(NewsNation) — Nationwide median rent fell .9% in November, and rents are down $32, or 2.4% from this summer’s peak, according to the Apartment List’s December rent report.
Rents fluctuate up and down, depending on the season, but November is usually when rents fall the fastest, Apartment List analysts say. Vacancies are the hardest to fill during the winter holiday months, so now is the time when renters should negotiate, analysts encourage.
The sharpest rent declines over the past year are happening in California markets like Oakland, San Francisco, and Long Beach, where apartment demand remains sluggish.
Renters in Austin TX, Atlanta GA, and much of the Bay Area can find new leases for less than 5% compared to if they signed over the summer.
Apartment List analysts predict that monthly rent declines will persist throughout the remainder of the year before they rebound in early 2024.