Skip to content
Wealth
Living

Rents May Finally Have Peaked in the US

The gain in asking prices was just 11% in August, a sign the hot rental market is slowing down.

A "For Rent" sign outside an apartment building in the East Village neighborhood of New York.

A "For Rent" sign outside an apartment building in the East Village neighborhood of New York.

Photographer: Gabby Jones/Bloomberg

US asking rents rose in August by the slowest pace in a year, a sign the hot rental market could finally be cooling, according to real estate brokerage Redfin.

The national median asking rent rose 11% year-over-year to a record high of $2,039. Although the double-digit increase is still large, it’s down significantly from the peak in March when rents saw an annual jump of 19%. The month-over-month growth of 0.4% was the slowest since December 2021 and down from 1.6% a year earlier.