Asking Rents Are Falling in 28 U.S. Metros—the Most Since 2023

• The median U.S. asking rent dropped 1% year over year to $1,633 in May as elevated apartment supply gave renters room to negotiate.

• Asking rents fell fastest in Austin, down 9% to the lowest level since 2021.

• Rents hit a record high in four metros: Chicago, Cincinnati, Memphis and Washington, D.C.

The median U.S. asking rent fell 1% year over year in May to $1,633, which is $72 below the August 2022 record high. On a month-over-month basis, the median U.S. asking rent rose 0.5% in May—typical for this time of year.

Overall, 28 of the 44 major U.S. core-based statistical areas (CBSAs) Redfin analyzed saw asking rents decline last month—the highest number since September 2023.

“Apartment construction in America has been hovering near a 50-year high, and even though…