidly.
Redfin data shows that three out of ten metros with largest declines compared to last year were located in Florida; Jacksonville saw an -11.3% decrease since September 2020.
