According to a report from real estate company Redfin, the biggest rent declines year over year have been in America’s Sun Belt—the lower, warmer half of the continent, which includes Southern California, Arizona, Texas, Tennessee, Florida and the like.The major exception is Seattle , which has seen the biggest decline of all the metro areas studied by Redfin.Meanwhile, the median asking rent rose 1% to $1,648 nationwide.
But the boom is over, and now property owners are struggling to fill vacancies, which is causing rents to fall," said Redfin Senior Economist Sheharyar Bokhari.Inversely, rents have risen dramatically in the Midwest and Northeast, including areas like Minneapolis , Cincinnati , Chicago , New York , Washington, D.C. , Indianapolis , Virginia Beach , Houston , Boston and Detroit . Experts have tied this to elevated mortgage rates for homes, which they suspect has bolstered rental demand.
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