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Redfin Reports U.S. Apartment Asking Rents Post Biggest Increase in 2.5 Years

San Jose and Chicago saw the biggest increases in asking rents, while Jacksonville and Austin saw the biggest declines

SEATTLE--(BUSINESS WIRE)-- The median U.S. asking rent rose 1.7% ($30) year over year to $1,790 in July鈥攖he largest increase since January 2023. That鈥檚 according to a new from , the real estate brokerage powered by Rocket. July marked the second-consecutive year-over-year increase (the median asking rent rose 0.4% in June) following over two years of declining or flat rents.

The median asking rent climbed 0.8% on a month-over-month basis in July.

鈥淎sking rents may be climbing because shrinking apartment supply is coinciding with growing renter demand, which is being fueled by the high cost of homeownership,鈥� said Redfin Senior Economist . 鈥淩ents have been sluggish for the past two years because the pandemic building boom created a surplus of supply, which left landlords scrambling to fill vacancies and gave renters negotiating power. But now a slowdown in apartment construction may be shifting the balance of power toward landlords.鈥�

Permits to build multifamily housing have fallen 23.1% since the pandemic construction boom as sluggish rents and high borrowing costs for builders have made building less attractive, Redfin reported this week.

In many parts of the country, renters have had success asking for concessions like free parking or reduced rent, but those perks could dry up as supply shrinks.

While the median asking rent is ticking up, it鈥檚 worth noting that it remains $70 below the July 2022 record high of $1,860. Wages are also growing faster than asking rents, indicating that rental affordability is actually improving.

This report marks the debut of Redfin鈥檚 new rental . Previously, Redfin reported on median asking rents for units in buildings with 5+ units using data from Rent. Redfin now reports on median asking rents for units in buildings with 25+ units using data from Zillow, who Redfin with in February. Redfin reports on rolling three-month periods; this report focuses on asking rents during the three months ending July 31, 2025, which Redfin refers to as 鈥淛uly.鈥�

San Jose Posts Biggest Increase in Asking Rents, Jacksonville Posts Biggest Decrease

In , the median asking rent rose 8.8% year over year in July to $3,569鈥攖he biggest increase and the highest level among the 43 major core-based statistical areas (CBSAs) Redfin analyzed. saw the second-biggest increase (8.6%), followed by (8.5%), (7.7%) and (7.5%).

Some of these metros may be seeing rents jump because new supply has been shrinking. Permits to build apartments in San Jose have fallen 74.5% since the pandemic鈥攖he second biggest decline among the 78 metros analyzed in a separate report. Philadelphia posted the fifth-largest decline in permits, down 62.1%.

Only seven of the metros Redfin analyzed in this report saw asking rents fall, led by Florida and Texas. saw the biggest decline (-3.5%), followed by (-2.6%), (-2.4%), (-1.7%), (-1.1%), (-1%) and (-0.2%).

Again, it鈥檚 likely a supply story. Florida and Texas are permitting more multifamily housing than other parts of the country. Austin granted permits to build 63.6 multifamily units for every 10,000 people over the past year鈥攖he second highest among the metros Redfin analyzed. Orlando and Jacksonville are also near the top of the list when it comes to permitting.

Asking Rents Are Falling Fastest for Two Bedroom Apartments

The median asking rent for 0-1 bedroom apartments rose 3.4% year over year to $1,650 in July鈥攖he biggest increase since September 2022. For 2 bedroom apartments, it increased 1.7% to $1,907鈥攖he largest jump since November 2022. And for 3+ bedroom apartments, it fell 1.5% to $2,192鈥攖he lowest level for this time of year since 2021.

To view the full report, including charts, a methodology and full metro-level data, please visit:

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin鈥檚 clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at . For more information about Rocket Companies, visit .

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Contact Redfin

Redfin Journalist Services:

Kenneth Applewhaite

[email protected]

Source: Redfin