January rent data: Rents rising in homebuyer hotspots

Across the largest cities in the country, apartment rents have been growing at a slower pace since the onset of the COVID-19 pandemic in early 2020. In January, this slowing trend may have found its bottom, as a perhaps more optimistic outlook on 2021 has set in with continued news of relief and vaccines, according to Realtor.com. To read the full results, click here.

In January, apartment rents posted year-over-year declines in 16 of the 50 largest metros, up from only two metros in March 2020 before the pandemic, but down from 17 metros in December 2020.

Rents at the national level, calculated by averaging the top 50 largest metros, are still growing at a lower pace than pre-COVID. The median rent in January was $1,442, up 0.8 percent year-over-year. In March 2020, rents were growing by 3.2 percent year-over-year. Rent growth may have found a floor, however, as January marks the first month since July