U.S. apartment rents edged up 0.1% on average in June, slowing from May as a restrained spring leasing season draws to a close.
The national apartment rent average increased to $1,742 from May’s upwardly revised level of $1,740, according to Apartments.com’s latest report on multifamily rent trends.
Rents for May, initially reported as a 0.2% monthly increase before being revised higher to 0.3%, reflect slightly stronger pricing earlier in the spring than previously estimated.
Though apartment construction activity has begun to slow in many markets, a substantial — though gradually easing — inventory overhang continues to weigh on rent growth nationally, resulting in an under-performing spring leasing season.
On an annualized basis, average apartment rents increased 0.8% in June, in line with May but below the 1.2% gain recorded for the same month one year earlier. While monthly rent gains have stabilized since late 2025, elevated supply levels and more measured renter demand continue to restrain rent-pricing momentum nationally.
All five major U.S. regions posted average rent increases in June. The Pacific region led on a monthly basis with a 0.2% increase, followed by the Midwest, South, Northeast, and Mountain regions at 0.1% each.
On an annualized basis, regional performance remained uneven. The Midwest recorded the strongest year-over-year rent gains at an average increase of 2.0%, followed by the Pacific at 1.4% and the Northeast at 1.3%.
In contrast, apartment rents declined year over year in the South by 0.7% and in the Mountain region by 1.5%. Performance across Western U.S. markets continues to diverge, with supply-heavy Mountain metropolitan areas facing greater rent pressure than more supply-constrained Pacific markets.
Among metropolitan areas, apartment rent growth remained widespread in June. A majority of markets, 41 of the top 50, posted month-over-month increases, down slightly from 43 in May.
Among major U.S. multifamily markets, San Francisco led the nation in average monthly rent gain with a 0.7% increase, followed by two other Bay-area markets, San Jose at 0.6% and East Bay at 0.4%, reflecting particularly strong demand tied to the region’s expanding AI sector.
Nine major markets recorded rent declines, led by Fort Lauderdale, Florida, at 0.3%, followed by Richmond, Virginia, at 0.2%, with several others posting smaller decreases.
On an annualized basis, San Francisco again outperformed other U.S. markets, posting rent growth of 9.2%, followed by San Jose at 5.6%, Norfolk, Virginia at 4.6% and East Bay at 3.1%.
Meanwhile, rents in multifamily markets with the largest supply additions remained under pressure. San Antonio led with a 3.4% annual decline, followed by Denver and Austin, Texas, at 2.6% each, and Phoenix at 2.3%, reflecting conditions in which new supply continues to outpace demand.
Regionally, modest monthly rent gains remain widespread across the country, though year-over-year performance continues to vary and remains closely tied to local supply conditions.