US Rents Register First Annual Increase in 6 Months

Slower apartment construction could push rents even higher in the future along with a loss of perks such as free parking, an economist said.

A sign hangs in front of an apartment building in San Francisco on June 9, 2023. Justin Sullivan/Getty Images

Rents across the United States increased last month on an annual basis, with the Cincinnati, Baltimore, and Washington housing markets seeing significant gains, according to real estate brokerage Redfin.

“The median U.S. asking rent rose 0.4 percent year-over-year to $1,607 in February—the first increase in six months and the biggest in nine months,” the company said in a March 7 statement. “On a month-over-month basis, asking rents climbed 0.6 percent.”