Rent growth continues in negative territory as 2024 data begins to be released. The February 2024 Apartment List National Rent Report shows 2024 began with a sixth straight month of rent declines. Month-to-month, median rent slipped 0.3% while year-over-year growth is at -1%. Despite the drop in rents, median rent is still roughly $200 more per month than it was three years ago.
Some of the slowest-growing markets can be found in the Sun Belt. Austin, Texas, was the slowest metro during the past six months and 12 months, while San Francisco at 8% was the slowest grower during the past three years. Other slower-growing markets included San Diego, Atlanta and San Antonio.
The Midwest and Northeast dotted the top list of growing metros, but Fresno, Calif., was the fastest-growing metro in the past six months and 12 months. It was markets such as Indianapolis, Milwaukee, Providence, R.I., and Hartford, Conn., that saw more growth than the warmer metros.