Apartment Rents Hit Biggest Growth Spurt Since 2019

Apartment rent trends may have hit a new stride. The Apartment List national rent index increased by .7% month-over-month in February, the largest monthly increase since June 2019. The increase also represents the second consecutive month of rent growth, a possible turn in the downward trend in rates catalyzed by the pandemic.

Considering historic rent growth trends, the month-over-month increase represents a substantial bump forward. For the past three years, February rent growth was .3% month-over-month. The report from Apartment List notes that the 2021 increase is more than double February 2020. In January, rent growth also outpaced the prior year’s average.