Multifamily rents are falling as fewer households move and recession fears mount — and one industry expert predicts the balance of power between landlords and tenants will continue to change in turn.
Apartment List's national rent index saw prices fall 0.8% over December, bringing the national median rent price down $43 from its 2022 peak.
"It's actually typical to see prices fall a bit this time of year and that's because rental market activity tends to slow down in the winter months as fewer households move," says Apartment List Sr. Housing Economist Chris Salviati. "And so property owners who have vacant units to rent will often offer modest discounts in order to spur demand. That said, the declines that we've been seeing recently go above and beyond just that seasonality alone."
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