04:07 PM EDT, 05/14/2025 (MT Newswires) -- Asking rents continued to fall year over year in April amid an influx of newly completed multifamily units, according to a Wednesday report by Realtor.com.

The median asking rent for studio to two-bedroom properties in the 50 biggest US metros tracked by Realtor.com declined by 1.7% annually to $1,699. That marks the 21st month of year-over-year declines in a row.

Although the asking rent was $5 higher than March, "this spring's monthly increase was more modest than last year's, signaling a cooling rental market," the report said.

"The slower pace is largely driven by a continued influx of newly completed multifamily units, which has helped ease pricing pressure," Realtor.com said.

Renters earning the typical household income spent 23.4% of their income to lease a for-rent home, compared with 24.7% in April 2024. That suggests rental affordability improved.

Miami ranked as the least affordable rental market, where rents made up nearly 38% of household income, while Oklahoma City was the most affordable, at a 16.7% rent-to-income share.

Realtor.com is operated by News Corp. ( NWSA ) subsidiary Move Inc.