ARLINGTON, VA — U.S. apartment rents declined in September for the third consecutive month, signaling a continued moderation in the multifamily housing market, according to Apartments.com’s latest monthly rent report.
The national average rent fell to $1,712, a 0.3% decrease from August’s revised figure of $1,717. This represents the steepest September decline in over 15 years, with annual rent growth slowing to 0.9%, down from 1.0% in August and 1.5% at the start of the year.
While seasonal slowdowns in the fall are typical, the report notes that the depth of this year’s decline exceeds historical norms — both in dollar amounts and in percentage terms. This trend reflects broader market pressures, particularly a significant volume of new supply hitting the market in several regions.
“All U.S. regions saw monthly rent declines in September,” Apartments.com reported. The West posted the largest drop at -0.5%, followed by the South (-0.4%), Northeast (-0.2%), and Midwest (-0.1%). On an annual basis, the Midwest led with +2.4% growth, while the West declined by -1.3%.
Metro-level data showed rent increases in just two cities: Milwaukee (+0.1%) and Cleveland (+0.02%). Meanwhile, Denver (-1.3%), Raleigh (-1.2%), San Antonio (-0.9%), and Salt Lake City (-0.8%) saw the sharpest monthly drops, largely due to high levels of new construction and elevated vacancy rates.
Despite these challenges, a few metros showed strong annual growth: San Francisco (+6.1%), San Jose (+3.8%), Chicago (+3.8%), and Norfolk (+3.1%). In contrast, oversupplied markets like Austin (-4.4%), Denver (-3.8%), Phoenix (-2.9%), and San Antonio (-2.9%) continued to see year-over-year declines.
Apartments.com’s report concludes that while demand remains steady in many areas, persistent supply overhang is likely to keep rent growth muted through the end of 2025.
