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Apartment Rent Growth Dipped Slightly to Close 2024

This is the third consecutive winter in which seasonal discounts have been notably sharper.

By Kristen Smithberg | January 07, 2025 at 06:25 AM

Over the past two years, rent prices have ebbed and flowed seasonally but overall have trended modestly downward, falling 4.8% below August 2022’s peak, according to Apartment List’s January national rent data report. Median monthly rent across the country dipped slightly to close out 2024, ending the year at $1,373 after declining by 0.6% or $8 from November.

This is the second straight year of declining rents, and the third consecutive winter in which seasonal discounts have been notably sharper than the pre-pandemic norm, said the firm. Despite this cooling trend, the typical rent price remains 20% higher than its January 2021 level.

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