Four out of five of the nation's 100 largest cities experienced month-over-month rent drops in September and the outlook for the future is more of the same, a new report from Apartment List predicts.
"We are likely to see continued price dips of increasing magnitude in the coming months, as property owners offer modest discounts to fill vacancies during a time of year when few renters are looking to move," the report stated.
It found that year-over-year rent averages nationally have fallen to -0.7% — the 18th month it has been in negative territory. Median rent in September dipped 0.5% to $1,405. "The national median rent today is $10 per month cheaper than it was one year ago," the report noted. Even so, it is 20% higher than it was in early 2021.
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