Apartment rents turned pricier last quarter, with three out of four U.S. regions registering a gain, according to new data from real estate brokerage Redfin.
The median asking rents for newly built apartments rose 1.5 percent year over year to $1,802 in the third quarter, the company said in a Dec. 16 statement. The increase followed two straight quarters of more than 7 percent declines and is the “biggest” annual gain in 18 months. This was also the first time since late last year that new apartment median rents went above the $1,800 level.
