Apartment List says their national median rent fell 0.5% to $1,364 – marking the 2nd straight month of negative rent growth. However they do point out that annual rent growth remains at -1.2 percent, meaning that on average, apartments across the country are 1.2% cheaper today than they were one year ago. Indeed…
“This cooldown is widespread; rents fell month-over-month in September in 85 of the nation’s 100 largest cities, and thanks to sluggish rent growth over the past 12 months, prices are down year-over-year in 71 of these 100 cities. Rent swings are largely driven by the balance between the number of vacant apartments available and the number of renters looking to move into them….”
Click here to read the full report at Apartment List.
