Year-on-year apartment rent change in the U.S. 2018-2023, per month
Rents in the United States declined year-on-year for the first time in June 2023, after soaring for two years in a row. In November 2021, rents soared by over 18 percent annually - the highest increase on record. In December 2023, the average rent declined by about one percent from the same period one year ago. Despite the softening of the market, many states still experienced rising rents.