Rents Post First Annual Gain in Over Three Years

Rents across the United States ended October roughly where they began a year earlier, a notable shift after more than three years of cooling. Apartment List's October national rent report put the median asking rent at $1,384 and said year-over-year growth turned positive for the first time since mid-2023, though only by 0.1%.

The headline numbers

According to Apartment List, the national median rent was $1,384 in October. That was down 0.3% from September, the second straight monthly decline. The one-bedroom median was $1,215 and the two-bedroom median was $1,369.

The year-over-year reading is the story. Annual growth moved above zero for the first time since the middle of 2023, and the report itself calls the gain "just barely." Apartment List's overall read is that the rental market looks set for further firming in both pricing and occupancy.

Vacancy and concessions

Apartment List's national vacancy index was 7.0% in October, down from a peak of 7.3% in February. That is still high by long-term standards, but it is moving the right way for landlords as the glut of newly built apartments is absorbed. Vacancy is the share of rentals sitting empty, and when it falls, owners have less need to cut prices.

For renters, concessions are the other number to watch. The report said 32% of listings were offering a month of free rent or more. That share points to a market where tenants can still negotiate, especially at newer buildings competing to fill units.

CNBC's coverage of the report, published Oct. 29, added context from other housing data. It cited Redfin figures showing the median U.S. home sale price down 0.1% year over year for the four weeks ending Oct. 25, the first decline in more than three years, and noted that pending home sales were at their lowest level in 25 years according to the National Association of Realtors. Expensive ownership tends to keep more households in the rental pool, which can support demand for apartments.

Where rents are rising and falling

The gap between metro areas remains wide. The San Francisco metro area led the nation at about 13% year over year, followed by San Jose at roughly 9%. Among the 100 largest cities, San Francisco itself was up 24%, Oakland 16% and Boise 13%.

At the other end, San Antonio had the steepest decline among large metros, at 3.8% lower than a year earlier. Austin was down 1.2%, a much smaller drop than the 6.2% decline it posted in 2025. In the 100-city ranking, Madison, Wisconsin (down 3.7%), San Antonio (3.5%), Garland, Texas (3.4%), Las Vegas (3.1%) and Arlington, Texas (2.8%) had the weakest rent growth. CNBC said Austin, Phoenix and Tampa were beginning to recover, while Phoenix, Las Vegas and San Antonio still had some of the steepest declines.

Where the sources differ

CNBC summarized the report by saying median rent rose 0.1% in October. Apartment List's own report shows a 0.3% drop from September and a 0.1% gain from a year earlier, so the 0.1% increase is the annual figure and not a monthly one. We used the figures from the report itself. Apartment List's page also lists time on market as both 34 and 36 days in different places, so we have left that number out.

What this means for renters

A national average hides a lot, and the practical message depends on where you live and when your lease ends.

• In soft markets such as Texas and parts of the Sun Belt, you may still have leverage. Ask about free-rent concessions, reduced fees or a lower renewal increase, and get any offer in writing.
• In Bay Area cities, expect renewal increases. Look at your lease's notice requirements and compare nearby listings before you accept.
• Time your search. Rents are often softer in late fall and winter, when fewer people are moving.
• Compare total cost, not just the rent. Parking, pet fees, utilities and move-in costs can erase a headline discount.

Our renter tools can help you check what a rent increase means for your budget. For earlier reading on vacancy, see our report on apartment vacancy falling to 7%.

Cover photo: Apartment building at 1310 Morrison Drive, Charleston, S.C., by ProfReader, via Wikimedia Commons, CC BY-SA 4.0. File photo for illustration of apartment housing.