Although this year's peak season was significantly disrupted due to the COVID-19 pandemic, Apartment List's national index has stabilized back to a more typical trend during the past few months. Rents fell by 0.5% last month, which is consistent with historical rental trends in which rents have declined 0.5% from October to November in each of the last three years. Year-over-year, national rents are now down 1.3%.

Beyond the national figures, however, there are tremendous regional variations in rent trends. Pricier coastal cities such as San Francisco, Seattle and New York City are continuing to report rapidly decreasing rents, while traditionally affordable suburban cities have actually become more expensive during 2020.

In 27 of the nation's 30 largest metropolitan areas, principal cities are experiencing faster rent drops than in surrounding suburbs, according to Apartment List. In suburban cities, rents have rebounded quickly and are 0.5% higher today than at the start of the year.