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News Link • Housing

National Average Rent Declined for the First Time in Two Years

• by Mish

The Rent Cafe Apartment Market Report for September shows a rare decline in the National Average Rent.

Key Findings

The national average rent went up by 3.2% in the past year but dipped by 0.1% month-over-month, reaching $1,471 in September according to data from Yardi Matrix.

Apartment rates in a majority of small and large cities registered either minor decreases or stagnated. 

In more than half of the nation's largest renter hubs rent prices waned since August. 

Since last month, apartment rents saw minor declines in more than half of the cities we analyzed. Small and large cities lead the trend, with prices dropping in 59% of small cities and 56% of large cities, while 42% of mid-sized cities saw their rates dwindle in September.