"Austin Asking Rents Drop 16% in January—More Than Any Other Major Metro—And Are Now $400 Below Their Record High"
Posted by Grossman & Jones Group on
Redfin.com writes, "Nationwide, the median asking rent was little changed from a year earlier, down 0.1% to $1,599. But rents may inch up if demand outstrips supply in a big way, which is feasible because apartment construction is slowing and high homebuying costs are fueling renter demand.
The median U.S. asking rent was $1,599 in January, little changed (-0.1%) from a year earlier and up 0.5% from a month earlier.
The median asking rent per square foot fell 1.5% year over year to $1.80 and rose 0.8% month over month.
Rents are stabilizing because the number of available apartments is in sync with the number of people who want to rent those apartments. Asking rents skyrocketed during the pandemic moving frenzy because there weren’t enough…
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