NEW YORK — A new report from Redfin provided some good holiday news to renters across the United States.
According to Redfin, the median U.S. asking rent dropped 2% year-over-year in November to $1,967. Redfin said the drop was the largest in three years.
“Renters are finally catching a break. Better deals are easier to come by because landlords are doling out concessions, and rents have started falling in a meaningful way. Rising supply also means renters have more good options to choose from,” Redfin Chief Economist Daryl Fairweather in a statement.
Still, while rents have dropped slightly, they are still approximately 22.1% higher than they were in November 2019, just before the pandemic.
Redfin reported the number of completed apartments in the U.S. jumped 7% year-over-year in the third quarter, and the amount of construction on new apartments also hit one of the highest levels of the last 30 years.
Overall, Redfin said with the lack of single-family homes for rent; large rentals will likely see their prices increase in 2024 as they are more attractive to millennials.
