The median U.S. asking rent rose 7.8% year-over-year in October to $1,983, the smallest annual increase since August 2021 and the second-straight month of single-digit rent growth after nearly a year of double-digit gains, Redfin reports. Eleven major U.S. metros reported declining rents in October, though other popular markets like Oklahoma City saw year-over-year gains of up to 31.7%.
Milwaukee saw the largest annual drop in regional asking rents with a decrease of 17.6%, followed by Minneapolis and Baltimore, where year-over-year rents fell -7.8% and -3.2%, respectively.
In Milwaukee, asking rents fell 17.6% year over year in October, the largest drop among the 50 most populous U.S. metropolitan areas. Next came Minneapolis (-7.8%), Baltimore (-3.2%), Seattle (-2.7%) and Boston (-2.5%). Six other metros, including Austin and Atlanta, also experienced rent declines. By comparison, only five metros saw rents fall In September.
In Oklahoma City, rents jumped 31.7% year over year in October, the biggest increase among the 50 most populous metros. It was followed by Raleigh, NC (21%), Cincinnati (17%), Louisville, KY (15.8%) and Indianapolis (15.1%).