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As home prices continue to increase, the same can be said for rent in Boston leading up to the main lease turnover date of Sept. 1.

According to a Redfin report, rent in Greater Boston has increased 4.2 percent year-over-year with the median asking rent for August 2024 sitting at $2,804. Across the commonwealth, the average rent is $2,833.

Nationwide, rent increased at a slower rate but August saw he biggest annual increase since April 2023 with a 0.9 percent increase year-over-year to a median asking rent of $1,645. Redfin economist Sheharyar Bokhan credited new construction for the stable rent prices nationwide, an aspect largely missing from the Boston-area rental market.

“Almost everything in our lives costs more than it did two years ago – but rents have remained largely stable thanks to the construction boom, especially across the Sun Belt states,” Bokhari said in a statement. “We are seeing rents tick up a little now that new construction is starting to slow down, but asking rents are likely to stay relatively flat for some time due to the backlog of new apartments that are still coming onto the market.”

The overall price of apartments has dropped since 2022 with studios and one-bedroom apartments seeing the greatest rent decrease: 5.4 percent since August of 2022.