Rent growth is in positive territory for the third consecutive month. The April 2024 Apartment List National Rent Report shows median rent increased by 0.5% in April. Despite this, rent growth is down 0.8% year-over-year (YoY).
This increase is not uncommon, as it follows what is typically seen during the spring months—slight rent growth increases. Of the 100 largest cities, 83 witnessed rent price increases, while 43 of the 100 cities were in positive YoY growth territory.
Providence, R.I., had the fastest rent growth month to month at 2%, while Austin, Texas, was the slowest city with a decline of 0.2%. Providence also led the way with the fastest YoY change at 5.1%. Hartford, Conn., was a close second at 4.9% growth. Atlanta and Raleigh, N.C., were the slowest-growing cities with a 4.4% YoY decline.