Key Takeaways
- The national average rent was $1,665 per month, an increase of 0.8% over the last year.
- Las Vegas entered the list of five cities with the biggest year-over-year rent decreases after thousands of new units entered the market in the first half of 2026.
- Cleveland’s office-to-apartment conversion pipeline is concentrating new multifamily supply around luxury units downtown, causing a steady increase in rent.
In September, the national average rent was $1,665 per month for a one-bedroom and $1,932 per month for a two-bedroom, an increase of 0.8% from September 2025. The national vacancy rate comes in at 7.8% at the beginning of autumn.
Office Conversion Hikes Costs in Cleveland
Rents are rising in Cleveland as construction wraps up on new luxury apartment communities. Cleveland’s average rent is up 1.8% over last year, landing at $1,379 per month for a one-bedroom apartment.
Veronica Miniello, the associate director of market analytics for Cleveland at CoStar Group, says construction has been concentrated around the downtown area.
“Much of this is fueled by office-to-apartment conversions and new-build properties in developing neighborhoods,” says Miniello.
Cleveland’s office real estate market has been falling behind its peers for years. Now, the city’s office market has an 11% vacancy rate, and obsolete office buildings are continuously being repurposed. Most recently, the planned redevelopment of Erieview Tower secured financing was added to the growing list of downtown office buildings converted into luxury residential spaces.
Cleveland’s multifamily vacancy rate is elevated due to the new supply, so renters may not feel the effects of the redevelopment pipeline just yet.
September 2026 Rent Growth
Rhode Island had the greatest year-over-year increase at 3.6%. Arizona and Colorado tied for the largest decrease at -2.1%.
September 2026 rent increases by city
Chicago and New York remain at the top of city-level rent increases. Chicago has been in the top five since March 2025, when the city’s vacancy dropped to its lowest point since 2000. Chicago’s vacancy rate currently hovers at 5%, 2.8 percentage points below the national average.
Here are the cities with the biggest rent increases in September:
- Chicago, IL: +5.7%
- Brooklyn, NY: +5.2%
- New York, NY: +4.2%
- Hollywood, FL: +4.2%
- Pittsburgh, PA: +4.1%
September 2026 rent decreases by city
Year-over-year rent decreases have cooled off now that moving season is over, with none of the five cities with the biggest rent drops breaking a 1% decrease.
Las Vegas recently entered the top five, making it the only city outside of Texas on the list. The city saw over 2,000 new units added to the market in the first half of 2026, further fueling off-season rent drops.
Here are the cities with the biggest rent decreases in September:
- San Antonio, TX: -0.9%
- Katy, TX: -0.6%
- Las Vegas, NV: -0.4%
- Houston, TX: -0.3%
- Fort Worth, TX: -0.3%
Current Rent Prices Across the U.S.
|
City |
Current Average Rent |
Last Month’s Average Rent |
Year-Over-Year Difference |
|
$2,410 |
$2,411 |
+2.4% |
|
|
$1,651 |
$1,659 |
+1.1% |
|
|
$1,422 |
$1,421 |
-0.1% |
|
|
$3,584 |
$3,617 |
+3.1% |
|
|
$1,679 |
$1,673 |
+1% |
|
|
$3,118 |
$3,086 |
+2.3% |
|
|
$1,923 |
$1,937 |
+3.4% |
|
|
$1,473 |
$1,477 |
-1.1% |
|
|
$2,059 |
$2,053 |
+4.5% |
|
|
$1,149 |
$1,151 |
+1.3% |
|
|
$1,313 |
$1,315 |
+1.4% |
|
|
$1,179 |
$1,188 |
+1.2% |
|
|
$1,408 |
$1,408 |
-0.1% |
|
|
$1,621 |
$1,629 |
-1.1% |
|
|
$2,252 |
$2,272 |
-0.9% |
|
|
$1,274 |
$1,272 |
-0.6% |
|
|
$3,913 |
$3,895 |
+3.1% |
|
|
$1,744 |
$1,748 |
+1.3% |
|
|
$1,178 |
$1,179 |
-1.2% |
|
|
$1,127 |
$1,124 |
+1% |
|
|
$3,046 |
$3,029 |
+1% |
|
|
$1,309 |
$1,307 |
+1% |
|
|
$3,318 |
$3,296 |
+3.4% |
|
|
$1,256 |
$1,258 |
+2.1% |
|
|
$1,254 |
$1,266 |
-2.3% |
|
|
$1,894 |
$1,884 |
+1.8% |
|
|
$2,198 |
$2,198 |
-0% |
|
|
$1,507 |
$1,514 |
-0.1% |
|
|
$4,210 |
$4,197 |
+3.3% |
|
|
$2,255 |
$2,243 |
+1.7% |
|
|
$1,224 |
$1,217 |
+2.5% |
|
|
$1,412 |
$1,417 |
+1.9% |
|
|
$1,681 |
$1,687 |
-0.8% |
|
|
$4,210 |
$4,197 |
+3.3% |
|
|
$1,582 |
$1,589 |
-0.2% |
|
|
$1,777 |
$1,781 |
+2.1% |
|
|
$1,300 |
$1,310 |
-1.4% |
|
|
$1,440 |
$1,446 |
+2.1% |
|
|
$1,531 |
$1,532 |
+1% |
|
|
$3,624 |
$3,606 |
+3% |
|
|
$1,385 |
$1,391 |
+0.8% |
|
|
$1,437 |
$1,439 |
+0.9% |
|
|
$1,574 |
$1,578 |
-0.9% |
|
|
$1,153 |
$1,157 |
+1.3% |
|
|
$1,062 |
$1,067 |
-2.1% |
|
|
$2,440 |
$2,446 |
+1.1% |
|
|
$3,628 |
$3,621 |
+13.3% |
|
|
$2,863 |
$2,870 |
+7.6% |
|
|
$2,129 |
$2,134 |
+0.5% |
|
|
$1,646 |
$1,652 |
-0.8% |
|
|
$2,305 |
$2,303 |
+0.8% |
How Current Rent Prices Impact Renters
Rent prices are always changing due to fluctuating demand, so it’s important to keep up with market trends when you’re looking to move so you get the best deal. You’ll generally find the best prices in the fall and winter since summer is a popular time to move, but other factors like the local job market can influence demand for rentals.
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 nearly 40 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.
FAQs
What is the average rent in the U.S. right now?
The average rent in the U.S. is currently $1,665 per month, a year-over-year increase of 0.8%.
Which states had the largest rent increases in September 2026?
The states with the largest rent increases in September were Rhode Island, Illinois, and Idaho. Rhode Island’s average rent increased by 3.5% compared to last year, Illinois’ average rent increased by 3.4%, and Idaho’s average rent increased by 2.9%.
Which states have the cheapest rent right now?
The states with the cheapest rent are Oklahoma, Arkansas, and West Virginia. Oklahoma has the cheapest rent in the U.S. at $921/month, a 0.9% increase over last year.
Are rent prices rising or falling in the U.S.?
Rent prices in the U.S. are rising, averaging 0.8% more than last year.
