Apartment List’s National Rent Report – December 2025

“The best opportunities come dressed as problems.”
— John Rockefeller

According to Apartment List’s National Rent Report for December 2025, national median rent dropped 1% in November to $1,367 – the fourth consecutive month-over-month decline. They say all of their key indicators are pointing toward ongoing sluggishness in the multifamily rental market – rent prices are down and the vacancy rate is at an all-time high. In addition, they added that it’s likely 2025 will close out with an additional modest rent decline in December.