Apartment rents fell in more than half of the nation's major markets this month, suggesting a widespread cooldown in a market that's been buoyed by pandemic-driven shifts in consumer preferences.

Apartment List's national index increased by just 0.1% in November, the lowest month-over-month growth rate all year. The uptick does come at a time when seasonality normally causes rents to dip, however, and the national median rent has increased by 17.8% since the beginning of the year, a staggering contrast to pre-pandemic averages, which sat around 2.6%.

The national median rent in November was $1,312 this month, still $117 greater than where Apartment List economists predict it would have been had pre-pandemic trends continued.

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