1006 ET - The median U.S. asking price for rent fell 0.6% year over year to $1,610 in March, and rose 0.4% month over month, Redfin says. Asking rents have stabilized below their 2022 record high of $1,705. March marked the 13th-straight month in which asking rents barely moved. Redfin economists have been saying for months that it's only a matter of time before rents tick up again. That's because apartment construction is slowing, which will likely motivate landlords to raise rents because there won't be as much supply, meaning they won't be competing as fiercely for tenants. America gets a lot of building materials from other countries, Redfin says, so tariffs will make building apartments more expensive. That could further hamper apartment supply, causing rents to jump. (chris.wack@wsj.com)
(END) Dow Jones Newswires
April 14, 2025 10:06 ET (14:06 GMT)
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