The median U.S. asking rent rose 2.2 percent year-over- year to $1,981 in February, the largest gain since January 2023, according to Redfin. Asking rents were up 0.9 percent from a month earlier.
The Northeast and Midwest were the biggest gainers, with asking rents rising roughly 5 percent from a year earlier. Rents in the West and South were relatively flat. The median rent in the West last month was $2,349.
“Mortgage rates ticked back up in February—a disappointing development for prospective homebuyers, who just a few months ago got a glimmer of hope as rates finally started to fall,” said Redfin Chief Economist Daryl Fairweather. “With rates still elevated, many are opting to continue renting, which is buoying rental demand, and as a result, rent prices.”