An apartment building with an available unit in San Francisco on June 9, 2023. Justin Sullivan/Getty Images
A Sept. 5 report from Apartments.com, an online apartment marketplace of the CoStar Group, reveals a 0.23 percent drop in August apartment rents, falling from a national monthly average of $1,719 in July to $1,713. The report indicates this is the second consecutive month of negative or flat rental changes, and the first time since January that the national average slipped by more than 20 basis points.
Rentals generally follow seasonal patterns, showing an uptick in the spring and a slowdown in late summer and fall.
