05/28/2026
Apartment rents rise again in May, led by Midwest, Northeast and Pacific regions
But elevated supply, moderating demand keep price increases in check
By Grant Montgomery
CoStar Analytics
May 28, 2026 | 8:04 AM
U.S. apartment rents rose 0.2% on average for May, matching April’s pace and remaining modest for this stage of the spring leasing season. That suggests this spring leasing period continues to be more restrained than a typical year.
The national average climbed to $1,737 from April’s upwardly revised level of $1,733, according to Apartments.com’s latest report on multifamily rent trends.
Both March and April were initially reported as 0.2% monthly increases and have since been revised higher to 0.3%, reflecting slightly stronger pricing earlier in the spring than previously estimated.
Apartment rent growth typically accelerates at the start of the year, but this time, the run of positive monthly rent growth began late last year, following flat to declining performance in the second half of 2025.
On an annual basis, average apartment rents held steady at a 0.7% increase in May 2026, in line with April and below the 1.3% gain recorded one year earlier.
While monthly apartment rent gains have stabilized since late 2025, supply conditions and more measured demand continue to restrain pricing momentum nationally.
All five major U.S. regions posted rent increases in May. The Northeast and Pacific regions led on a monthly basis, each rising 0.3%, followed by the Midwest at 0.2%, while the South and Mountain regions each recorded 0.1% increases.
On an annual basis, regional rent performance remained uneven. The Midwest recorded the strongest year-over-year rent growth at 2.0%, followed by the Northeast at 1.3% and the Pacific at 1.2%.
In contrast, rents declined year over year in the South by 0.8% and in the Mountain region by 1.7%. Performance across Western markets continues to diverge, with supply-heavy Mountain metropolitan areas facing greater pressure on rents than more supply-constrained Pacific markets.
Among metropolitan areas, apartment rent growth remained widespread in May. A majority of markets, 43 of the top 50, posted month-over-month increases, down slightly from 45 markets in April.
San Jose led the nation in monthly rent growth with a 1.2% increase, followed by Tucson at 0.9% and San Francisco at 0.8%. Only seven major U.S. markets recorded monthly rent declines, led by Las Vegas at 0.3%, followed by Richmond at 0.2%, while several other markets posted marginal declines.
Among metropolitan areas, apartment rent growth remained widespread in May. A majority of markets, 43 of the top 50, posted month-over-month increases, down slightly from 45 markets in April.
San Jose led the nation in monthly rent growth with a 1.2% increase, followed by Tucson at 0.9% and San Francisco at 0.8%. Only seven major U.S. markets recorded monthly rent declines, led by Las Vegas at 0.3%, followed by Richmond at 0.2%, while several other markets posted marginal declines.
On an annual basis, San Francisco again outperformed other U.S. markets, posting average rent growth of 8.4%, followed by San Jose at 4.9%, Norfolk, Virginia, at 4.4% and Chicago at 2.9%.
Meanwhile, rents in multifamily markets with the largest additions to supply remained under pressure, led by Austin and San Antonio with 3.3% annual declines, followed by Denver at 3.1% and Las Vegas at 2.5%, reflecting conditions where new complexes continue 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.
Though construction has begun to slow in many markets, a substantial — though gradually easing — inventory overhang continues to weigh on rent growth nationally as the 2026 spring leasing season progresses.
