Recent Report Shows Uptick in U.S. Median Rent for the Third Consecutive Month
Wednesday, 10 April 2024, 13:43
Median Rent Increase in March
Median rent in the U.S. rose for the third consecutive month in March, up 0.8% from a year ago to $1,987, according to a new report from real estate company Redfin.
Regional Variations
- The Midwest experienced the highest spike in rent, up 5.3% from last year.
- The Northeast saw a 3.8% increase in median rent.
- Rent in the South rose by 0.3%, while it fell by 0.7% in the West.
Market Dynamics
- High mortgage rates and increased demand contribute to rising rent prices.
- Housing supply dynamics differ by region affecting rental prices.
According to Redfin, more apartments under construction are expected to influence future rental rates significantly.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.