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Rents Decline to Close 2021

Rents Decline to Close 2021

Rent prices fell across the nation for the first time all year.

A year of substantial rent growth has ended. According to the latest Apartment List National Rent Report, the national index dropped 0.2% during December, the first month-to-month decline of 2021. Despite the slight dip, rent growth closed 2021 up 17.8%, compared to the typical 2.3% yearly growth from 2017-2019.

Nearly two-thirds of the 100 largest metros saw rent declines, and the median national rent is at $1,309, which is $119 higher than what was projected by Apartment List had pre-pandemic growth rates continued. However, December was also the fifth consecutive month of month-to-month declines following the July 2.7% rent growth peak.

New York City showed the fastest rent growth during 2021 at 32.8%—median rents rose from $1,573 to $2,089. Just behind was Tampa, Fla., at 32.6%. St. Petersburg, Fla., Scottsdale, Ariz., Irvine, Calif., and Orlando, Fla., also had at least 30% rent growth for 2021.

Oakland, Calif., was the only top city with rent declines, down 1%. Minneapolis and Detroit each had rent growth under 5%, while Des Moines, Iowa, and Cleveland were under 6% rent growth.