After falling for almost a year, rents are creeping up. The median asking rent rose 0.8% in May from a year earlier to $1,653. It’s the highest level since October 2022, and the second straight increase, according to Redfin.
There was a recent boom in multifamily construction, which is why we saw rents fall, and there’s still a backlog of apartment buildings in the works, so prices can’t move up too much, as Redfin points out. That’s not great for investors, but it is for anyone who needs to rent a home to live in.
