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.
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.
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
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