Rental Market Sees Fourth Consecutive Rent Drop
Update: 2025-12-02
Description
Apartment rents across the nation are experiencing a fourth consecutive month of decline, with the median rent dropping by one percent in November to $1,367. This marks a five point two percent decrease from the peak in 2022 and a one point one percent drop from last year. The downturn is attributed to increased housing supply and weakening demand, particularly from younger workers. With more young people living with family due to high rental costs and a tough job market, major public apartment REITs have seen their stock prices drop. While rents are softening nationally, renters are seeking more affordable markets like Cincinnati, Atlanta, and Kansas City. Despite a slowdown in construction, the rental market is expected to remain a renters market due to a shaky labor market and ongoing supply boom.
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