Renters Rejoice: Asking Rents in the U.S. See Biggest Drop in 3 Years

Rents across the United States are starting to decrease as construction booms, providing relief for tenants. Redfin reported that median asking rents fell 2.1% in November compared to the previous year, the steepest decline since February 2020. The increase in rental construction during the pandemic has led to a surplus of available homes for rent, pushing prices lower. However, official government data from the Bureau of Labor Statistics shows rents continuing to increase due to the way rent is calculated. Despite this, experts believe that the ongoing construction will eventually lead to more favorable conditions for renters in the coming years.