'We’re seeing a complete reversal of market conditions in just 12 months': Rents fell from July to August — the first decline in nearly two years

A glimmer of hope for tenants: asking rents for apartments actually fell between July and August, according to a new analysis — breaking a 20-month growth streak. While year-over-year rents continue to grow, signs point to a cooling housing market.

At last, a glimmer of hope for tenants: asking rents for apartments actually fell between July and August, according to a new Apartments.com analysis — breaking a 20-month growth streak.

Overall, asking rents slid 0.1% in August when compared to the previous month, and just 13 of the 40 largest markets tracked by Apartments.com “saw month over month rents holding positive or at zero,” according to the statement. Still, when compared to last year, rental prices continue to grow. Rents were up 7.1% in August from the same point in 2021 — cooling slightly from the 8.4% year-over-year growth seen in July, but likely painful for certain tenants, regardless.

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