Rents posted their first decline last month since March 2020, Redfin reported. Median U.S. asking rent dropped to $1,937, which also marked the lowest median asking rent in over a year.
According to a recent report from Redfin, rents posted their first annual decline last month for the first time in three years due to a surplus of supply, inflation and economic uncertainty.
Median U.S. asking rent dropped 0.4% on an annual basis to $1,937 in March, which also marked the lowest median asking rent in over a year, according to the brokerage. Austin, Tex. and Chicago, Ill. led with the largest declines, according to the data. Rents remained 19.9% higher compared to pre-pandemic times, but wages increased at roughly the same pace during this time, Redfin reported.
"Rents are falling, but it feels more like they’re just returning to normal, which is healthy to some degree," Dan Close, a Redfin real estate agent in Chicago, said. "You can say egg prices are plummeting, but what’s really happening is they’re finally making their way back to the $3 norm instead of $5 or $6," he said. "Rents ballooned during the pandemic, and are now returning to earth.
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