- The median asking rent rose 0.6% year over year in September to $1,634, but was down 0.2% month over month.
- Washington, D.C. recorded the biggest rent increase, while Jacksonville posted the biggest decrease.
- Rents dropped slightly across all bedroom counts for the second time in three months.
The typical U.S. asking rent ticked up 0.6% year over year in September to $1,634, with several East Coast and Midwestern metros seeing the biggest increases. Rents were down 0.2% on a month-over-month basis.
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The median rent has stayed largely flat for the past two years, ranging between $1,599 and $1,663—including sitting in a tight window between $1,630 and $1,650 for 16 of the past 24 months. In parallel, wages are growing around 4% year over year, showing that rent is more affordable now than it was two years ago.
“Rents remain stable nationally, but could look very different depending on where you live in the country,” said Redfin Senior Economist Sheharyar Bokhari. “On the East Coast and in the Midwest, there hasn’t been as much building activity, so asking rents are rising. Meanwhile, if you’re in a Sun Belt city where construction boomed following the pandemic, rents are now falling pretty fast.”
Washington, D.C. posts highest rent increase, as rents in Sun Belt metros continue to fall
Washington, D.C. posted the biggest rent increase of the 50 most-populous metros we analyzed in September, up 12% year over year to $2,088.
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Major Metros With Highest Rent Increases
| Median Asking Rent (Sept) | YoY Change | |
| Washington, DC | $2,088 | 12.0% |
| Virginia Beach, VA | $1,625 | 11.3% |
| Cleveland, OH | $1,350 | 11.1% |
| Baltimore, MD | $1,620 | 10.6% |
| Chicago, IL | $1,768 | 9.1% |
| Minneapolis, MN | $1,649 | 8.3% |
| Providence, RI | $2,103 | 7.8% |
| Cincinnati, OH | $1,341 | 7.3% |
| Houston, TX | $1,299 | 7.0% |
| Louisville/Jefferson County, KY | $1,260 | 6.4% |
Fellow Eastern Seaboard metros Virginia Beach, VA and Baltimore, MD also saw double-digit increases in asking rents, rising 11.3% and 10.6% respectively. Midwest metros Cleveland, OH (+11.1%) and Chicago (+9.1%) rounded out the five major metros where rents rose the most.
Sun Belt states dominated the major metros with the biggest rent declines, led by Jacksonville, FL, where the median asking rent fell 11.3% to $1,485. Raleigh, NC (-10.6%), San Diego (-10.4%), Austin, TX (-9.9%) and Tampa, FL (-7.7%) rounded out the five major metros with the biggest drops in asking rents.
Major Metros With Highest Rent Decreases
| Median Asking Rent (Sept) | YoY Change | |
| Jacksonville, FL | $1,485 | -11.3% |
| Raleigh, NC | $1,457 | -10.6% |
| San Diego, CA | $2,685 | -10.4% |
| Austin, TX | $1,503 | -9.9% |
| Tampa, FL | $1,715 | -7.7% |
| San Francisco, CA | $2,683 | -7.5% |
| Pittsburgh, PA | $1,394 | -5.8% |
| Phoenix, AZ | $1,505 | -5.6% |
| Nashville, TN | $1,561 | -4.6% |
| Miami, FL | $2,385 | -4.4% |
Asking rents falling across all bedroom counts
For the second time in three months, asking rents fell across all bedroom counts, something that hadn’t happened in more than four years prior to July.
Median asking rents for 0-1 bedroom apartments fell 0.2% (to $1,489 a month), 2 bedroom apartments fell 0.1% (to $1,714) and 3+ bedroom apartments fell 1.9% (to $1,995).
| Median Asking Rent | YoY Change | |
| 0-1 Bedroom Apartments | $1,489 | -0.2% |
| 2 Bedroom Apartments | $1,714 | -0.1% |
| 3+ Bedroom Apartments | $1,995 | -1.9% |
The minor discrepancy between the overall median rent (showing a small 0.6% gain) and the three different bedroom counts (which all fell) is the result of a statistical phenomenon known as Simpson’s paradox.
