US Rental Market Shifts in Favor of Tenants as Median Asking Rents Decline

A surge in apartment construction and high mortgage rates contribute to a favorable dynamic for renters, with landlords offering more concessions to attract tenants.

Median asking rents in the US recorded their largest annual decline since 2020, with the national median rent for a one-bedroom down a tenth of a percent from last year to $1,496 a month.
High mortgage interest rates and house prices have made buying a home untenable for many Americans, with over 38% of renters surveyed by Zumper never planning to purchase a house.
A recent boom in the construction of apartment buildings has resulted in a surge in supply, sending rental vacancies to the highest since early 2021.
Landlords are offering more concessions to attract new tenants, with 30% of rental listings in November offering at least one perk.
Despite the drop in rents, home prices may have limited downside, as analysts forecast mortgage rates to remain between 6%-7% next year.