Apartment Rents Fall Nationwide Amid New Supply And Weak Demand

Benzinga

U.S. multifamily rents fell for a fourth straight month in November as new supply met cooling demand, pushing the national median rent down 1% to $1,367. Vacancies remain elevated at 7.2%, pressuring major apartment REITs and accelerating declines in cities like Las Vegas, Boston, and Austin. Renters are shifting toward cheaper Midwestern markets as construction stays high and labor-market weakness slows demand.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:03U.S. multifamily rents continued to slide in November as new supply hit a cooling rental

00:07market, according to CNBC. The national median rent fell 1% from October to $1,367,

00:15marking a fourth straight monthly decline and a 1.1% drop from last year. Vacancies held at 7.2%

00:22after reaching a record high for the index in October. Shares of major apartment RRs,

00:28including Avalon Bay, Equity Residential, and Camden Property Trust, are down year to date.

00:34Local factors are accelerating declines in cities such as Las Vegas, Boston, and Austin,

00:39while renter searches are shifting toward more affordable Midwestern markets like Cincinnati,

00:43Atlanta, and Kansas City. Yardi said a larger under-construction pipeline prompted it to

00:48raise supply estimates for 2025 and 2026. Apartment lists said construction is slowing,

00:54but the supply boom still has runway as demand weakens in a shaky labor market.

00:58For all things money, visit Benzinga.com.

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