Skip to content

US Rental Market: Declining Average Rent, Strong Multifamily Demand....

Picture of Karen Ali

In December, U.S. average asking rent continued to decline, with the weakest rent performance since 2010. However, the multifamily market saw healthy absorption rates and sustained demand due to strong job market and household formation. The Northeast and Midwest regions experienced the highest rent growth, while Austin had the weakest performance. Rent declined across various property segments, and renewal rent growth softened. 

Your Key Takeaways
-U.S. average asking rent declined for the fifth consecutive month in December.
-The multifamily market had healthy absorption rates and sustained demand due to strong job market and household  formation.
-Northeast and Midwest regions experienced the highest rent growth, while Austin had the weakest performance.
-Rent declined in both Renter-by-Necessity and upscale Lifestyle segments.
-Renewal rent growth softened, with Las Vegas leading in renewal rent growth despite negative asking rent growth.


  • Asking rents decreased for the fifth consecutive month, with the average U.S. asking rent dropping to $1,709 in December.

  • Year-over-year rent growth was at 0.3 percent, the weakest since 2010, excluding the pandemic year of 2020..

  • Absorption in the multifamily market totaled 285,000 units through November 2023, with occupancy remaining steady at 94.8 percent.
, , ,