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  • Writer's pictureRealFacts Editorial Team

Apartment Rents Rise for Third Consecutive Month

Apartment interior

According to a recent Redfin report, national median asking rents rose 0.8% marking the third consecutive month of upward movement. “Many people are delaying home purchasing plans because monthly payments for homebuyers are near their record high. That’s bolstering rental demand, and as a result, rent prices,” Redfin said. “The median asking rent in March was just 3.3% ($67) below the record high of $2,054 in August 2022.”

The majority of gains were seen in the Midwest and Northeast regions while the South and West remained largely flat or even fell. This can be explained by the increasing supply in those reasons driving prices down. The Midwest saw 5.3% YoY growth to rents of $1,456 while the Northeast median asking rents rose by 3.8% to $2,504. The opposite is occurring in these regions where supply is tight.

Despite continued growth, rents are now far more predictable than they were in the pandemic when they grew rapidly and out of control. We are also seeing inflation eat into spending habits which has caused renters to give more pushback on rent increases which has presented a challenge for landlords, Redfin said.

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