The median U.S. asking rent in July is only $16 below the record high set in August 2022, according to Redfin, with the average rent being $2,038.  It noted that while rent gains cooled over the past year “big bargains are still often hard to come by given rents are near record highs.”

It is yet another metric to help guide apartment owners as they try to forecast where rents are headed. While rents are clearly normalizing, landlords rely on a myriad of numbers, statistic providers and theories as they set their own strategies. To cite just one: Data analytics firm Markerr’s outlook in July for the next five years was that the top 100 US markets will see a 3.9% increase in rent through 2024, and a 5% jump the year after, followed by more normal 3% to 1.5% growth in years three to five.

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