- November 30, 2023
- Posted by: legaleseblogger
- Category: Related News
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## Nationwide Median Rent Trends
The median rent nationwide saw a decline of 0.9% in the month of November, with rents dropping by $32 or 2.4% from the peak observed during the summer months, as per the Apartment ListÔÇÖs December rent report. While it is common for rents to fluctuate based on the season, November typically witnesses the fastest decrease in rents, as analyzed by Apartment List.
## Vacancy and Negotiation Opportunity
The winter holiday months are known to be the hardest period for filling vacancies. This presents an opportune time for renters to negotiate favorable terms, as encouraged by Apartment List analysts. It is worth considering negotiating rental terms during this window of opportunity to potentially secure more favorable rates.
## Regional Rental Market Trends
California markets such as Oakland, San Francisco, and Long Beach have experienced the most significant declines in rents over the past year, as the demand for apartments in these areas has remained lackluster. For renters in Austin, TX, Atlanta, GA, and much of the Bay Area, new leases are available at less than 5% compared to the rates offered during the summer.
## Future Rent Projections
Looking ahead, Apartment List analysts are predicting that the monthly rent declines are likely to persist for the remainder of the year and only expected to rebound in early 2024.
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