APTS - Median monthly asking rents climb over $2K for first time ever Redfin says

The median monthly asking rent in the U.S. exceeded $2K for the first time in May, rising 15% Y/Y to $2,002, Redfin said in its My rent report. "More people are opting to live alone, and rising mortgage-interest rates are forcing would-be homebuyers to keep renting," Redfin Deputy Chief Economist Taylor Marr said. "These are among the demand-side pressures keeping rents sky high." The pace of change in May was unchanged from April, but down from March's 17% increase. Rent-price growth is expected to slow in coming months, Marr said, but the continued increases are likely to cause affordability issues for renters. Austin, Texas, recorded the biggest increase on record, 48% Y/Y, in any metro area since at least the beginning of Redfin's rental data in 2019. Nashville, Tennessee; Seattle, Washington; and Cincinnati, Ohio all posted 32% increases in rents from a year ago.  Three metro areas saw rents fall

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Median monthly asking rents climb over $2K for first time ever, Redfin says