Apartment rent trends may have hit a new stride. The Apartment List national rent index increased by .7% month-over-month in February, the largest monthly increase since June 2019. The increase also represents the second consecutive month of rent growth, a possible turn in the downward trend in rates catalyzed by the pandemic.

Considering historic rent growth trends, the month-over-month increase represents a substantial bump forward. For the past three years, February rent growth was .3% month-over-month. The report from Apartment List notes that the 2021 increase is more than double February 2020. In January, rent growth also outpaced the prior year's average.

It isn't all good news. Overall, the national rent index is still down .8% year-over-year, and rents have yet to recover to the post-pandemic peak in August following a trough in December. However, the gains in January and February have helped to offset some of those losses. Rents are now down only .1% from June rent levels, and rent losses are starting to recover. Last month, rents had a year-over-year decline of 1.2%, and this month the number has improved to .8%.