National apartment rents started the year on a downward trend, registering the sixth straight month-over-month decline in January. According to Apartment List’s February national rent report, rents fell 0.2% in January and year-over-year growth remains negative at -0.5%.
However, rent growth is slowly inching back toward positive territory, the report said. National median monthly rent is $1,370, which is down $3 per month. Rents fell $7 month over month in January 2024.
The overall trajectory of rent prices has trended modestly downward since the second half of 2022, following a period of record-setting rent growth in 2021 and early 2022. Despite falling 5% below the August 2022 peak, rents remain nearly 20% higher than they were in January 2021.
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