Median rent grew for the second consecutive month in March, although year-over-year growth remains negative, according to Apartment List’s April 2025 national rent report. Rents rose 0.6% month over month to $1,384, an $8 per month increase, but are down 0.4% from March 2024.
Rent growth has fluctuated seasonally since the second half of 2022, but the overall trajectory has trended mostly downward, according to Apartment List. Rents remain below their August 2022 peak by 4% but still 20% above the January 2021 levels. In dollar terms, the national median rent today is $5 per month cheaper than one year ago and $58 per month less than in August 2022, but it remains $237 per month higher than the January 2021 level.
The company’s national vacancy index is now at 6.9%, the highest reading in the data series dating back to 2017. An influx of new inventory, including a 40-year high number of completions last year and 750,000 units in the construction pipeline, has helped ease multifamily occupancy slowly since 2021.
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