Apartment Rents Fall in November for 4th Month as Vacancy Rate Hits Record High

An ‘Apartment For Rent’ sign displayed on a residential street. ShutterstockAn oversupply of multifamily housing units continues to bring down national apartment rental rates, which declined for the fourth consecutive month in November.Median rents across all multifamily property types for the month stood at $1,367, according to a national rental report published on Dec. 1 by Apartment List. Rental rates were down 1.1 percent from the same period a year earlier, and they’ve declined more than 5 percent from their peak of $1,442 in 2022, the report noted.