Business & Finance
U.S. apartment rents register first August growth since 2022, Apartment List reports
National median rent rose 0.1% month-over-month to $1,390, signaling potential market stabilization following recent construction booms.
The short version
- National median apartment rent grew 0.1% from July to $1,390 in August, marking the first positive August growth rate in four years.
- The national vacancy rate dropped for the sixth consecutive month to 7.1% as demand began absorbing the recent surge of new housing supply.
- Despite month-over-month growth, rents remain 0.8% lower than in August 2025, with declines heaviest in the South and Mountain West.
Key facts
- The national median apartment rent reached $1,390 in August, rising 0.1% from July but remaining $11 lower than in August 2025.[CNBC]
- August's month-over-month increase marks the first positive growth rate for the month of August since 2022.[CNBC]
- Apartment List's national vacancy index fell to 7.1% in August, declining for the sixth consecutive month in its first sustained drop since 2021.[CNBC]
- Multifamily housing construction crested in 2024 with over 600,000 new units entering the market, representing the highest annual volume since 1986.[CNBC]
- The highest rent gains occurred in San Francisco, San Jose, Virginia Beach, and Milwaukee, whereas San Antonio, Las Vegas, and Denver logged the largest drops.[CNBC]
What remains uncertain
- It remains uncertain whether the modest month-over-month increase signals a permanent trend shift or if seasonal off-season slowdowns will re-emerge in late autumn.[CNBC]