US apartment rents continue to drop: Report

Apartment List observed negative rent growth for third consecutive month
Year-over-year rent growth remains negative at -1.2%
'Weak rental market has now persisted for well over a year': Economist

Updated: Oct 31, 2023 / 11:43 PM CDT

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(NewsNation) — Nationwide rents fell an additional 0.7% in October, according to a new Apartment List report.

This is the third consecutive month with negative rent growth.

“This is the second steepest October rent decline that we’ve seen in the history of our index” going back to 2017, Apartment List analysts wrote. “The only time that October brought a sharper decline was last year, when rents fell by 0.8 percent as the market shifted into the period of sluggishness that still persists.”

On a year-over-year basis, rents nationally are down 1.2% and are negative in 66 of the nation’s 100 largest cities.

“A relatively weak rental market has now persisted for well over a year, characterized by increasing vacancy rates that are keeping rent growth in check,” Chris Salviati, a senior housing economist for Apartment List, told NewsNation digital.

The nationwide median rent currently stands at $1,354, according to Apartment List. And the median rent price for one-bedroom apartments is $1,161. For two-bedroom apartments, it’s $1,331.