Rent growth continues to be in negative territory. The December 2023 Apartment List National Rent Report marks four straight months of declines with median rent falling 0.9%. Year-over-year rent growth is also negative, down 1.1%. This is in stark contrast to the peak rent growth of 18% seen during the pandemic.
The slowdown in rents is typical for this time of year as seen during the previous fall and winter seasons dating to 2018, but this is the second-steepest decline for the month of November with the first being November 2022. Between 2017 and 2020, typical November declines averaged 0.5%.
Austin, Texas, had the slowest rent growth out of the top 100 largest U.S. cities during the past six and 12 months. Many of the hot markets in the Sun Belt have cooled: Orlando, Fla., Atlanta, Jacksonville, Fla., and Nashville, Tenn., were all among the slowest growth markets during the past six months.
However, during the past three years, some of those markets are leading the way in rent growth, for example, Orlando is at 30% growth, fourth on the list. Indianapolis, Milwaukee, Cleveland and Oklahoma City were among the top growth markets of the past six months at 1%. Providence, R.I., led the way at 5% rent growth during the past 12 months, while Miami topped the list during the past three years at 36% growth.