Redfin says that while the U.S. rental market has been slowing for more than a year, the median asking rent is still only $24 below its record high. In June, it was $2,029, little changed from $1,995 one month earlier, $2,019 one year earlier and a record high of $2,053 set in August 2022. In percentage terms, rents were up 0.5% year over year in June, not far from May’s 0.6% annual drop. Rents rose 1.7% from one month earlier in June.
“The housing market tends to be ‘downside sticky,’ which means rents don’t typically fall much even when renter demand pulls back…Instead of lowering rents when business is slow, many landlords offer perks like a free month’s rent or discounted parking, which tends to be less of a hit to profits.” Said Redfin Deputy Chief Economist Taylor Marr said.