1242 ET - The median U.S. asking rent fell 1% year over year to $1,625 in April, marking the biggest decline since February 2024, according to Redfin. That's $80 below the August 2022 record high of $1,705. On a month-over-month basis, the median U.S. asking rent rose 1.2% in April--typical for this time of year. Renter demand is strong, Redfin says, but growth in apartment supply is even stronger because multifamily construction surged in the wake of the pandemic moving frenzy. Permits to build apartments have started to taper off, though, so asking rents could rebound in the coming months. (chris.wack@wsj.com)

(END) Dow Jones Newswires

May 12, 2025 12:42 ET (16:42 GMT)

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