Rental Market News
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New Apartments Are Increasingly Likely to Get Snapped Up Quickly As Construction Slows
48% of apartments built in Q1 were rented within three months, up from 47% in Q4 2024 and 46% in Q3 2024. As the balance of power tilts back toward landlords, asking rents are ticking up. Roughly half (48%) of newly built apartments completed in the first quarter of 2025 were rented within three months,
U.S. Asking Rents Rise Most Since 2022 As Apartment Construction Slows
Asking rents climbed 3% in August as slowing supply and robust demand gave landlords more bargaining power; the number of new apartments hitting the market has dropped 45% since the pandemic building boom. Chicago saw the biggest jump in asking rents (+11%), while only three metros saw declines, led by Austin, TX (-3%). Asking rents
U.S. Homeowner Population Stops Growing for First Time in Nearly a Decade
The number of homeowner households fell 0.1% year over year in the second quarter—a small decline, but the first since 2016. Meanwhile, the number of renter households rose 2.6%—one of the biggest increases in recent years. The number of homeowner households in America fell 0.1% year over year to an estimated 86.2 million in the
Permits to Build U.S. Apartments Have Fallen 23% Since the Pandemic Construction Boom
Developers obtained permits to build 12.8 multifamily housing units for every 10,000 people in the U.S. over the past year—down from an average of 16.7 during the pandemic building boom. North Port, FL and Austin are issuing more multifamily permits than any other metros Redfin analyzed, while Stockton, CA and Bakersfield, CA are issuing the
U.S. Apartment Asking Rents Post Biggest Increase in 2.5 Years
The median asking rent rose 1.7% ($30) year over year to $1,790 in July. Shrinking supply may be tilting the balance of power toward landlords. Still, asking rents were below their record high and grew at a slower pace than wages. San Jose and Chicago saw the biggest increases in asking rents, while Jacksonville and
Redfin Rental Data Methodology
Asking-rent data cover newly listed units in apartment buildings with 25 or more units. The median is calculated based on rolling three-month periods, i.e., the median asking rent for July 2025 covers rentals that were listed on Redfin.com during the three months ending July 31, 2025. Rental records date back to 2019. Asking rents reflect
New Apartments Are Increasingly Likely to Get Snapped Up Quickly As Construction Slows
48% of apartments built in Q1 were rented within three months, up from 47% in Q4 2024 and 46% in Q3 2024. As the balance of power tilts back toward landlords, asking rents are ticking up. Roughly half (48%) of newly built apartments completed in the first quarter of 2025 were rented within three months,
U.S. Asking Rents Rise Most Since 2022 As Apartment Construction Slows
Asking rents climbed 3% in August as slowing supply and robust demand gave landlords more bargaining power; the number of new apartments hitting the market has dropped 45% since the pandemic building boom. Chicago saw the biggest jump in asking rents (+11%), while only three metros saw declines, led by Austin, TX (-3%). Asking rents
U.S. Homeowner Population Stops Growing for First Time in Nearly a Decade
The number of homeowner households fell 0.1% year over year in the second quarter—a small decline, but the first since 2016. Meanwhile, the number of renter households rose 2.6%—one of the biggest increases in recent years. The number of homeowner households in America fell 0.1% year over year to an estimated 86.2 million in the
Permits to Build U.S. Apartments Have Fallen 23% Since the Pandemic Construction Boom
Developers obtained permits to build 12.8 multifamily housing units for every 10,000 people in the U.S. over the past year—down from an average of 16.7 during the pandemic building boom. North Port, FL and Austin are issuing more multifamily permits than any other metros Redfin analyzed, while Stockton, CA and Bakersfield, CA are issuing the
U.S. Apartment Asking Rents Post Biggest Increase in 2.5 Years
The median asking rent rose 1.7% ($30) year over year to $1,790 in July. Shrinking supply may be tilting the balance of power toward landlords. Still, asking rents were below their record high and grew at a slower pace than wages. San Jose and Chicago saw the biggest increases in asking rents, while Jacksonville and
Redfin Rental Data Methodology
Asking-rent data cover newly listed units in apartment buildings with 25 or more units. The median is calculated based on rolling three-month periods, i.e., the median asking rent for July 2025 covers rentals that were listed on Redfin.com during the three months ending July 31, 2025. Rental records date back to 2019. Asking rents reflect