Era of Big Declines May be Over as Asking Rents Rise

“Asking rents have been relatively flat for the past 10 months when compared with the large swings they have experienced over the past few years, said Redfin. During the pandemic-driven moving frenzy in 2021, rents skyrocketed by as much as 18% year-over-year followed by declines of up to 4% in 2023. As rents continue to flatten due to a growing equilibrium in rental supply and demand, the era of big rent declines may be over for most of the country, said Redfin senior economist Sheharyar Bokhari.“