Apartment rents in the U.S. continued their steady decline in October, falling for the fifteenth consecutive month as a wave of new apartment supply keeps market rents in check. The median asking rent for 0-2 bedroom units in the country’s 50 largest metros slipped 0.8% year-over-year to $1,720, according to the latest monthly commentary from Realtor.com, marking a $14 drop from October 2023 and a $40 decrease from the August 2022 peak.

Although the median asking rent continued trending downward last month, Realtor found that they remain significantly above pre-pandemic levels. The median apartment rent in October is $272 higher than in 2019 by 19%, closely mirroring the 22.7% rise in consumer prices over the same period. While the slower pace of growth offers some relief for renters, affordability challenges persist, especially in regions where the supply of apartments is growing slower.