Living
Rents Are Falling Fastest in These 10 US Cities
Median asking rent fell by 0.4% in March to $1,937, the first year-over-year decline in three years.
Austin led with the biggest annual drop of 11%.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Rent in the US fell last month for the first time since March 2020, when the pandemic pushed much of the world into lockdown.
The median asking rent fell by 0.4% year-over-year to $1,937 — the lowest level in 13 months, according to real estate brokerage Redfin. It’s a dramatic shift from just one year earlier when prices surged nearly 18% and some renters were faced with bidding wars for apartments. Now, inflation, layoffs and growing fears of a recession are cooling demand.