1015 ET - The median U.S. asking rent fell 1% year-over-year in May to $1,633, Redfin says. That is $72 below the August 2022 record high. On a month-over-month basis, the median U.S. asking rent rose 0.5% in May--typical for this time of year. Multifamily construction surged in the wake of the pandemic moving frenzy, and while it has started to taper off, it's still at historically high levels. As it continues to slow, asking rents may rebound. The rental vacancy rate for buildings with five or more units was 8.2% in 1Q. That's tied with the prior quarter for the highest level since early 2021. Less than half of newly built apartments are getting rented out within three months--one of the lowest shares on record. (chris.wack@wsj.com)

(END) Dow Jones Newswires

June 04, 2025 10:15 ET (14:15 GMT)

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