U.S. Apartment Rents Decline for 37th Consecutive Month

The national median asking rent for studio, one- and two-bedroom apartments across the 50 largest U.S. metropolitan areas fell 0.9% year over year to $1,699, according to the Realtor.com August Rental Report. This marks the 37th consecutive month of annual declines.

The median asking rent is now $65, or 3.7%, below its summer 2022 peak, while remaining $227, or 15.4%, above August 2019 levels. The continued decline translates into meaningful savings for renters compared with the market’s recent peak, even as renting costs remain elevated compared with pre-pandemic levels.

“Renters are entering the fall with more choices and more negotiating power than they had at the height of the rental market,” said Jiayi Xu, senior economist at Realtor.com. “Rents are still above pre-pandemic levels, but the combination of continued year-over-year declines, new supply and a growing share of listings with concessions is creating more opportunities for renters to find better deals. We expect the typical seasonal slowdown in monthly rents this fall, with year-over-year declines likely to continue as rental supply works through the market.”