Have Rent Prices Finally Peaked? Data Shows ‘Significant Dip’

Average rents have exploded across  the country since the pandemic’s beginning, up 24% nationally and more  than 40% in some markets, fueled by inflation and changing demographics.  

However, things may finally be  looking up. Apartment List released its November 2022 National Rent  Report, and the results may have many breathing a sigh of relief.

According to Apartment List, their national rent index fell 0.7% during October. This decrease marks the second straight month-over-month decline.

The Cooldown

According to Apartment List, most of  the 2021 rent boom can be attributed to a tight market where households  compete for a dwindling number of units.

More Vacancies

89 of the nation’s 100 largest cities  saw a decline in rent this month. Two cities saw their rents holding  steady, and only nine saw increases.

A Nationwide Trend

The newfound interest in the  Midwest could spell doom for their historically affordable prices in  both the rental and housing markets.

Midwest Still Growing

The San Francisco area saw the  sharpest rent decline in the first year of the pandemic and has been the  slowest market to recover since.

San Francisco Hardest Hit

Swipe up to continue reading!