Apartment List says their national median rent fell 0.8% to $1,379 – marking the 5th straight month of negative rent growth. However they say while declines are in line with the market’s typical seasonal pattern, this year’s dip has been a bit sharper than what is normally seen.
Year-over-year rent growth has bottomed out but remains in negative territory at -1 percent, meaning that on average, 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. But despite this cooldown, the national median rent is still nearly $250 per month higher than it was just three years ago.