The median U.S. asking rent rose 1.1% year over year to $1,964 in January, the largest annual increase since March 2023, according to Redfin. However it was unchanged from a month earlier and given all indications it does not appear likely to rise any time soon.

The pandemic moving frenzy is over and landlords are grappling with vacancies due to a jump in apartment supply. Demand should remain solid, however, because buying a home is not gaining traction in this economic environment, the online brokerage said, keeping renting as a lifestyle choice alive and well.


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