The latest market analysis by Rocket Companies Inc., detailed in a report from Redfin, reveals a significant rise in U.S. asking rents, marking the largest increase since December 2022. The median asking rent climbed 2.6% year over year in August, reaching $1,790, just shy of the peak seen in summer 2022. The increase in rents is attributed to strong demand, driven partly by high homebuying costs, coupled with a slowdown in apartment construction. The construction of new apartments has notably decreased, with a 45.4% drop in completion rates and a decline in building permits since the pandemic boom. Chicago experienced the most significant rise in rents, with a 10.7% increase, while Austin, TX, saw the most considerable decline at 3.1%. The report also highlighted that 0-1 bedroom apartments witnessed the most substantial rent hike, up 4.4% year over year. As new apartment developments dwindle, renters face fewer options, potentially diminishing their bargaining power for concessions like free parking or reduced rent.