Apartment Rents Have Dropped in Nearly Half of the Top 100 Markets

Rents are declining in markets across the country. A new national apartment rent report from the Apartment List shows that rents have declined in 41 of the top 100 markets in the country since the onset of the pandemic in March. San Francisco, New York and Seattle have seen the steepest decline in rental rates, with 17.8%, 11.6% and 9.9% drops in average rent, respectively. This has cleared all of the rent growth from the last year in those markets.