Rents declined –0.2% month-over-month in November, bringing the national average to $1,706—the largest November drop in more than 15 years.  This is now the 5th straight month of flat or negative rent movement.  On an annual basis, rent growth has slowed to +0.7%, down sharply from +1.5% in Q1.  Every U.S. region posted its 4th consecutive monthly decline, with the West leading at –0.4%, followed by the South at –0.2% and the Northeast at –0.1%.  For investors and operators, this reinforces a clear trend:  supply pressures and shifting renter demand are creating a softer pricing environment heading into 2026.