Apartment rents have decreased significantly this year due to job cuts and the ongoing war in Iran and decreased inflation. The national median rent rose by only 0.4% in March from February to $1,363, according to Apartment List, a monthly increase of 0.6%. This is the largest annual drop since the start of 2017 and larger than the record set in the early months of the pandemic. The rent is now down 5.5% from its peak in 2022. The supply of new apartment units has surged over the past three years, but this is now colliding with sluggish demand. Apartment concessions have also risen to the highest level in over a decade.