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REPORT: November 2023 Rent Trends


On Thursday, Dec. 7, we published our monthly National Rent Report, highlighting national rent trend data as well as rent price data by state and by city. To create this report, we analyze rent trends in 100 major cities.

Click here to read the full report.

Overview

In this month’s report, we explained a few key trends:

  1. Compared to this time last year, rent prices are 5% lower — creating the rare situation in which renting is actually cheaper than buying due to raised interest rates and steep home prices.
  2. The Midwest is bucking the national cooling trend; of the seven cities in the country that saw year-over-year rent hikes higher than 10%, four are in the Midwest.
  3. On top of that, the Midwestern states that have had cooling rent prices have seen smaller decreases than the rest of the country. The Northeast is right there with them.

National Trends

While rent trends differ from region to region, here’s what you need to know about rent prices on a national level:

Rent prices are cooling off.

  • The national median price of a one-bedroom apartment dropped by 1.7% from October to November.
  • For five months in a row — so, from July to November — we have seen a year-over-year decrease in rent.

Home prices are heating up.

  • Both rent and home prices saw a pandemic-induced surge between 2021 and 2022. However, homebuying prices are only rising, while rent prices have cooled off.
  • Right now, homebuyers can expect to pay 23% more for a property than they would have two years ago. Meanwhile, the median price is just 1% higher than it was this time of year in 2021.

[**To interact with this visualization and others, view the full National Rent Report.**](https://www.apartmentadvisor.com/national-rent-report)

To interact with this visualization and others, view the full National Rent Report.

Regional Trends

In this month’s report, we dove deep into trends occurring in a few specific regions:

The Northeast

  • The three most expensive cities in the country — New York City, NY; Jersey City, NJ; Boston, MA — saw increases in rent month-over-month. Meanwhile, nos. 7–10 of the most expensive cities saw decreases.
  • On the state level, Maine had the greatest year-over-year increase in rent prices at 19%. In November, it was the 16th most expensive state to rent.

The Midwest

  • Four Midwestern cities — Fargo, ND (25%); Madison, WI (12%); Grand Rapids, MI (12%); Akron, OH (11%) — saw some of the steepest year-over-year rent increases in the country.
  • The Midwest is not benefiting from the same rent cooling trends that we are seeing across the rest of the country. When compared to the national average, eight out of 13 Midwestern states saw smaller rent decreases year-over-year: North Dakota, South Dakota, Iowa, Illinois, Wisconsin, Michigan, Indiana, and Ohio.

The Bottom Line

The post-pandemic rental surge, which peaked in 2022, has finally cooled off. In most of the country, rent prices are lower now than they were last year. To learn more about rent trends in your city and to see our methodology, read our full report here.

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