Apartment rents in the US declined in July for the first time since the pandemic began

• Apartments in the US today are renting, on average, for less than they did a year ago.
• Slowing demand and increasing supply compared to prior years has led to slowing rent growth in 2023.
• On a month-over-month basis, however, rents continued to edge higher. 

The average apartment rent price just saw its first annual decline since the pandemic started, according to data from Apartment List.