The median asking rent in the United States dropped by 1 percent year over year in April to $1,625, marking the steepest annual decline since February 2024, according to a new report from Redfin, one of the country’s largest real estate brokerage websites.
The drop puts median rents $80 below their August 2022 high of $1,705. While rents typically rise in the spring, Redfin noted that this year’s month-over-month increase of 1.2 percent came amid a broader cooling trend.
