Workers building a home in North Portland, Oregon, in 2023. A construction boom and economic uncertainty have lowered average rents nationwide, though many renters remain burdened by high costs. (Photo by Lynne Terry/Oregon Capital Chronicle)
Average rents in March were down 1.7% compared with March 2025, the largest year-over-year decline since the pandemic created more demand for apartments and drove a historic building boom.
The March decline was slightly greater than the 1.6% year-over-year drop in July 2020, at the height of pandemic chaos and a widespread flight from urban apartments, according to a new report by Apartment List, a company that posts rental listings online…