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Updated 30 days ago on . Most recent reply

Asking Rents Fall for Third Month in a Row
Asking Rents Fall for Third Month in a Row
In Austin, TX, the median asking rent dropped 8.8% year over year to $1,385 in May—the lowest level since February 2021 and $414 below the August 2023 record high. That’s the largest decline in percentage terms among the 44 major CBSAs Redfin analyzed. Next came Minneapolis (-6.3%), Columbus, OH (-3.5%), Nashville (-3.4%) and Portland, OR (-3.4%).
Asking Rents Hit Record High in Four U.S. Metros
In Cincinnati, the median asking rent rose 7.4% year over year to a record $1,460 in May—the largest increase among the 44 CBSAs Redfin analyzed. The second largest gain was in Tampa, FL (4.2%), followed by St. Louis (4%), Pittsburgh (3.5%) and Birmingham, AL (2.4%).
Aside from Cincinnati, three metros saw rents hit a record high in May: Chicago (up 1.9% Y/Y to $1,781), Memphis (1.9% to $1,274) and Washington, D.C. (2.4% to $2,104).
Most Popular Reply

Yup, rents in DC have shot up dramatically since the start of the year. The Federal Governments return to office policy forced people who had moved away to move back to DC, and put huge upward pressure on rents.
- Russell Brazil
- [email protected]
- (301) 893-4635
- Podcast Guest on Show #192