Metro-Level Summary: September 2024
| U.S. metro area | Median asking rent | Month-over-month change in median asking rent | Year-over-year change in median asking rent |
| Atlanta, GA | $1,563 | -0.3% | -0.4% |
| Austin, TX | $1,503 | 2.6% | -9.9% |
| Baltimore, MD | $1,620 | -1.2% | 10.6% |
| Birmingham, AL | $1,349 | 1.8% | -0.8% |
| Boston, MA | $2,794 | -0.7% | 4.3% |
| Buffalo, NY | $1,370 | -1.8% | 4.3% |
| Charlotte, NC | $1,508 | -0.2% | -3.5% |
| Chicago, IL | $1,768 | -0.4% | 9.1% |
| Cincinnati, OH | $1,341 | 0.1% | 7.3% |
| Cleveland, OH | $1,350 | 0.7% | 11.1% |
| Columbus, OH | $1,459 | 0.6% | 6.1% |
| Dallas, TX | $1,481 | 0.0% | -3.2% |
| Denver, CO | $1,800 | -0.6% | -1.1% |
| Detroit, MI | $1,405 | 0.5% | 4.2% |
| Houston, TX | $1,299 | -0.5% | 7.0% |
| Indianapolis, IN | $1,396 | -0.9% | 1.2% |
| Jacksonville, FL | $1,485 | 0.7% | -11.3% |
| Las Vegas, NV | $1,475 | -1.5% | 1.7% |
| Los Angeles, CA | $2,775 | 0.5% | -3.6% |
| Louisville/Jefferson County, KY | $1,260 | 0.8% | 6.4% |
| Memphis, TN | $1,249 | -0.1% | 3.7% |
| Miami, FL | $2,385 | -0.6% | -4.4% |
| Minneapolis, MN | $1,649 | 0.2% | 8.3% |
| Nashville, TN | $1,561 | -1.1% | -4.6% |
| New Orleans, LA | $1,219 | -0.2% | 0.2% |
| New York, NY | $2,892 | -2.3% | -0.6% |
| Orlando, FL | $1,749 | -0.2% | -3.7% |
| Philadelphia, PA | $1,855 | -1.1% | -1.1% |
| Phoenix, AZ | $1,505 | -0.3% | -5.6% |
| Pittsburgh, PA | $1,394 | -0.4% | -5.8% |
| Portland, OR | $1,798 | 0.8% | -0.1% |
| Providence, RI | $2,103 | -0.3% | 7.8% |
| Raleigh, NC | $1,457 | -0.7% | -10.6% |
| Richmond, VA | $1,579 | -0.4% | 0.3% |
| Riverside, CA | $2,325 | 0.5% | 2.8% |
| Sacramento, CA | $2,040 | -0.2% | 1.6% |
| Salt Lake City, UT | $1,499 | -1.7% | -1.3% |
| San Diego, CA | $2,685 | 0.3% | -10.4% |
| San Francisco, CA | $2,683 | -0.6% | -7.5% |
| San Jose, CA | $3,269 | -0.2% | -0.2% |
| Seattle, WA | $2,049 | -0.8% | -3.6% |
| St. Louis, MO | $1,246 | -1.0% | 3.0% |
| Tampa, FL | $1,715 | -1.4% | -7.7% |
| Virginia Beach, VA | $1,625 | -0.6% | 11.3% |
| Washington, DC | $2,088 | -0.3% | 12.0% |
| National | $1,634 | -0.2% | 0.6% |
Methodology
Median asking rent figures in this report cover newly listed units in apartment buildings with five or more units. The median is calculated based on a rolling three-month period, i.e., the median asking rent for September 2024 covers rentals that were listed on Rent.com and Redfin.com during the three months ending September 30, 2024.
Starting this month, metro-level data in this report covers 45 of the 50 most populous U.S. core-based statistical areas (CBSAs)—those for which Rent. and Redfin have sufficient rental data. The national figures are based on data for the entire U.S.
Asking rents reflect the current costs of new leases during each time period. In other words, the amount shown as the median asking rent is not the median of what all renters are paying, but the median asking price of apartments that were available for new renters during the report period.
