August apartment rents turn positive for the first time in four years
Apartment rents are finally turning positive as vacancies drop, thanks to less new supply.
TL;DR
- August saw the first positive national median apartment rent growth (0.1%) since August 2022.
- Rents are 0.8% lower year-over-year, but the decline is decreasing, signaling market stabilization.
- The national median rent is $1,390, down $11 from August 2025.
- The vacancy index dropped for six straight months to 7.1% in August.
- Multifamily construction peaked in 2024 with over 600,000 new units.
- Regional trends vary, with rent declines concentrated in the South and Mountain West, while Northeast, Midwest, and parts of the West Coast show increases.
- San Francisco, San Jose, Virginia Beach, and Milwaukee saw the highest rent growth.
- San Antonio, Las Vegas, and Denver experienced the largest rent drops.