Apartment rents across the nation’s 50 largest metros continued to slip in August, marking the 37th consecutive month of annual declines, according to Realtor.com. As the market enters the fall, the downward trend is expected to continue.
Meanwhile, a larger share of listings offered concessions to renters due to high vacancy rates.
The Sept. 17 report also showed that the median asking rent for studios to two-bedroom units was $1,699 in August, down 0.9 percent, or $16, from the same month last year. It was still $227 higher than the August 2019 level but had declined $65 from the August 2022 peak.
Compared with July, August’s median asking rent rose 0.24 percent, based on calculations from Realtor.com’s monthly reports. The median asking rent has increased each month since February….