1038 ET - U.S. median asking rent dropped 0.3% year-over-year to $1,594 in December, the lowest since March 2022, according to Redfin. This is down 0.1% from November and 6.2% from the August 2022 peak of $1,700. The median asking rent per square foot, decreased 1.9% annually to $1.78. The decline is linked to a surge in apartment supply, with completions up 58.1% year-over-year, leading to an 8% vacancy rate. Specifically, median asking rents for 0-1 bedroom units fell 1% to $1,449, 2 bedrooms by 0.6% to $1,665, and 3+ bedrooms by 2.5% to $1,950.(chris.wack@wsj.com)
(END) Dow Jones Newswires
January 09, 2025 10:38 ET (15:38 GMT)
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