The upward trend in rental increases continued in August as the national median rent rose again for the seventh straight month, according to the September report from Apartment List.
“While modest, this month’s increase is notable because it’s the first time we’ve observed positive rent growth in August since 2022,” researchers Chris Salviati and Rob Warnock write in the report. “By bucking that trend, this month’s data offers another sign that the rental market is turning the corner.”
Rents are still down 0.8% compared to one year ago, but year-over-year rent growth has been inching up and the vacancy rate is inching down, signaling a modest tightening of rental market conditions.
Key Stats:
- National Median Rent: $1,390 per month as of August 2026.
- Month-Over-Month Rent Growth: Rents increased 0.1% in August, the seventh consecutive monthly increase.
- Year-Over-Year Rent Growth: Rents are down 0.8% compared to August 2025, though this figure is bouncing back after bottoming out at -1.6% in April.
- Vacancy Rate: The national multifamily vacancy rate fell to 7.1% in August, near a recent peak, but declining for the first time since late 2021.
- Time on Market: Units are taking an average of 32 days to get leased after being listed.
Multifamily vacancy rate ticks down to 7.1%, declining for first time since 2021
The researchers say they see multifamily occupancy hitting an inflection point in tandem with rent growth.
Since reaching a peak of 7.3% in February the vacancy rate has been slowly creeping down, and fell to 7.1 percent in August. This recent inflection marks the first time that we have seen a decline in our national vacancy index since late 2021.
List-to-Lease time remains elevated at 32 days
Units leased in August had been sitting on the market for an average of 32 days, up two days compared to last month and somewhat elevated for this time of year. This lengthened list-to-lease time is a reminder that despite the recent inflection points in pricing and occupancy, rental market conditions remain fairly cool overall.
Some final thoughts as we head into the fall
“We are continuing to see signs that the tide is turning on the soft conditions that have defined the market for nearly four years. An uncertain macroeconomic outlook presents risks to rental demand. However, the market is definitely turning the corner with the shift is occurring gradually,” Salviati Rob Warnock write.
