- The median U.S. asking rent declined by 0.5% year over year to $1,642 in June 2025, marking the fourth consecutive month of decline.
- Austin and Minneapolis experienced the steepest declines in asking rents among major U.S. metros, with decreases of 5.7% and 5.8% respectively.
- Two-bedroom apartments witnessed the largest rent drop of 1.5% year over year.
The U.S. rental market continues to experience a decline in median asking rents for the fourth consecutive month, according to the latest report by real estate brokerage Redfin, part of Rocket Companies (RKT, Financial). In June 2025, the median asking rent fell by 0.5% compared to the previous year, landing at $1,642. This decline leaves rents only $63 below the all-time high of $1,705 recorded in August 2022.
Despite overall stability over the past year, with fluctuations under 1%, the market has been influenced by a notable increase in apartment supply versus demand. The U.S. is seeing near-record apartment construction, with occupancy rates struggling to keep pace, providing renters with negotiating leverage for now.
Among the major U.S. metros analyzed by Redfin, significant annual declines were observed in Minneapolis (-5.8%), Austin, TX (-5.7%), and Las Vegas (-4%). Austin's median asking rent now stands at $1,379, the lowest in over four years, partly due to a surge in construction permits during the pandemic.
Conversely, Cincinnati saw the most substantial rise in asking rents, with a 6.2% increase year over year, followed by St. Louis (4.3%) and Pittsburgh (3.7%). The report attributes this to lower-than-average new apartment construction in these areas.
Among apartment sizes, two-bedroom units saw the largest decline in rent, decreasing by 1.5% from the previous year to $1,713. In contrast, rents for 0-1 and 3+ bedroom apartments remained relatively stable, with median asking rents at $1,499 and $2,014, respectively.
