Apartment Rental Market Trends - National median monthly rent for apartments fell 1% in November from October, standing at $1,367 [1] - Apartment rents are down 1.1% from November of last year and have fallen 5.2% from their 2022 peak [2] - Vacancies hit a record high of 7.2% in October, unchanged in November [2] Supply and Demand Dynamics - Continued new apartment supply and weaker demand are pushing vacancies up and rents down [1] - Multifamily permits were down about 11% year-over-year in August, indicating a potential future construction decrease [4] - Strong monthly rental renewals are observed, driven by renters' difficulty in affording homes in the for-sale market [4] Impact on REIT Stocks - Apartment REIT stocks, such as Avalon Bay, Equity Residential, and Camden Property Trusts, are down year-to-date [4] Economic Implications - There is a significant lag time for rent figures to impact CPI numbers, a critical measure for the Federal Reserve in determining interest rates [5]