Name: Apartment rents drop further as vacancies hit record high
Uploaded: 2025-12-02T17:18:52.117Z
Duration: 1 min 50 s
Description: CNBC’s Diana Olick reports on the latest rent data.

CNBC’s Diana Olick reports on the latest rent data.

Recent data indicates that the national median monthly rent for apartments in the United States fell by 1% in November, reaching $1,367. This marks the fourth consecutive month of rent declines, with vacancies holding at a record high of 7.2%. The elevated vacancy rate follows a surge in apartment construction during the pandemic, with supply expected to decrease in the coming year.

The softness in the rental market is reflected in the declining performance of apartment REIT stocks such as Avalon Bay, Equity Residential, and Camden Property Trust. While rental renewals remain strong due to affordability challenges in the home-buying market, there is a lag before these rent trends are reflected in key inflation measures used by the Federal Reserve.

Apartment rents drop further as vacancies hit record high

new data painting a picture of the apartment rental market and the potential impact on stocks in the sector. Diana Olick with more details on today's property play. Diana. Yeah, Court, we've got an exclusive early read on November rent data out tomorrow and it shows that continued new supply and weaker demand are pushing vacancies up and rents down. The national median monthly rent for apartments fell 1% in November from October and now stands at $1,367. That's according to apartment list. It was the fourth consecutive month over month decline. Apartment rents are now down 1.1% from November of last year and have fallen 5.2% from their 2022 peak. Now vacancies hit a record high of 7.2% in October. That was unchanged in November. This index dates back to 2017. It comes after a really historic surge in apartment construction brought on big by the pandemic. Since it takes a while to build a large building, this supply is still on the high side, although it's expected to start dropping back next year. We don't have any recent data on multifamily starts due to the government shutdown, but the last read from August showed multifamily permits, which are an indicator of future construction, were down about 11% year over year. Now weakness, of course, is showing up in the stocks of the apartment REITs. Names like Avalon Bay, Equity Residential, and Camden Property Trust are all down year to date. On the bright side, monthly rental renewals are strong, mostly because renters are having a harder time affording a home on the for sale market. There is a significant lag time for these rent figures to get into the CPI numbers, which are a critical measure for the Federal Reserve in determining interest rates. But guys, they will show up eventually. So for more on this and a big play on investment in early childhood real estate, head to the Property Play newsletter, cnbc.com forward slash property play. Back to you.

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