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The vast majority of the country’s largest markets saw apartment rents edge down in October.
Among the top 30 markets in the U.S., only New Jersey and Detroit experienced month-over-month rent growth, according to a report from commercial real estate data firm Yardi Matrix. The increase in those markets was small, at just 0.1 percent.
Nationwide, rents ticked down 0.2 percent from September, marking the third straight month of declines.
On a year-over-year basis, rents held steady nationally, but less than half — just 14 — of the top markets posted rental increases over the past year.
New York led the way, with a yearly growth rate of 4.7 percent. But on a monthly basis, New York recorded the steepest rent drop among the top markets with 1.7 percent. Austin followed, with a decline of 1 percent.
None of these top markets experienced rental increases in what Yardi calls the “lifestyle” segment, or apartments that are rented to tenants who choose to rent. For these properties, the national average rental decline was 0.3 percent.
Meanwhile, the “renter-by-necessity” segment recorded increases in six of the top metros, with Kansas City posting the strongest growth. But nationally, the average rent for these properties slid 0.1 percent month over month.
Demand for apartments has also cooled across the United States. Renters absorbed some 110,000 units in the third quarter, according to the report. While that aligns with historical standards, it is down from the 185,000 units that were taken up during the first two quarters of 2025. The competition has led landlords, particularly in high-supply markets such as those in the Sun Belt, to offer concessions.
Absorption also varied widely throughout the country. In the Midwest, it was down by 75 percent. Meanwhile, it fell by 29 percent in the Northeast, per Yardi. Among the country’s top 30 markets that Yardi tracks, absorption was the greatest in Charlotte, Austin, Nashville and Raleigh-Durham. More than 5 percent of those metros’ apartment stocks have been absorbed year to date through September.
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