National Rents on the Decline

According to Apartment List's September National Rent Report , the National Rent Index declined by 0.2 percent. This marks the first time this year that rent rates have dropped. If it continues, it's likely that rent rates will keep dropping over the next few months as we get into the slower winter season.

YEAR-TO-YEAR NATIONAL RENT INCREASE

Although rent rates dropped by 0.2 percent over the last month, national rent rates overall are up by 6.8 percent for 2022. This is lower than last year, when rents were up by 17.1 percent in September 2021.

"That said, this year’s pace remains notably faster than the years prior to 2021. For comparison, rent growth from January to September totaled 4.6 percent in 2018, 3.8 percent in 2019, and -0.3 percent in 2020." the report states.

RENT DECLINES IN MOST MAJOR CITIES

Overall, rents decreased this month in 69 of the country's 100 largest cities. In addition, there were 8 other cities where rent prices stayed the same as the previous month. While rent rates have still increased this year compared to pre-pandemic years, increases have slowed significantly compared to 2021 surges in rents.

"We’re still on pace to end 2022 with full year rent growth exceeding any year from 2017 to 2020." according to Apartment List.

Illume Property Partners keeps up to date with trends in the rental and property management market to better serve our clients. Work with us and take advantage of the top-notch services we offer in the Portland metro area.