Rents on the Rise

Rents are down year-over-year but increased monthly for the first time in six months.

1 minute read

Rents are on the way up for the first time in six months. According to the March 2024 Apartment List National Rent Report, median rent is at $1,377, up 0.2% from the prior month. Rents fell for six straight months from August 2023 to January 2024; however, this follows a seasonal pattern of rents increasing in the spring and summer months.

Rents are still down 1% year-over-year. Vacancies are also at the highest level since September 2020 at 6.6%.

Milwaukee, Memphis, Tenn.; Cleveland; Tulsa, Olka.; and Honolulu were the fastest-growing metros during the past six months at 0%. Milwaukee was also among the fastest-growing metros at 4% during the past 12 months. Grand Rapids, Mich., was also at 4% during the last year, and the market was at 29% growth during the past three years, second to only Miami.

Sun Belt markets were among the slowest-growing markets this go-around. Austin, Texas, was the slowest mover during the past six months and 12 months. San Francisco, while positive at 9% growth, was the slowest metro during the past three years.