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U.S. Rents Surge 1.7% Amid Housing Shortage

8/15/2025

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Summary

Story summary

The median U.S. asking rent increased by 1.7% to $1,790 in July, the largest rise since January 2023.
San Jose, California, experienced the highest rent increase at 8.8%, while Jacksonville, Florida, saw a 3.5% decline.
A decline in multifamily housing permits is giving landlords more leverage due to reduced apartment construction.
High construction costs and interest rates are hindering new housing developments nationwide.

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Story summary

The median U.S. asking rent increased by 1.7% to $1,790 in July, the largest rise since January 2023.
San Jose, California, experienced the highest rent increase at 8.8%, while Jacksonville, Florida, saw a 3.5% decline.
A decline in multifamily housing permits is giving landlords more leverage due to reduced apartment construction.
High construction costs and interest rates are hindering new housing developments nationwide.