Redfin reports the largest increase in asking rents in over a year in August, but remains below the record high of two years ago Page 1

The median rent in the U.S. rose 0.9% year over year to $1,645 in August – the largest annual increase since April 2023, according to a new report from Redfin (redfin.com), the technology-based real estate brokerage. Rents rose 0.1% month over month.

Rents for 0-1 bedroom apartments increased 0.1% year-over-year to $1,495, while rents for 2 bedroom apartments remained unchanged at $1,725. Rents for 3 bedroom and above apartments decreased 1.7% to $2,008. The discrepancy between the overall result (which increased 0.9%) and the three different room counts (which either decreased, remained the same, or increased less) is the result of a statistical phenomenon known as Simpson's Paradox.