The 'tide turns' in the housing market as asking rents fall by the most in nearly 4 years

• Median asking rents saw their biggest year-over-year drop since February 2020, Redfin said.
• That comes as a surge in supply has sent rental vacancies to the highest since early 2021. 
• "Renters are finally catching a break," Redfin Chief Economist Daryl Fairweather said.

The rental market may finally be shifting in favor of prospective tenants, as better deals are on the rise.

"The tide turns for renters," Redfin said in the title of its latest report, which found that US median asking rent dropped 2.1% in November from a year ago. This marked the largest annual decline since February 2020, it added.