Apartments.com January Rents Increase 0.2% to $1,713, Annual Growth 0.6%
U.S. apartment rents climbed 0.2% in January to an average of $1,713, continuing positive growth after five flat or negative months. Annual rent growth eased to 0.6% from 0.7% and was led by the Midwest at 2.1%, while the West and South saw year-over-year declines of 1.5% and 0.2%, respectively.
1. National Rent Trends
U.S. apartment rents rose 0.2% in January to an average of $1,713, extending the positive monthly change that began in December after five months of flat or negative movement. Annual growth decelerated to 0.6% year-over-year from 0.7%, reflecting a moderation from the 1.5% growth recorded in January 2025.
2. Regional Performance
All four U.S. regions posted month-over-month rent increases in January, led by the Midwest at 0.27%, followed by the Northeast (0.21%), South (0.17%) and West (0.09%). Annual gains were strongest in the Midwest at 2.1%, while the West and South recorded declines of 1.5% and 0.2%, respectively.
3. Metro Market Highlights
Among the top 50 metro areas, 42 saw rent increases in January, up from 25 in December. San Francisco led with a 1.07% monthly rise and a 6.3% annual gain, whereas Austin rents dropped 4.8% year-over-year as new supply weighed most heavily.
4. Outlook and Supply Impact
Elevated supply pressures, especially in the Mountain West and Sun Belt, continue to temper momentum, but the persistence of positive growth patterns suggests a gradual return to typical seasonality. As inventories ease slowly, rent trends could stabilize through the spring leasing season.