After years of staying flat or declining, U.S. median rent prices surged by nearly 3 percent last month to $1,790, according to the latest data by Redfin—the highest increase since December 2022. It was just below the record high reached in the summer of 2022, at the peak of the pandemic housing boom.

But in some cities where demand for rental units has risen massively in recent months, asking rents have surged even higher. In Chicago, Illinois—the city which has recorded the biggest year-over-year increase in August—the median asking rent soared by 11 percent.

Why Are Rent Prices Rising Across The Country?

The median asking rent rose by 4.4 percent for 0-1 bedroom apartments to $1,650, and by 3.6 percent for 2-bedroom apartments to $1,920—in both cases, the biggest increase since Sep

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