YOY Rent Growth Below Pre-Pandemic Levels

Year-over-year rent growth is at its lowest point since April 2021 at 2.6%. This is also below the 2.8% average rent growth seen from 2018 to 2019. Rent growth climbed in 78 of the country’s 100 largest cities, while only 62 cities witnessed increases in the previous month. Meanwhile, 28 cities have negative year-over-year rent growth, up three cities from the last month.

Rent growth has continued into the second quarter of 2023. The April 2023 Apartment List National Rent Report shows the national rent index increased by 0.5% during March, marking the second consecutive month of increases.

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