Apartment renters in Cincinnati are coughing up more money for their leases this year compared to other top U.S. cities.
The median asking rent, across all unit sizes, in Cincinnati rose about 7.4 percent year over year to $1,460 a month for the period between March 1 and May 31, according to Redfin. The brokerage’s data covers newly listed units on Rent.com and Redfin.com in apartment buildings with at least five units and in the most populous regions of the U.S. with enough data.
The second-highest annual increase was in Tampa, where the median asking rent climbed by 4.2 percent to $1,805. Third place, with a year-over-year boost of 4 percent, went to St. Louis, Missouri. The median asking rent in that city is just under $1,300 per month.
Renters in Austin appear to be getting some relief, as rents in the Texan capital fell the most year over year — by 8.8 percent to $1,385 — among the top metro areas in the country. The city has seen a surge in its population over the past decade, which triggered a development boom. The city now has an oversupply of units, leading developers to slash rents.
Nationally, the median asking rent edged down by just over 1 percent compared to the same period last year, per Redfin. The median asking price from the beginning of March through the end of May in the U.S. was $1,633.
In New York City, the most populous metro area, the median asking rent was $2,888, just over 3 percent lower than the same time last year. However, this figure is up by 1.5 percent compared to the prior three-month period.
Here is a closer look at the median asking prices for apartments in the most populous cities across the country.
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