Median Asking Rent Fell 0.5% in June, Fourth Consecutive Decline

Seattle, WA, July 10, 2025-The median U.S. asking rent fell 0.5% year over year to $1,642 in June, the fourth straight month of annual declines. On a month-over-month basis, asking rents rose 0.6%.

Even though the median asking rent is lower than it was a year ago, it’s still only $63 shy of the $1,705 all-time high hit in August 2022. 

Overall, rents have been fairly steady for roughly the last year, posting annual declines or increases of about 1% or less since March 2024. That follows large swings during the pandemic era, when the median asking rent increased by as much as 18% year over year and decreased by as much as 4%. 

Rents have declined slightly but steadily over the last several months because there’s more apartment supply than demand-even as many Americans opt to rent instead of buy given high homebuying costs. U.S. apartment construction is near a 50-year high, leading to a lot of vacant units. A separate Redfin analysis found that less than half of newly built apartments completed at the end of 2024 were rented within three months. That gives renters negotiating power with landlords. 

“Renters have the upper hand-at least for now-because there are a near-record number of apartments coming on the market that landlords are scrambling to lease,” said Sheharyar Bokhari, a senior economist at Redfin. “In certain parts of the country, renters may be able to negotiate discounted rent, flexible leases or free parking. But these perks may be short-lived given that apartment construction is expected to slow and rental demand is expected to remain strong.”

The multifamily building boom that accelerated during the pandemic has started to taper off, with permits to build apartments now back to pre-pandemic levels.