Rent has skyrocketed in these cities since last year, Redfin says

Rent has skyrocketed in these cities since last year, Redfin says

(NEXSTAR) – Slowing apartment construction and surging demand for rental units have allowed landlords to raise their asking prices, especially in 10 major metro areas, according to a new report from Redfin. Data from the St. Louis Fed shows that the new construction of privately-owned multi-unit buildings peaked in October of 2023, and has fallen steadily ever since. According to Redfin, that equated to a 45% drop in the number of new apartments…