November Rental Market Update: Why a Softer Winter Market Is Not a Bad Thing
As we move into winter, many property owners are seeing headlines about rent declines, concessions, and renters gaining leverage. While that can sound concerning at first glance, the reality is far more measured and, in many ways, healthy.
According to Zillow’s November Rental Report, national asking rents dipped slightly month over month. This is a normal seasonal pattern. Fewer people move during the winter, which eases demand and slows rent growth temporarily.
What matters more is the broader context.
Over the past several years, rents surged at historic rates. Since the start of the pandemic, national rents are still up more than 35 percent. What we are seeing now is not a reversal of that growth, but a return to a steadier pace.
Annual rent growth has cooled compared to the post-pandemic spike, but rents are still higher than last year in most major markets. This normalization reduces volatility and supports longer-term stability for both owners and residents.
One of the most important distinctions in today’s market is the difference between single-family and multifamily rentals.
Apartment construction surged over the past few years, especially in large metro areas. That increased supply has put pressure on apartment rents and driven a rise in concessions such as free months, reduced fees, and renewal discounts.
Single-family rentals have been more resilient. Many renters are aging into family stages, seeking more space, or unable to afford buying a home due to higher interest rates and home prices. This continues to support demand for single-family homes, particularly in suburban and non-urban markets.
Nearly two out of every five rental listings nationally now include some form of concession. This does not mean rents are collapsing. It means competition has increased and property managers are focusing more on retention and occupancy.
In many cases, a modest renewal incentive or flat renewal can outperform vacancy, turnover costs, and lost rent. This is especially true during the winter months.
At Southern Oak Property Management, our approach does not change with headlines.
We focus on accurate pricing over aspirational pricing, strong resident relationships, clear communication with owners, and long-term performance rather than short-term reactions.
Winter markets require precision and calm decision-making. When spring demand returns, well-positioned properties benefit from stronger leasing activity without unnecessary disruption.
If you have questions about your property, renewal timing, or current market conditions, we are always here to talk it through.
Excellence in the details builds trust over time.
