US asking rents fall 0.4% in September, slowest decline in three years
SPY•US median asking rent fell 0.4% year over year to $1,694 in September 2026, extending the decline to 38 months but remaining 14.5% above pre-pandemic levels. San Jose rents rose 6% to a record $3,565 as Bay Area AI hiring fueled rental demand.
1. Rent declines slow
US median asking rent fell 0.4% year over year to $1,694 in September 2026, the slowest decline in three years, extending the streak of declines to 38 consecutive months. Rents remained 14.5% above pre-pandemic levels. In San Jose, rents rose 6% to a record $3,565 as Bay Area AI hiring fueled demand; listings offering concessions fell to 24.3% from 51.9% a year earlier. Demand for lower-cost alternatives pushed some markets back into rent growth, while cooling Sun Belt construction slowed supply-driven declines.
