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Rents Continue to Decline More than Seasonally Normal


Today, in the Calculated Risk Real Estate Newsletter: Rents Continue to Decline More than Seasonally Normal

A brief excerpt: OER and rent of primary residence have mostly moved together. The Zillow index started in 2014, the ApartmentList index started in 2017, and CoreLogic in 2004.

Here is a graph of the year-over-year (YoY) change for these measures since January 2015. Most of these measures are through November 2022, except CoreLogic is through October and Apartment List is through December 2022.

Note that new lease measures (Zillow, Apartment List) dipped early in the pandemic, whereas the BLS measures were steady. Then new leases took off, and the BLS measures are picking up.

The CoreLogic measure is up 8.8% YoY in October, down from 10.2% in September, and down from a peak of 13.9% in April 2022.

The Zillow measure is up 8.4% YoY in November, down from 9.6% YoY in October, and down from a peak of 17.1% YoY in February 2022.

The ApartmentList measure is up 3.9% YoY as of December, down from 4.5% in November, and down from a peak of 18.1% YoY November 2021.There is much more in the article. You can subscribe at

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