After months of bad news for landlords about the steady downward slide of asking rents, a small bounce in February this year offers some reason for optimism.

The median 2.2% increase in year-over-year asking rents was the highest since January 2023 and up 0.9% from January this year. The upturn in February 2024 is even more welcome when compared to the preceding February when asking rents hit a low point – which may explain the uptick, according to a Redfin analysis. The Northeast and Midwest benefited most.


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Philippa Maister

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