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Apartment Rents Rise for Third Consecutive Month

The median asking rent in March was just 3.3% below the record high of $2,054 in August 2022.

The national median asking rent rose for the third consecutive month in March to 0.8%. It’s a pattern driven by a number of factors, including the rising costs of buying a home, a new Redfin report revealed.

“Many people are delaying home purchasing plans because monthly payments for homebuyers are near their record high. That’s bolstering rental demand, and as a result, rent prices,” Redfin noted. “The median asking rent in March was just 3.3% ($67) below the record high of $2,054 in August 2022.”

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Philippa Maister

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