(NewsNation) — Nationwide rents fell an additional 0.5% in September, according to a new Apartment List report.
This is the second consecutive month with negative rent growth.
“This is the steepest September rent drop measured by our index and signals that we are squarely in the rental market’s end-of-season slowdown,” Apartment List researcher Rob Warnock said.
The nationwide median rent currently stands at $1,364, according to Apartment List. The median for one-bedroom apartments is $1,170 and for two-bedroom apartments is $1,341.
Year-over-year rent growth remains at -1.2%, which is consistent with last month. This means that on average, apartments are 1.2% cheaper today than they were last year.
“The slow season is spreading across the country, as 85 of the nation’s 100 largest markets saw rents fall in September,” Warnock added.