An oversupply of multifamily housing units continues to bring down national apartment rental rates, which declined for the fourth consecutive month in November.
Median rents across all multifamily property types for the month stood at $1,367, according to a national rental report published on Dec. 1 by Apartment List. Rental rates were down 1.1 percent from the same period a year earlier, and they’ve declined more than 5 percent from their peak of $1,442 in 2022, the report noted.
Rents have softened due to a glut of new multifamily housing projects that added more than 600,000 apartment doors to national inventory in 2024—the most new apartments constructed since 1986, the Apartment List report said. Construction slowed in 2025 with 243,000 new units completed through the first half of the year, but the building boom remains in play….