The national median rent increased by 0.5% in May, and now stands at $1,379. This marks the fourth straight monthly increase, as the market enters the busy summer moving season.
Rent prices nationally are down 1.5% compared to one year ago. Year-over-year rent growth ticked up slightly compared to last month, but remains near the lowest levels that we’ve seen in our estimates going back to 2017. The national median rent has now fallen from its 2022 peak by a total of 4.4%.
The national multifamily vacancy rate currently stands at 7.2%, down slightly from the February peak. After hitting a new record in February, the vacancy rate is now decreasing for the first time in over four years.
Units are taking an average of 30 days to get leased after being listed, which is down from 34 days last month, but still two days longer than at this time last year.
The Austin, TX metro continues to have the softest conditions among the nation’s large rental markets, with the median rent there down by 5.1% over the past year. At the other end of the spectrum, the San Francisco metro now sits atop our rankings of fastest year-over-year rent growth at +6.3%.