The median rent peaked in August 2022 at $2,054 and was $1,967 as of December 2023.
According to the NCREIF Property Index, apartments have slightly outperformed other commercial properties, falling 7.55% compared with a fall of 8.39% for all commercial real estate from Q4 2022 to Q3 2023. This decline is in large part because of the national slide in rents. The median rent peaked in August 2022 at $2,054 and was $1,967 as of December 2023.