US Rents Turn Positive Year Over Year as CPI Rent Index Rises 0.2%

Two fresh readings on the rental market point the same way: the long slide in apartment rents is leveling off. Apartment List's latest national report shows the median rent slightly above where it was a year ago for the first time in more than three years, and the federal Consumer Price Index released Nov. 10 shows rent prices still rising modestly each month.

Apartment List: annual growth turns positive

Apartment List's November 2026 report, based on October data, puts the national median rent at $1,384 a month. That is $1 higher than in October 2025, an increase of 0.1%. The gain is tiny, but it ends a stretch of more than three years in which the company's year-over-year figure was negative.

Month to month, rents still slipped. The median fell 0.3% in October, the second monthly drop in a row. That is normal for this time of year, when fewer people move, and the decline was gentler than the 0.4% average for October in 2017 through 2019 and far milder than the 0.8% drop recorded in October 2025.

By unit size, the median one-bedroom in the report costs $1,215 and the median two-bedroom $1,369. Even with the recent uptick, the national median remains about 4% below its mid-2022 peak, or roughly $58 a month cheaper.

Vacancies ease, but renters still have leverage

Apartment List's vacancy index stood at 7.0% in October, down from a high of 7.3% in February 2026. That is still above the 6.4% average the company recorded in 2017 through 2019, so there are more empty units than before the pandemic.

Other signs suggest landlords are still competing for tenants. Units took a median of 36 days to lease in October, the longest October reading since the company began tracking the measure in 2019. And 32% of properties advertised concessions worth at least a month of free rent, up from 28% a year earlier.

A divided map

Local markets are moving in very different directions. Of the 55 metros with more than a million people in Apartment List's data, 35 showed rents higher than a year ago. San Francisco led with a 13% annual gain, and the company said rents inside the city itself were up 24%. San Jose followed at 9%.

At the other end, San Antonio posted the steepest annual drop among large metros at 3.8%, and Austin was down 1.2%, a much smaller decline than the 6.2% it saw the year before.

CPI: rent index up 0.2% in October

The Bureau of Labor Statistics reported Nov. 10 that its rent index rose a seasonally adjusted 0.2% in October, while owners' equivalent rent, which estimates housing costs for homeowners, rose 0.3%. The broader shelter index also climbed 0.3% and made up more than 30% of the month's overall price increase. Headline consumer prices rose 0.4% for the month, and prices excluding food and energy rose 0.3%.

One caveat: the BLS did not publish year-over-year changes for most categories, including shelter and rent, this month. The agency did not collect October 2025 price data during last year's lapse in federal funding, so it has no matching base month for most series. The next CPI report, covering November, is scheduled for Dec. 10.

The government's rent measure covers all tenants, including those renewing leases, so it tends to trail private indexes such as Apartment List's, which track new leases. The two data sets are measuring different things, but both show rent increases that are modest by recent standards. For background on how the shelter index works, see our earlier look at August's CPI shelter data.

What this means for renters

For most tenants, the near-term picture is still favorable, though the easiest bargains may be fading:

• Negotiate while concessions last. With nearly a third of properties offering a free month or more, ask about move-in specials, waived fees or a lower rent on renewal. Get any concession in writing in the lease.
• Look at your local market, not the national number. A renter in San Antonio or Austin is in a very different position than one in San Francisco. Compare current listings for similar units before you accept a renewal increase.
• Winter can be a good time to sign. Rents typically soften in the fall and winter, and longer vacancy periods give landlords a reason to deal.
• Budget for firmer rents ahead. If current trends continue, Apartment List expects 2026 to end with rents up for the full year, which has not happened since 2022. The company also listed weak consumer sentiment, inflation and higher mortgage rates as risks.

Our earlier report on falling vacancy and the rent rebound has more on how supply is shifting.