Apartments.com Rent Report for September 2025: Tech Companies Create Midwestern Hotspots

Key Takeaways

• The national average rent was $1,629 per month, an increase of 0.6% over the last year.
• The overall vacancy rate is 8.2% and is expected to drop to 7.9% over the next 12 months.
• Fewer new rentals are under construction, foreshadowing steep rent increases in 2026.
• Cities where data centers are becoming more prevalent, like Dayton and Chicago, have experienced rapid rent increases that are expected to continue through 2026.

In September, the national average rent was $1,629 per month for a one-bedroom and $1,887 per month for a two-bedroom.

The overall vacancy rate is currently 8.2%, marking the beginning of a gradual decline expected to land at 7.9% over the next year. Construction of new apartment communities has slowed, and fewer new units are expected to enter the market in 2026. With more Americans than ever choosing to rent, fewer new apartment communities will heat up competition and contribute to the ever-increasing price of rent.

Data Centers Drive Up Prices

Suburbs in the Dayton and Chicago metro areas have seen sharp rent increases in the last year as data centers are built or expanded nearby. Kettering and Trotwood, two suburbs in the Dayton metro area, have seen significant rent increases as Ohio solidifies itself as a data center hub. Similarly, suburbs in metro Chicago like Evanston and Naperville experienced increased rent prices over the last year as tech companies invest in undeveloped land or demolish old office complexes.

The vacancy rate in the Chicago area is expected to drop from 4.6% to 4.4% by the middle of 2026, and rent is expected to increase by 3.6%. In Dayton, the vacancy rate is expected to increase from 6.8% to 7.1% as construction is completed on new rentals, and rent is expected to increase by about 2%.

September 2025 Rent Increases by City

Rent increases in major markets cooled off in September with the completion of new apartment communities, and Brookline, MA, held the top spot for the fifth month in a row. The average rent in Brookline is now $2,823 per month.

Here are the cities with the biggest rent increases in September:

• Brookline, MA: +5.4%
• Brooklyn, NY: +4.7%
• Chicago, IL: +4.5%
• New York, NY: +3.9%
• Columbus, OH: +3.8%

September 2025 Rent Decreases by City

Cape Coral, FL, continued its downward trend with a year-over-year rent decrease of 8.8%. Vacancy rates all around Florida have increased due to construction of new rentals, creating a competitive market that favors renters.

Here are the cities with the biggest rent decreases in September:

• Cape Coral, FL: -8.8%
• Sarasota, FL: -5.5%
• Naples, FL: -3.9%
• Fort Myers, FL: -3.8%
• Denver, CO: -3.2%

Current Rent Prices Across the US

How Current Rent Prices Impact Renters

The rental market is experiencing calm before the storm. CoStar Group data projects rent prices to drop slightly by the end of 2025 before increasing again in the beginning of 2026. The lack of new builds in 2026 will drive up rent prices as moving season begins in the spring.

Need help comparing cities? Our Cost of Living Calculator makes it easy. You can also compare the rent prices from this report to those from August and July to determine the overall trend and visit the U.S. Rent Trends page to view the most current rent prices available across the U.S.

Methodology:

The rent data in this report is sourced from CoStar Group’s Market Trend reports. CoStar Group is the leading authority in commercial real estate information, analytics, and news, trusted by real estate professionals for more than 37 years. By combining this data with Apartments.com internal data and public record, we’re able to deliver the most up-to-date rental information available.

To determine overall rent trends, we evaluate rent prices from more than 2,400 cities across the nation, including the top 80 national markets. This analysis includes year-over-year and month-over-month rent changes to provide a comprehensive view of market dynamics. This report covers a diverse range of property types to ensure a holistic view of the rental market.