U.S. landlords are asking rents near record highs, with the median asking rent in August at $2,052, up 0.7% from July and just $2 less than the all-time high set a year ago, according to real estate company Redfin.

However, Redfin noted that renters may still find deals below asking rents in some regions, with landlords offering more one-time deals to attract renters as vacancies tick up, while keeping asking rents high on paper. Those incentive deals aren't reflected in the asking rent data.

“A year ago, you really didn't see concessions in the market," said Rent. CEO Jon Ziglar in a statement. Vacancies were 6.3% higher in the second quarter of 2023 compared to the same period a year ago, according to the Census Bureau.

Rent꧃s Dip in tඣhe West and South, Rise in the Midwest and Northeast

Renters could also find better deals in the West and South, with the median askin♍g rent down 1.1% year-over-year🦋 to $2,469 in the West, and 0.3% lower at $1,673 in the South—the first decline in the South since 2020. 

"The rental market has cooled quickly in the West and South in part because those markets saw outsized rent increases during the pandemic," Redfin said. "Once the rental frenzy cooled, rents in those regions had more room to fall. The West has also been disproportionately impacted by layoffs in the tech sector, which may be contributing to its soft rental market."

Meanwhile, median asking rents rose in the Midwest and Northeast. The median asking rent jumped 4.6% to a record high in the Midwest at $1,434, and climbed 1.2% to $2,509 in the Northeast.