The median U.S. asking rent rose 7.8% year-over-year in October to $1,983, the smallest annual increase since August 2021 and the second-straight month of single-digit rent growth after nearly a year of double-digit gains, Redfin reports. Eleven major U.S. metros reported declining rents in October, though other popular markets like Oklahoma City saw year-over-year gains of up to 31.7%.
Milwaukee saw the largest annual drop in regional asking rents with a decrease of 17.6%, followed by Minneapolis and Baltimore, where year-over-year rents fell -7.8% and -3.2%, respectively.
In Milwaukee, asking rents fell 17.6% year over year in October, the largest drop among the 50 most populous U.S. metropolitan areas. Next came Minneapolis (-7.8%), Baltimore (-3.2%), Seattle (-2.7%) and Boston (-2.5%). Six other metros, including Austin and Atlanta, also experienced rent declines. By comparison, only five metros saw rents fall In September.
In Oklahoma City, rents jumped 31.7% year over year in October, the biggest increase among the 50 most populous metros. It was followed by Raleigh, NC (21%), Cincinnati (17%), Louisville, KY (15.8%) and Indianapolis (15.1%).
Advertisement
Related Stories
Affordability
Is Fractional Homeownership Any Kind of Solution for Housing Attainability?
The imbalance between housing supply and demand is spurring some innovative options within the real estate industry
Affordability
$5.5B in Grants Allocated for Affordable Housing, Homelessness
With this funding, the Biden administration aims to boost the housing supply, lower housing costs, expand rental assistance, and enhance renter protections
Affordability
NAHB Announces Plan to Address the Housing Affordability Crisis
The National Association of Home Builders has outlined a 10-step plan that would increase the supply of single-family and multifamily for-sale and for-rent housing