Renters Rejoice: Asking Rents Plummet to 3-Year Low

Median asking rents in the US have experienced their largest year-over-year drop since February 2020, according to a report by Redfin. The surge in housing supply has led to an increase in rental vacancies, prompting landlords to offer more concessions to attract tenants. While this may be good news for renters in the short term, Redfin cautions against expecting a broader rent drop in the coming years, as the supply of single-family homes remains limited. Additionally, larger rental units may see higher prices due to the demand from growing families and the popularity of remote work.