US Apartment Rents Fall for 2nd Straight Month in August

All regions posted rent decreases in August, led by the West and South. But some metro areas are seeing rent increases, notably San Francisco.
US Apartment Rents Fall for 2nd Straight Month in August
An apartment building with an available unit in San Francisco on June 9, 2023. Justin Sullivan/Getty Images
Mary Prenon
Mary Prenon
Freelance Reporter
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A Sept. 5 report from Apartments.com, an online apartment marketplace of the CoStar Group, reveals a 0.23 percent drop in August apartment rents, falling from a national monthly average of $1,719 in July to $1,713. The report indicates this is the second consecutive month of negative or flat rental changes, and the first time since January that the national average slipped by more than 20 basis points.

Rentals generally follow seasonal patterns, showing an uptick in the spring and a slowdown in late summer and fall.

Mary Prenon
Mary Prenon
Freelance Reporter
Mary T. Prenon covers real estate and business. She has been a writer and reporter for over 25 years with various print and broadcast media in New York.