The national metric sees largest decline since early 2024.

Median asking rent in the U.S. is down 1% year-over-year (YOY) in April, which is the largest decline since February 2024. According to Redfin, some markets are witnessing drops of more than 5%, including Austin, Texas, which saw median asking rent decline 9.6% year-over-year in April. Minneapolis, Portland, Ore., San Diego and Raleigh, N.C., each had rent decline at least 5% (YOY).

“Renter demand is strong, but growth in apartment supply is even stronger because multifamily construction surged in the wake of the pandemic moving frenzy," said Sheharyar Bokhari, Redfin Senior Economist, in a release. "Permits to build apartments have started to taper off, though, so asking rents could rebound in the coming months.”

A separate Redfin report shows permits have declined in almost two-thirds of the 78 metros reviewed.

Overall, U.S. month-to-month asking rent increased 1.2% in April. Year-over-year, two-bedroom units saw median asking rent drop 1.5%, while three-plus-beds slipped 1%, and studios and one-beds declined 1.2%.