Apartment vacancy has increased for the first time since April 2020, signaling that tightness in the market may be easing. Apartment List's national rent index increased by 2.1% from August to September, but while month-over-month growth has slowed, the national median rent has increased by 16.4% since the beginning of this year.
Boise, which led national rent increases since the onset of the pandemic, finally saw a decline in rents over the same period. Rents in the Idaho city are up 39% over March 2020, but the median rent fell by 0.1% this month.
"While such a small dip certainly doesn't offer much relief to Boise renters, it may at least signal that the market is finally starting to stabilize," ApartmentList analysts write in a report breaking down the September data.
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