US National Median Rent Ticks Higher in April

Apartment List reported that the national median rent ticked up 0.5% in April to $1,370, although rents remained down $23 from April a year earlier. This marked the third consecutive monthly increase following six straight monthly declines.

Year-over-year, the national median rent was down 1.7%. Apartment List said the current reading marks the weakest annual rent growth in the history of its estimates dating back to 2017. At this time last year, annual rent growth appeared on track to turn positive for the first time since mid-2023, but the rebound stalled as demand softened amid a more uncertain labor market.

Apartment List said a historic surge in multifamily construction remains the primary driver behind soft market conditions that have persisted for the past three years. More than 600,000 new multifamily units were delivered in 2024, the highest annual total since 1986. Although deliveries have slowed since then, supply remains elevated by historical standards, while the market continues to absorb the influx of new inventory.

Looking ahead, Apartment List said the rental market is entering its seasonally stronger period, when moving activity typically accelerates through the summer months. The firm expects rents to continue rising in line with normal seasonal patterns before softening again in the fall and winter.