Seasonal declines hit rents.

Apartment rents are down slightly, according to the January 2025 Apartment List National Rent Report. 2024 closed with a 0.6% decline from November to December. Year-over-year rent growth was also down 0.6%.

While national median rent is below the August 2022 peak by 4.8%, rents are still 20% higher than January 2021, currently at $1,373 in December 2024.

Rents also declined in 88 of the 100 largest metros month over month. Cleveland witnessed a 5.3% year-over-year increase, slightly ahead of Honolulu. Meanwhile, much of the Sun Belt saw rents slow during the past year. Austin, Texas, had the slowest change at -7.4%. Dallas, Phoenix and Atlanta were also among the slowest rent growth metros.