June was the fourth month in a row where asking rent declined year-over-year.

Asking rent is on the decline again after a 0.5% drop year-over-year in June. According to Redfin, median asking rent in the U.S. slid to $1,642 in June; however, it rose 0.6% from the previous month. Median asking rent is $63 below the August 2022 record of $1,705.

According to analysis, newly constructed apartment availability is the reason for this decline in asking rent, but construction is expected to slow, says, Sheharyar Bokhari, Senior Economist with Redfin.

Two-bedroom apartments saw the most downward movement with a 1.5% drop YoY. Meanwhile, studios, one-bedrooms and three-bedrooms remained relatively unchanged.

Regional breakdowns also contribute to the rise and fall of asking rents, even at the state level. While Cleveland and Columbus, Ohio, witnessed YoY declines of 3.7% and 3.2%, respectively, Cincinnati saw a 6.2% increase on rents. Minneapolis, Las Vegas and Austin, Texas, were among the metros with the steepest declines YoY.

Despite a 2.7% YoY decline, New York City rents increased 2% month to month. Salt Lake City also saw rents increase 2.5% YoY and from the prior month.