Renters Rejoice: Asking Rents See Largest Drop in Over 3 Years

Asking rents in November experienced the largest annual drop in over three years, declining 2.1% from the previous year to $1,967, according to a report from Redfin. Rent prices have been impacted by a surge in apartment construction, leading to increased supply and more options for renters. Landlords are struggling to fill vacancies, resulting in some cutting their asking rents or offering concessions to attract tenants. While rents are still up 22.1% from November 2019, the recent decline provides some relief for renters. The Midwest saw an increase in asking rents, while other regions experienced decreases. The rise in rental vacancies and economic uncertainty are contributing factors to the decline in rent prices.