Denver (-1.3%), Raleigh (-1.2%), San Antonio (-0.9%), and Salt Lake City (-0.8%) saw the steepest monthly declines, with analysts attributing the weakness to “elevated vacancy amid aggressive new supply.”
San Francisco led the nation in annual rent growth at 6.1%, followed by San Jose and Chicago (both 3.8%).
In contrast, Austin (-4.4%), Denver (-3.8%), and Phoenix and San Antonio (both -2.9%) posted the largest annual declines, as oversupply continued to outpace demand.
The September data highlight the delicate balance of rent growth as the fourth quarter begins. While the national average remains above last year’s levels, a substantial inventory overhang continues to weigh on momentum.
Persistent supply pressures could keep rent growth subdued into 2026, with potential ripple effects for multifamily lending and property valuations.