July 18, 2025 Your Source for Brentwood News

Rent Revolt: U.S. Asking Prices Drop 2.1%, Biggest Plummet Since 2020

“Midwest Bucks Trend as Rents Rise – New Opportunities for Savvy Renters

In November, the median asking rent in the United States witnessed a significant year-over-year drop of 2.1%, hitting $1,967—a substantial decline not seen since February 2020, as reported by Redfin. Additionally, there was a 0.6% decrease from October. This downturn is directly linked to the surge in available apartments resulting from a recent construction boom, leading landlords to grapple with an upswing in vacancies. Midwest asking rents are the exception.

Over the past 18 months, the rental market’s momentum has tapered off due to the surplus of available apartments stemming from recent construction activity. Landlords, facing intensified competition for tenants, are sometimes strategically lowering asking rents, offering renters more favorable deals.

Daryl Fairweather, the Chief Economist at Redfin, has noted a perceptible shift, highlighting that renting is becoming a more attractive option, especially with the persistently high costs of homeownership. Despite this, there remains a possibility that more renters may transition to the homebuying market next year as home-sale prices and mortgage rates are expected to decline.

Certain landlords are employing tactics such as one-time incentives like a free month’s rent or reduced parking costs to entice tenants. These incentives are influencing the overall amount renters pay, potentially decreasing more rapidly than indicated in the available data.

The decline in rents is multifaceted, attributed to economic uncertainty, slowed household formation, affordability challenges arising from inflation and pandemic-induced rent surges, and emerging signs of a slowing economy. This economic landscape is prompting Americans to adopt a more frugal approach.

Despite the recent decrease, current rents remain significantly higher—22.1%—than pre-pandemic levels in November 2019. They are only 4.2% below the record high of $2,054 reached in August 2022.

Meanwhile, apartment construction in the U.S. continues at a robust pace, with a 7% year-over-year increase in completed apartments in the third quarter, reaching a seasonally adjusted annual rate of 1.2 million—one of the highest levels in the past three decades. However, the number of apartment buildings with ongoing construction has experienced a 26.2% year-over-year decline in the third quarter, signaling a potential shift in the trend.

Related Posts

Nearly $1B Secured for Refinancing of Westfield Century City Mall

July 18, 2025

July 18, 2025

The proceeds will replace a $925 million commercial mortgage-backed securities loan, originally issued by Morgan Stanley in 2023 and due...

West Coast Premiere of ‘The Opposite of Love’ Opens at Hudson Backstage Theatre

July 18, 2025

July 18, 2025

Produced by Neil Gooding Productions, behind shows like Back to the Future: The Musical, the play runs Thursdays through Saturdays at...

Study Highlights Economic Impact of Cap-and-Trade Extension in Los Angeles

July 17, 2025

July 17, 2025

Governor Gavin Newsom and legislative leaders are pushing to reauthorize the program this year, citing its role in generating 287,000...

Man Arrested in Brentwood for Impersonating Firefighter During Palisades Fire

July 17, 2025

July 17, 2025

The suspect faces at least 28 criminal counts—including 23 felonies—spanning incidents from 2023 to May 2025 Federal and local law...

Mayor Bass Hails National Guard Withdrawal as Victory for Unity

July 17, 2025

July 17, 2025

The Pentagon’s decision to reduce the troop presence follows weeks of legal challenges and public demonstrations Mayor Karen Bass celebrated...

(Video) Did You Know Emma Chamberlain’s Coffee Shop is in Century City?

July 16, 2025

July 16, 2025

The outpost is a first for the popular influencer Did You Know Emma Chamberlain’s Coffee Shop is in Century City?...

Tesla Seen Nearly Crashing into West LA Home After Collision

July 16, 2025

July 16, 2025

Footage depicted a blue Prius on the road with significant front-end damage A crash involving injuries was reported around 12:30...

DUI Checkpoints to be Conducted Across LA This Weekend

July 16, 2025

July 16, 2025

The LAPD selects checkpoint sites based on data indicating high incidents of impaired driving-related crashes and arrests The Los Angeles...

Dodgers to Host Back to School Bash for Fire-Affected Families

July 16, 2025

July 16, 2025

The free event will offer free groceries, school supplies, outfits, haircuts, medical screenings, and carnival rides The Los Angeles Dodgers...

What to Expect at This Weekend’s “Conquer The Pier 5K and 1 Mile Race/Walk” in Venice

July 16, 2025

July 16, 2025

Proceeds will fund community programs, youth sports, and park enhancements The Conquer The Pier 5K and 1 Mile Race/Walk will...

LA Sees Second Straight Year of Homelessness Decline, Leaders Celebrate Progress

July 15, 2025

July 15, 2025

The survey, designed by the University of Southern California, reported a 17.5% drop—the largest two-year decrease on record The Los...

Hundreds of Red-Legged Frog Tadpoles Released in Santa Monica Mountains

July 15, 2025

July 15, 2025

Once widespread in California, red-legged frogs vanished from the Santa Monica Mountains by the 1970s Nearly 600 California red-legged frog...

Federal Judge Sides with Santa Monica, Other Local Governments Against Immigration Raids

July 15, 2025

July 15, 2025

Santa Monica Mayor Lana Negrete praised the ruling, saying it reaffirmed the city’s commitment to protecting residents from unjust detention...

California Hits Two-Thirds Clean Energy Milestone

July 14, 2025

July 14, 2025

This year, clean energy has powered the state for an average of seven hours daily, with over 90% of days...

Beverly Hills Plans Major Apartment Development Near Civic Center

July 14, 2025

July 14, 2025

The site, currently holding 13 residential units, is slated for demolition to make way for the new development A proposal...