According to Apartment List’s National Rent Report for November 2025, national median rent dropped 0.8% in September to $1,381 – the third consecutive month-over-month decline. They say it’s likely that we’ll continue to see further modest rent declines to close out the year. In addition, they say year-over-year rent growth has been slightly negative for over two full years, and national median rent has now fallen from its 2022 peak by a total of 4.2%. Indeed…
“All of our key indicators are pointing toward ongoing sluggishness in the multifamily rental market – rent prices are down and the vacancy rate is at an all-time high. As construction slows further during the tail end of this year and into 2026, rent prices and occupancy should begin to stabilize, and a return to tighter market conditions remains on the horizon. That said, the supply boom still has a bit of runway remaining, and the demand outlook has begun to appear weaker amid a shaky labor market. These factors could lengthen the time that it takes for the market to metabolize the recent growth in the rental stock.”
Click here to read the full report at Apartment List.
