Apartment rents cooled in December, marking the first decline last year for a sector that's enjoyed record growth as of late.
Apartment List's national rent index fell by 0.2% last month, a slump analysts say is notable after the 17.8% aggregate increase the sector posted in 2021. Rents are now $1,309 per month on average. By contrast, annual rent growth averaged a mere 2.3% in the calendar years spanning 2017 through 2019.
December marked the fifth straight month of slowing rent growth nationally after a peak in July, according to Apartment List.
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