Rents Decline in Half of 100 Largest U.S. Cities
The National Rent Report from Apartment List shows rent growth across the country remained relatively flat.
More than half of the 100 largest cities in the U.S. saw rent prices decline during November. The national index from Apartment List increased 0.1%, which is the lowest month-over-month (MoM) growth in 2021. Since January 2021, median rent growth increase is nearly 18%. This is compared to 2.6% rent growth, which is what was seen, on average, between January and November in 2017-2019.
Of the nation’s 100 largest cities, 53 saw month-over-month rent declines, and this is the fourth straight month of slowed growth following the July 2.7% growth peak. The national median rent is now at $1,312, which is $117 higher than predicted had the rent growth continued its pre-pandemic path.
Locally, rent declines continue to plague larger coastal markets like San Francisco, Boston and Seattle. Rents dropped 2.7% MoM in San Francisco, and Minneapolis, Boston, Seattle and Arlington, Va., also saw rent declines in consecutive months. Since March 2020, San Francisco is down 14%, while neighbor Oakland is down 10%.
Meanwhile, Boise, Idaho, saw a 3.7% dip in rents, kicking it off the top 10 list of largest pandemic-era rent increases. However, Boise is still up 32%. Nine of the top 10 cities are in Nevada, Arizona or Florida, with North Las Vegas at a 38% rent growth since March 2020. Glendale, Ariz., and Mesa, Ariz., follow. All top 10 cities have at least 34% rent growth since March 2020. Spokane, Wash., was the lone location outside the three states in sixth.