Rents hit four-year low; apartments take longer to lease, report says
Rents hit a four-year low in January, something the Trump administration hailed as more good news for consumers.
“President Donald J. Trump is delivering REAL relief to American families…
Rents hit a four-year low in January, something the Trump administration hailed as more good news for consumers.
“President Donald J. Trump is delivering REAL relief to American families struggling with high housing costs,” the White House posted Monday.
The national median rent in January was $1,353, down 1.4% from a year earlier and reaching its lowest point since January 2022, according to figures from Apartment List.
The vacancy rate was 7.3%, and apartments took an average of 41 days to lease – both the highest levels since Apartment List began tracking the data in 2017.
Several markets saw rents increase, including Virginia Beach, Virginia; San Francisco; and Chicago. Other markets posted declines, including Austin, Texas; New Orleans; San Antonio; Tucson, Arizona; and Denver.
The administration has credited its efforts to reduce illegal immigration with helping to lower rental and housing costs for Americans.
In the year since Trump took office, nearly 3 million illegal immigrants have left the country, including an estimated 2.2 million that have self-deported, the Department of Homeland Security says. The administration has also closed the southern border, stemming the flow of illegal immigrants into the country.
