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  • Ryan Wittler

Median U.S. Rents Topped $2,000 for the First Time


A new report from Redfin shows the median monthly asking rent in the U.S. surpassed $2,000 for the first time in May, with little relief in sight.

Report highlights:

The U.S. median monthly asking rent reached $2,002 last month, up 2% from April and 15% year over year, according to Redfin.

  • The figure is on par with April’s year-over-year increase of 15% and slightly below the 17% recorded in March.

Rents in Austin, Texas surged 48% year over year, the largest increase observed by Redfin since it began recording rental information in 2019.

  • Nashville, Tennessee (33% increase year over year), Seattle, Washington (32%), Cincinnati, Ohio (32%), and Miami, Florida (29%) rounded out the top five.

  • Just three metro areas saw rents decline: Milwaukee, Wisconsin (-10%), Kansas City, Missouri (-3%), and Minneapolis, Minnesota (-3%).

What’s behind it:

Redfin says rising mortgage-interest rates and an increasing number of people opting to live alone are two of the demand-side factors driving the rise in rents.

  • The report predicts rent-price growth will slow in the coming months, but will likely remain high.

Most expensive areas:

Median asking rents are now above $3,000 in 15 metro areas. The top five most expensive areas are:

  1. Nassau County, New York - $4,008

  2. New Brunswick, New Jersey - $4,008

  3. New York, New York - $4,008

  4. Newark, New Jersey - $4,008

  5. Boston, Massachusetts - $3,970

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