Apartment List Reports Sixth Monthly Rent Decline

Apartment List data shows rents down for sixth straight month as vacancies rise and leasing slows, especially in Sun Belt cities.

January 30, 2026

Jordan B.

Apartment List shows national median rent down 0.2% in January to $1,353.
Multifamily vacancy rate rises to 7.3%, highest since tracking began in 2017.
List-to-lease time hits record 41 days, indicating slower market activity.
Annual rent declines are sharpest in Sun Belt metros, led by Austin, TX.

Key Takeaways

Winter Brings Another Rent Dip

The Apartment List National Rent Report finds US rents dropped for the sixth month in a row, easing another 0.2% in January. The median apartment rent is now $1,353—a 1.4% decrease year-over-year and a 6.2% drop from the 2022 market peak. This trend marks the fourth consecutive winter with pronounced off-season rent dips, expanding a pattern seen since the surge in multifamily construction post-pandemic.

US rent growth continues downward in early 2026, marking six straight months of decline as seasonal and supply pressures weigh on prices.

Market Softness Dominates

Apartment List notes that current market softness is driven largely by high multifamily supply. Over 600,000 new units delivered in 2024 pushed the vacancy rate to 7.3%—a record since the index began in 2017. This trend reflects broader industry data showing rising vacancies across the multifamily sector, as supply continues to outpace demand. With supply still above long-term averages and demand muted by economic uncertainty, landlords have reduced pricing leverage and competition for tenants is rising.

Annual US rent growth falls to -1.4% in early 2026, reflecting ongoing supply surpluses and weakening rental demand nationwide.

Slower Leasing Activity

Apartments now take longer to lease. In January, the average list-to-lease time hit 41 days—a new high. That’s four days slower than last year and more than twice the speed seen in summer 2021. More available units are sitting on the market, pushing leasing times higher. The growing supply continues to shift key Apartment List metrics across the country.

Regional Divergences Emerge

Sun Belt metros are seeing the steepest rent declines. Austin rents fell 6.3% over the past year and over 20% from the 2022 peak. Other supply-heavy cities like Denver, Phoenix, San Antonio, Tampa, and Raleigh also posted sharp annual drops. In contrast, some metros are still growing. Virginia Beach, San Jose, and San Francisco saw rents rise, helped by strong local economies and tech-driven demand.

Year-over-year rent changes vary widely across US metros, with Sun Belt cities falling fastest and tech hubs seeing solid gains.

What’s Next

Apartment List foresees market conditions remaining soft as elevated vacancy and slow leasing coincide with a tapering construction pipeline. The rental outlook will hinge on labor market strength and general economic trajectory. With construction moderating but demand uncertain, a faster market recovery will depend on how quickly the sector can absorb the existing supply surplus.