US Home Rents at Lowest Level in Nearly 3 Years: Report

The asking rent for properties has gone down considerably from 2022’s record high of $1,700.

A for-sale sign displayed in front of a home in Miami on Feb. 22, 2023. Joe Raedle/Getty Images

Rental rates in the United States dipped in December 2024 amid a jump in supply, with cities in Texas and Florida seeing the largest declines.

“The median U.S. asking rent fell 0.3 percent year-over-year in December to $1,594—the lowest level since March 2022,” a Jan. 9 statement from Redfin reads.