Median Asking Rent Up Just 1.7 Percent—The Smallest Gain Since May 2021

The national median rent rose to $1,937 in February, the ninth straight month in which rent growth slowed on a year-over-year basis. Rents fell 0.3 percent from a month earlier, according to Redfin. 

Still, the median asking rent remained 21.4 percent higher than it was in February 2020.

“Landlords are slowing their roll on rent increases because they’re grappling with a rise in vacancies as an influx of new apartments hits the market and demand slows from its peak,” said Redfin Deputy Chief Economist Taylor Marr. “Rents are likely close to hitting a floor, though. That’s because stubbornly high inflation is boosting expenses for landlords, so instead of dropping rents they may seek to lure renters with other concessions, like free parking or a discounted security deposit.”

The median asking rent in L.A. hit $3,361 last month, up 0.5 percent. Rents in Riverside were up 5.3 percent annually to $2,773, while San Diego rent hit $3,363 in February.

In San Francisco, rents were up 3.7 percent annually to $3,694, while San Jose rents hit $3,571 and Sacramento rents were at $2,718.