These 5 cities saw the steepest declines in rent prices last quarter as vacancies rose across the US

• Effective rent for multifamily units dropped in 76% of markets through the first quarter of 2023, according to Moody's Analytics.
• Over the last three months, vacancies in multifamily units saw their biggest jump over the past two years.
• Led by Fairfield County, these five US cities saw the steepest declines in rent to start the year.

Apartment demand eased in the first quarter of 2023, with Moody's data showing rent prices declined as vacancies ticked higher by the steepest margin in two years.

To start the year, effective rents for multifamily units dropped in 76% of markets, according to a Monday research note from Moody's Analytics economists Lu Chen and Nick Luettke.