Apartments Rents are Now 1.2% Cheaper Than a Year Ago

Remember those escalating apartment rent numbers, some skyrocketing 40% in very popular cities? They’re now in your rear-view mirror, as rent growth has dropped. The nationwide median rent fell 0.5% to $1,364, according to Apartment List’s National Rent report. Annual rent growth is now at -1.2%, which translates to apartments being 1.2% less expensive now than they were a year ago. In recent years, the growth sometimes neared 18%, though it also climbed higher in selective markets.

The drop isn’t just isolated but nationwide with rents falling month-over-month this month in 85 of the nation’s 100 largest cities. Furthermore, prices are down year-over-year in 71 of those 100 markets. The prior rent surges were fueled by a huge shortage of available apartments in the years 2021 and 2022, with growth hitting a record 17.8% in 2021.