Apartment List pegged the national median rent at $1,353 in January, down 1.4% year over year. It marked the fourth straight winter with a pronounced off-season dip — the largest annual drop since September 2023 — and the lowest January rent since 2022. Rents are now 6.2% below their summer 2022 peak.
The pressure is showing up in vacancies and leasing time. Apartment List said the national vacancy rate hit 7.3% in January, the highest on its index dating back to 2017, while units are taking about 41 days to lease — another high for the series.
“Early last year, it appeared that annual rent growth was on track to flip positive for the first time since mid-2023; however, that rebound stalled out and reversed course during a slow summer moving season that has now dragged into the winter,” wrote Chris Salviati.
The supply wave has peaked, but a sizable pipeline is still being delivered into a market facing weaker demand, Apartment List said — citing a tighter job market and slower household formation.
Last week, Treasury Secretary Scott Bessent told Fox News’ Sean Hannity that Americans will finally see and feel the difference President Trump’s economic policies are making in 2026.
“Inflation is coming back down towards the Fed’s target,” Bessent said. “We’re seeing rents drop. We’re seeing gasoline drop. We’re seeing President Trump out there fighting every day for lower drug costs. And we’re going to see that. And again, you know, affordability has two components. And we’re going to see real wages go up for working Americans. So controlling costs wages up. And as I said these big tax refunds. So I think we’re going to have a boom in 2026. And the important thing here is it’s going to be a noninflationary boom. And I think it could really extend for several years.”
Watch the clip.
EPIC—Scott Bessent says 2026 will be an ECONOMIC BOOM 💥🤯
"Inflation is coming back down towards the Fed's target. We're seeing rents drop. We're seeing gasoline drop. We're seeing President Trump out there fighting every day for lower drug costs. And we're going to see that.… pic.twitter.com/e9yXDPkTrk
— DeVory Darkins (@devorydarkins) January 27, 2026
More over at CNBC:
CNBC: Apartment rents just dropped to the lowest level in 4 yearshttps://t.co/qJIwYl1Ozf
— Rapid Response 47 (@RapidResponse47) February 2, 2026
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