Apartments.com Reports Modest U.S. Multifamily Rent Decline in September 2026
Apartments.com, an online rental marketplace operated by CoStar Group, Inc., has released its latest report on U.S. multifamily rent trends for September 2026. The report shows that apartment rents edged lower during the month as the traditional fall leasing season began, while annual rent growth continued to strengthen.
The national average apartment rent declined 0.08% in September to $1,752, compared with an upwardly revised average of $1,753 in August. The monthly decline follows nine consecutive months of positive or flat rent performance and represents a return to slightly negative monthly growth after a period of relatively stable pricing.
Despite the monthly decrease, the broader annual trend remained positive. U.S. apartment rents increased 1.5% year over year in September, compared with 1.3% in August and 1.0% in September 2025. The improvement indicates that annual rent growth has continued to strengthen even as seasonal conditions put some downward pressure on monthly pricing.
Fall Season Brings Modest Rent Decline
Apartment rents typically experience slower growth during the fall as the peak summer leasing season comes to an end. The September decline continues a pattern of fall rent reductions that has been observed since 2024.
However, the 0.08% decline recorded in September 2026 was smaller than the 0.2% monthly decreases reported in both September 2024 and September 2025. The comparatively modest reduction suggests that pricing conditions were more stable this year, although the national multifamily market continues to face pressure from elevated apartment supply.
Apartments.com also revised its August data. The national average rent was initially reported as declining 0.03% month over month but was subsequently revised to show flat performance.
The combination of stronger annual growth and a limited monthly decline highlights the mixed conditions currently shaping the U.S. apartment market. While landlords continue to contend with new inventory entering the market, the pace of annual rent growth has improved.
Regional Performance Remains Uneven
Regional apartment rents declined across the major regions during September, although the magnitude of the changes varied.
The Mountain region recorded the largest monthly decline at 0.3%. The Pacific region followed with a 0.08% decrease, while the South experienced a 0.02% decline.
The Northeast and Midwest also posted monthly decreases, with rents falling 0.7% and 0.6%, respectively, according to the report.
Annual performance presented a different picture, with several regions recording stronger year-over-year growth. The Pacific region posted a 2.4% annual increase, followed by the Midwest at 2.3% and the Northeast at 2.2%.
The South recorded annual rent growth of 0.2%. Although modest, the increase was significant because it represented the region’s first positive year-over-year rent growth since September 2025.
The Western market continued to show differences between individual markets. Overall rents in the West declined 0.1% year over year. The Mountain region had reduced its annual decline during the summer, but the decrease deepened again in September.
Supply conditions remain an important factor behind the regional differences. Markets in the Mountain region with substantial new apartment inventory have experienced greater pricing pressure, while supply-constrained Pacific markets have generally recorded stronger rent performance.
Major Metropolitan Markets
Rent growth became less widespread among the nation’s largest metropolitan markets in September. Of the top 50 markets tracked in the report, only eight recorded monthly rent increases, while seven markets posted unchanged rents and 35 experienced declines.
Indianapolis recorded the largest monthly increase among the major markets at 1.0%. Louisville followed with a 0.8% increase, while Orange County recorded a 0.2% gain.
On the other side of the market, Salt Lake City recorded the largest monthly decline at 0.8%. San Antonio, Columbus, Seattle, Raleigh and Boston each recorded a 0.5% decrease. Several other metropolitan areas experienced smaller monthly declines.
The September results demonstrate how local supply and demand conditions continue to influence apartment pricing across the country. While national rent trends provide an overall picture, individual metropolitan markets are experiencing significantly different conditions.
San Francisco Leads Annual Rent Growth
On a year-over-year basis, San Francisco continued to record strong rent growth, with apartment rents increasing 12.8% in September.
San Jose followed with an 8.2% annual increase, while Norfolk posted growth of 5.8% and East Bay recorded a 5.4% increase.
In contrast, several markets continued to experience annual rent declines. San Antonio recorded the largest year-over-year decrease among the markets highlighted in the report, at 1.8%. Las Vegas followed with a 1.3% decline, while Denver and Houston each recorded a 1.0% decrease.
These markets have experienced significant new apartment construction, creating situations where supply growth has exceeded demand and placed pressure on rental pricing.
Supply Continues to Shape the Market
The September report indicates that the U.S. multifamily market is gradually moving beyond the peak of its recent construction cycle. However, the large volume of apartments delivered in recent years continues to affect pricing.
Although new construction activity has begun to moderate in many areas, the existing inventory overhang remains substantial. This has limited the ability of property owners in supply-heavy markets to increase rents rapidly.
At the same time, markets with more limited apartment supply are showing stronger rent performance. This divergence is expected to remain an important feature of the multifamily market as regional and metropolitan housing conditions continue to evolve.
As the summer leasing season concludes, the September data provides a snapshot of a multifamily market characterized by modest monthly rent movement, improving annual growth and significant differences between individual markets.
Overall, the national average apartment rent stood at $1,752 in September 2026, down slightly from August, while annual rent growth accelerated to 1.5%. The data highlights the continuing influence of seasonal leasing patterns and apartment supply on rental pricing across the United States.
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