Asking rents have fallen nearly 5% since 2022, but prices could start rebounding soon, Redfin says

A 'For Rent' sign on a Hell's Kitchen, New York City apartment building (Credit: Deb Cohn-Orbach—UCG/Universal Images Group/Getty Images)

• Asking rent prices have fallen almost 5% since 2022, but prices could soon rise as the post-pandemic housing boom slows, according to Redfin. Developers are struggling to fill newly built apartments as more than half sit empty three months after completion.

Asking rents have fallen in the last three years, but prices could begin to rise soon, Redfin says.