(NewsNation) — New year, new rent!
If you’re thinking about negotiating your lease in 2024, now is the time, according to Chris Salviati, a senior housing economist for Apartment List.
The January 2024 Apartment List National Rent Report revealed rent prices across the country have consistently been on a downward trend since late summer.
“The recent declines are in line with the rental market’s typical seasonal pattern, as fewer renters are looking to move at this time of year, although this year’s dip has been a bit sharper than what we normally see,” Apartment List analysts noted in the report.
In December, Apartment List recorded that rents were down .8% nationwide, the fifth consecutive month of decline. The median monthly rent in the U.S. is currently down 3.2% from this summer’s peak.
If patterns remain, Apartment List predicts that rent will fall slightly in January before rebounding in the spring.
Salviati also noted that rent growth in 2024 “should be mitigated by a robust supply of new apartments coming online next year.” The national vacancy index stands at 6.5%, slightly higher than the pre-pandemic average.