1003 ET - U.S. median asking rent rose 0.4% year-over-year to $1,607 in February, the first increase in six months, according to Redfin. Rents climbed 0.6% month-over-month, but have been stable for 10 months, unlike the pandemic's 18% surge in 2021 and 4% drop in 2023. Supply and demand are now balanced, with new apartments meeting strong demand driven by high homebuying costs. However, slowing construction may push rents up next year, ending perks like free parking. Austin saw the biggest drop in median asking rent, down 9.4% to $1,404, followed by Salt Lake City and Jacksonville, FL., due to robust housing growth. Rents rose most in Cincinnati and Providence, RI. (chris.wack@wsj.com)
(END) Dow Jones Newswires
March 07, 2025 10:03 ET (15:03 GMT)
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