Single-Family Rent Growth Lowest in 15 Years
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National Apartment Rents Continue to Fall, Hit record Vacancy Rates
Table of Contents
Published october 24, 2025, at 20:53:50
Key Trends in the rental Market
National apartment rent prices experienced a continued decline in september, falling 0.8% compared to the same month in the previous year,according to Apartment List’s September 2024 National Rent Report. This marks the fifth consecutive month of annual rent decreases, although the rate of decline is slowing. The national multifamily vacancy rate reached a record high of 7.1% in September.
Despite the downward trend, the pace of rent decreases is moderating. September’s drop was slightly smaller than the annual decline observed in August. A significant amount of new apartment units continue to come online, contributing to the rising vacancy rates.
Rent Prices and Vacancy Rates: A Closer look
The national median monthly rent in September was $1,394, a decrease of $11 from September 2023. This places rents $48 below their peak in August 2022. However, rents remain 22% higher than they were in January 2021, reflecting the considerable rent growth experienced in recent years.
| Month | National Median Rent | Year-over-Year Change | Vacancy Rate |
|---|---|---|---|
| September 2023 | $1,405 | +0.5% | 6.8% |
| September 2024 | $1,394 | -0.8% | 7.1% |
| August 2022 (Peak) | $1,442 | N/A | 5.5% |
| January 2021 | $1,142 | N/A | 6.2% |
The Impact of New Construction
Researchers at Apartment List attribute the current market conditions to a combination of factors, including a slowdown in the surge of multifamily construction and a continued influx of new units. While the peak of construction has passed, a substantial supply of apartments is still being added to the market, contributing to the increase in vacancies.