March rents were down 1.7% on an annual basis, the largest drop since Apartment List began tracking in 2017 and larger than the early months of Covid.
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Apartment rents are falling sharply due to weaker economic conditions and growing job losses.
The average January discount was 10.7%, or roughly five weeks of free rent.
Apartment vacancies are still rising due to a glut of new apartments hitting the market in the past few years. Rents are down…
A good supply of new multifamily units is coming online at a time of much weaker demand.
Rent growth has now fallen below the lower end of the 10-year average range of pre-pandemic growth.
Falling rents and rising vacancies are giving renters more room to negotiate prices heading into early 2026.
