Renters currently have the upper hand in the U.S. housing market, as prices continue to decline across much of the country. In June, according to a recent Redfin report, the median U.S. asking rent fell by 0.5 percent year-over-year to $1,642, marking the fourth straight month of annual declines.
But even as prices continue falling and renting remains much more convenient than buying a home, at the national level the median asking rent is now only $63 lower than the August 2022 peak of $1,705.
In some cities across the country, however, rent drops have been much more significant: in Austin, Texas, prices dropped nearly 6 percent year-over-year last month—the lowest level for the city since 2021.
Where Rent Is Down–And Where It Is Up
Last month, rent prices fell in 23 of the 44 major core-based statistical areas (CBSAs) analyzed by Redfin. The biggest declines were reported in Minneapolis, Minnesota (-5.8 percent year-over-year), Austin, Texas (-5.7 percent), and Las Vegas, Nevada (-4 percent)…