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U.S. Apartment Rents Post 33rd Consecutive Month of Annual Declines
U.S. apartment rents declined 1.7% year-over-year to an average of $1,673 in April across the 50 largest metro areas, marking the 33rd consecutive month of annual declines, News Corp’s Realtor.com said Wednesday. At the same time, the pace of new multifamily construction signals that rental supply relief could continue into the next several years.
Although the national median remains $254 (17.9%) above pre-pandemic levels recorded in April 2019, it has declined $92 (-5.2%) from its August 2022 peak. The construction pipeline has pulled back from its historic peak, but remains 11.4% above pre-pandemic norms, and a fresh surge in new groundbreakings suggests the downward pressure on rents hasn’t dissipated.
“Many renters have experienced meaningful relief over the past nearly three years, and although completions have slowed, forward-looking indicators are renter-friendly,” said Danielle Hale, chief economist at Realtor.com. “New multifamily groundbreakings jumped nearly 20% in the first quarter of 2026, and units that break ground today typically reach the market within 12 to 24 months, so the pipeline points to continued downward pressure on rents well into 2027.”
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