The national average rent decreased last month for the first time in two years.
That’s according to apartment listing site Rent Cafe’s September 2019 Apartment Market Report, which found that the national average dropped 0.1% to $1,471 from August. National rents also saw the slowest year over year growth (3.2%) in 13 months. While small, the decrease could be a good sign for renters: It may signal slightly lower rent prices going forward, according to data from real estate intelligence source Yardi Matrix.
That’s true even in major cities: “Since last month, apartment rents saw minor declines in more than half of the cities we analyzed,” the report says. “Small and large cities lead the trend, with prices dropping in 59% of small cities and 56% of large cities.”