Overview

• Median asking rent in May rose 0.8% year-over-year to $1,653, the highest since October 2022.
• Rents increased significantly in cities like Washington D.C., Cincinnati, and Chicago, with rises over 10%.
• Sunbelt cities such as Jacksonville and San Diego saw notable rent declines, some over 8%.
• High demand and new apartment construction are influencing rent trends, with the Midwest seeing spikes and the South experiencing drops.
• Stagnating rent prices could indicate persistent high inflation, affecting household budgets, especially for lower-income families.