This is the first month that rents have been negative year-over-year since the early pandemic, according to a new report by Apartment List.
Rents nationally are up 0.3% month-over-month but are down 0.7% year-over-year and are trending down for the season.
In pre-pandemic years, July rent growth averaged 0.6 percent. This stagnation indicates that the market cool down that started in the second half of 2022 is continuing, even as prices rise modestly month-over-month, the report said.
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