Asking Rents Are Falling, But Are Still Only $63 Below Record High

Asking rents fell in over half the major U.S. metros Redfin analyzed in June. In Austin, rents dropped 6% year over year to the lowest level since 2021. 

The median U.S. asking rent fell 0.5% year over year to $1,642 in June, the fourth straight month of annual declines. On a month-over-month basis, asking rents rose 0.6%.

Even though the median asking rent is lower than it was a year ago, it’s still only $63 shy of the $1,705 all-time high hit in August 2022. 

Overall, rents have been fairly steady for roughly the last year, posting annual declines or increases of about 1% or less since March 2024. That follows large swings during the pandemic era, when the median asking rent increased by as much as 18% year over year and decreased by as much as 4%. 

Rents have…