According to Apartment List’s National Rent Report for February 2024, national median rent fell 0.3% to $1,373 – marking the 6th straight month of negative rent growth. They say recent declines are in line with typical seasonal patterns, as fewer renters are looking to move in the fall & winter. However they add that this year’s dip has been sharper and more prolonged than in the past.
“…apartments across the country are slightly cheaper today than they were one year ago. This stands in sharp contrast to the prevailing conditions of 2021 and 2022, when rent prices were surging and year-over-year growth peaked at 18 percent nationally….”