For the first time in roughly a year, year-over-year rent growth is flat; however, month-to-month growth is up slightly. According to the July 2023 Apartment List National Rent Report, vacancy is at 7.2%, which is the same as the peak pandemic level during the summer of 2020—the trough was 4.1% in the fall of 2021.
Typical rent growth in June prior to the pandemic averaged 0.9%, but in June 2023, growth was less than half that at 0.4%.
Some of the larger metros that saw rent growth decline initially during the pandemic have witnessed a resurgence. Boston at 8% saw the fastest rent growth during the past six months, while New York was at 5%. Tucson, Ariz., had the fastest growth during the past 12 months and three years at 4% and 44%, respectively.
Meanwhile, the hot Sun Belt markets have seen a decline in rent growth recently. During the past six months, Phoenix, Austin, Atlanta and Las Vegas were among the slowest growth markets. New Orleans with a decline of 7% was the slowest-growing metro during the past 12 months, while San Francisco was flat, and the only non-positive rent growth market during the past three years.