Rocket Companies Inc., through its subsidiary Redfin, has reported that the median U.S. apartment asking rent increased by 1.7% year over year to $1,790 in July, marking the largest rise since January 2023. This trend follows two years of stagnant or declining rents, with July being the second consecutive month of year-over-year increases. However, the median rent remains $70 below its July 2022 peak of $1,860. In contrast, asking rents fell in seven metro areas, notably in Florida and Texas, due to increased multifamily housing permits, with Jacksonville, FL seeing the largest decline of 3.5%. San Jose, CA experienced the most significant rent surge of 8.8%, attributed to a substantial drop in new apartment permits. Despite rising rents, rental affordability seems to be improving as wages are growing at a faster rate. This report also marks Redfin's adoption of a new rental methodology, now using data from Zillow for buildings with 25+ units.