By Brad Beckett on November 10, 2025
According to Apartment List’s National Rent Report for November 2025, national median rent dropped 0.8% in September to $1,381 – the third consecutive month-over-month decline. Click here to read more.
They say it’s likely that we’ll continue to see further modest rent declines to close out the year. In addition, they say year-over-year rent growth has been slightly negative for over two full years, and national median rent has now fallen from its 2022 peak by a total of 4.2%. Indeed…
“All of our key indicators are pointing toward ongoing sluggishness in the multifamily rental market – rent prices are down and the vacancy rate is at an all-time high. As construction slows further during the tail end of this year and into 2026, rent prices and occupancy should begin to stabilize, and a return to tighter market conditions remains on the horizon. That said, the supply boom still has a bit of runway remaining, and the demand outlook has begun to appear weaker amid a shaky labor market. These factors could lengthen the time that it takes for the market to metabolize the recent growth in the rental stock.”
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