by Calculated Risk on 10/06/2025 01:22:00 PM

Today, in the Real Estate Newsletter: Asking Rents Mostly Unchanged Year-over-year

Brief excerpt:

Another monthly update on rents.

Tracking rents is important for understanding the dynamics of the housing market. Slower household formation and increased supply (more multi-family completions) has kept asking rents under pressure.

More recently, immigration policy has become a negative for rentals.

Apartment List: Asking Rent Growth -0.8% Year-over-year ...

The national median rent dipped by 0.4% in September, and now stands at $1,394. This was the second consecutive month-over-month decline, as we’ve now entered the rental market’s off-season. It’s likely that we’ll continue to see further modest rent declines through the remainder of the year.

Realtor.com: 25th Consecutive Month with Year-over-year Decline in Rents

In August 2025, the U.S. median rent recorded its 25th consecutive year-over-year decline. Rent for 0–2 bedroom properties across the 50 largest metropolitan areas dropped by 2.2% compared to the previous year, with the median asking rent at $1,713—just $5 lower than the prior month.

There is much more in the article.