Apartment List’s “national median rent” is its estimate of the median monthly rent paid on newly‑signed leases across the U.S. in a given month. It is calculated by (1) starting with Census American Community Survey medians for recent movers, (2) projecting those forward using a repeat‑transaction rent index built from Apartment List’s listing and transaction records (matched units leased more than once), (3) using the last observed pre‑occupancy price as the transaction price, and (4) applying a three‑month smoothing average—which yields a composition‑controlled, up‑to‑date median rather than a simple median of active listings.
Apartment List is an online rental marketplace and research group that aggregates listings from verified partners and listing feeds. Its rent estimates rely on transaction‑focused, repeat‑transaction methods and Census ACS data to correct sampling bias. By contrast, Zillow’s ZORI also uses a repeat‑rent approach (tracking the same unit over time) but is based on observed/asking rents on Zillow; many other private indices (and some Realtor.com products) rely more on current listing/asking prices, which can overstate rents because list prices exceed final transaction prices and sampling skews toward newer/higher‑end units.
The White House article credits the administration with policies to "increase supply" and "reduce bureaucratic barriers." Publicly announced actions under the Trump administration include executive orders and regulatory changes promoting faster permitting, incentives for housing construction, reforms to environmental and zoning review processes, and directives to federal agencies to remove perceived barriers to housing development. Specific program names and rule changes vary by agency and announcement; the White House article does not list exact rules, so identifying precise statutory or regulatory changes requires looking at administration announcements and agency rule‑making records.
Falling mortgage rates and lower gas prices affect rentals through two main channels: (1) mortgage rates and home‑buying costs — lower mortgage rates make buying relatively cheaper, which can reduce rental demand and put downward pressure on rents; (2) lower gas prices reduce commuting and living costs, effectively increasing renters’ disposable income and sometimes boosting housing affordability or changing location preferences. Both supply‑demand and income effects mean these price changes can dampen or shift rental demand and thus influence rents.
Apartment List’s report and underlying data show rent declines are concentrated in Sun Belt and fast‑growing metros with recent construction booms; multifamily (apartment) markets where new supply is heavy have seen larger declines (e.g., Austin, Phoenix, Denver, San Antonio, Tampa). Other regions (parts of the Northeast, Midwest, Bay Area) continue to see flat or rising rents. Apartment List’s vacancy and time‑on‑market data indicate multifamily units and metros with high permit deliveries are driving much of the decline.
In the White House article and the Apartment List report, the 6.2% decline is measured from Apartment List’s mid‑2022 peak (their reported 2022 national rent peak), i.e., rents have fallen about 6.2% from the 2022 peak through January 2026.