ApartmentList's national rent index dropped by 0.8 percent in December, in the fourth straight month-over-month decline for the sector — and the rest of the year is on track to be similarly tepid.

"The timing of this cooldown in the rental market is consistent with the typical seasonal trend, but its magnitude has been notably sharper than what we've seen in the past," Apartment List's research team notes in a new report. "This suggests that the recent swing to falling rents is reflective of a broader shift in market conditions beyond seasonality alone. As we look ahead to the new year, we expect that 2023 will see bargaining power shift back to renters, and that rent prices this year will grow only modestly, if at all."

Nationally, median apartment rents increased by 3.8 percent over the course of last year, making 2022 the second fastest year in the history of Apartment List's estimates going back to 2017. But the metric came in "just barely ahead" of the 3.5% rate observed in 2018.