US apartment rents edged lower in October even as annual growth improved, according to Apartments.com, which published its latest multifamily rent report on October 29. The national average fell 0.15% to $1,749 from September’s $1,752, marking a second consecutive month of modest declines after nine months of flat to positive increases.
On an annual basis, rent growth accelerated to 1.6% in October from 1.5% in September, up from the 0.9% reading recorded one year earlier. The October monthly decline was milder than the 0.25% drop in October 2025 and similar to the 0.13% decline in October 2024, suggesting the market is finding its footing after sharper seasonal falls in the past two years.
Most markets fell on the month
Monthly rent growth was limited across the top 50 markets: just one market posted a month-over-month increase, seven were unchanged and 42 recorded declines when rounded to one decimal place. Norfolk led monthly growth with a 0.2% increase.
Regional monthly changes were modest, with the Mountain region down 0.4%, the South down 0.3% and the Pacific down 0.2%. Annual growth was positive across all five regions, led by the Pacific at 2.6%, the Northeast at 2.4% and the Midwest at 2.3%.
San Francisco leads the annual gains
San Francisco continued to outperform, posting rent growth of 12.9% year over year, followed by San Jose at 8.4%, the East Bay at 6.3% and Norfolk at 5.5%. The number of top-50 markets posting annual declines fell to just 11, with Raleigh, Atlanta and Austin moving back into positive territory.
Elevated supply remains a constraint on pricing momentum nationally, Apartments.com said, even as the fall leasing season typically brings slower growth. For renters, the message is mixed: monthly asking rents are easing, but the yearly trend is creeping back up, so renewals may still come with an increase.
A separate Apartments.com RentPulse report for the third quarter adds context: the national vacancy rate fell to 7.8%, down 0.5 percentage points from a year ago and its lowest since late 2023, as the wave of new apartment construction begins to recede. Yet landlords are still competing for renters, with the national concession rate rising to 4.2%, up 0.6 points from last year. In Las Vegas, Salt Lake City and Southwest Florida, excess supply continues to push rents lower and give renters greater leverage, while Upper Midwest markets such as Milwaukee and Grand Rapids are seeing rents rise as supply tightens.
