Rent growth slows as colder weather begins.
Rent growth continues to slow as the colder, crisp fall weather rolls through most of the country. According to the November 2023 Apartment List National Rent Report, national median rent growth slipped 0.7%, which is the third consecutive month of declines. Rent now stands at $1,354.
Year-over-year rent growth is down 1.2%, and rents dropped in 66 of the nation's 100 largest cities during this time. The slip in rent growth is typical for this time of year as seen dating back to 2018, even in the record growth year of 2021. Year to date, rents are up 1.2%, which is the lowest growth, except for 2020, since 2018.
Many of the top 10 cities with the slowest rent growth are situated in the Sun Belt. Austin, Texas, was the slowest growing metro during the past six and 12 months. During the past three years, Minneapolis and San Francisco were the slowest growers at 8%.
Faster growing metros were located across the U.S., with Providence, R.I.; Grand Rapids, Mich.; and New York at 3% during the past six months. Miami was the fastest growing rent metro during the past three years, followed by Tucson, Ariz., and Tampa, Fla.