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Apartment Rent Hikes Begin to Slow, Business and Industry Trends Analysis

High interest rates have made finances for would-be home purchasers in the U.S. more difficult in recent years. Consequently, more people were opting to rent rather than buy. The apartment market grew rapidly, with the Census Bureau reporting the rental vacancy rate falling from 6.1% in 2021 to 5.8% in 2022. The vacancy rate in 2023 was 6.6%. The popularity of home or apartment rental, combined with the completion of 1.2 million new rental units between 2020 and 2023, spurred rent hikes. Apartment List reported rent prices surging year over year by almost 18% in 2021 and 2022. Rent hikes slowed in 2023 (down 1.1% in growth rate), but the national median rent remained about $250 per month higher than in 2020.

Going forward to late 2024 and 2025, renters should see, at least for the short term, rent concessions as competition heats up. Offers including free amenities, lower security deposits, waived fees such as those for pets and a free month’s rent will become available once again.

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