Apartments.com has just released its quarterly rent growth report for the first quarter of 2023, and the news is good. According to the report, the national average rent has remained relatively stable since the start of the year, with a slight uptick of 0.5 percent.
The report also revealed that rent growth is slowing in many parts of the country, with several cities seeing a decrease in rent rates. For example, the report showed that rents in San Francisco, Los Angeles, and New York have all seen a decrease of 1.5 percent, while rents in Seattle, Las Vegas, and Chicago have dropped by 1.0 percent.
The report also showed that, while the national average rent is stable, there are still some areas where rents are on the rise. Dallas, for example, saw a 4.1 percent increase in rent between the first quarter of 2023 and the same period the previous year. Other cities that experienced rent increases include Austin (2.0 percent), Denver (2.2 percent), and Phoenix (2.4 percent).
Overall, these rent trends indicate that, while rents remain stable in most areas of the country, there are still some cities where rent is on the rise. Renters should take note of these areas and be prepared for the possibility of increased rent rates in the near future.
Want to see what rents are doing where you live? Choose a city below to see the current rent trends.
