Rent Prices Across US Fall for First Time Since June 2020

Asking rents in zero- to three-bedroom apartments declined for the first time in more than four years due to the large supply built up over the past years, according to real estate brokerage Redfin. The median asking rent for zero- to one-bedroom apartments fell 0.1 percent, two-bedroom by 0.3 percent, and three-bedroom-plus by 2.4 percent in July year over year, according to an Aug. 13 news release. All three apartment categories were down by at least $50 a month from their highs seen over the last couple of years. This is the first time since June 2020 that there has been a year-over-year decline in rent prices across all bedroom counts....