Report: Rent growth falls below zero for first time since pandemic
- New leases are cheaper today compared to a year ago: Report
- Rents nationally are up 0.3% month-over-month, down 0.7% year-over-year
- "July is peak moving season": Apartment List
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(NewsNation) — Nationwide rent fell below zero for the first time since the early stages of the COVID-19 pandemic, according to a new report.
The report dropped during a time of year when rent growth is normally peaking, according to Apartment List’s August national rent report. The cause is due to a combination of “sluggish demand and increasing supply.”
“July is peak moving season and a month where we typically measure some of the fastest rent growth each calendar year. In pre-pandemic years, July rent growth averaged 0.6%,” according to the research team at Apartment List. “In 2023, July rent growth came in at just 0.3% and is trending down for the season. This stagnation indicates that the market cooldown that started in the second half of 2022 is continuing, even as prices rise modestly month-over-month.”
Meanwhile, the national apartment vacancy rate rose again in July, reaching 7.3% and surpassing the peak vacancy rate recorded in June 2020. It’s higher today compared to any point during the pandemic, and rent growth will remain slow for the rest of the year because of it, according to Apartment List.
