U.
S. apartment rents declined in November 2025, marking the fifth consecutive month of flat or negative monthly change, according to the latest report published by Apartments.com, an online marketplace of CoStar Group. The national average rent fell to $1,706, a 0.18% decrease from October’s downwardly revised figure of $1,709.
This decline represents the steepest November decrease in over 15 years, although it moderates from October’s decline of 0.30%. Annual rent growth further slowed to 0.7% in November, down from 0.8% in October and 1.5% at the beginning of the year. While apartment rent growth typically follows a seasonal pattern of spring acceleration and late summer/fall slowdown, this year has seen more severe seasonal trends. A moderating trend now appears to be in motion.
Despite the national average rent remaining above levels from a year ago, elevated supply pressures continue to impact rent growth momentum. The November data highlights a delicate balance in rent growth during the fourth quarter, indicating that while the market has not entered a widespread downturn, significant pressures persist.
All U.
S. regions recorded rent declines for the fourth consecutive month in November. The West experienced the largest month-over-month drop at 0.4%, followed by the South at 0.2%, the Northeast at 0.1%, and the Midwest at 0.01%. On an annual basis, the Midwest demonstrated the strongest performance with 2.2% growth, trailed by the Northeast at 1.7%. Conversely, rents in the South decreased by 0.1% year-over-year, and the West saw a decline of 1.5%.
Metro-level performance across the U.
S. remained soft, with only seven markets reporting positive rent change. Louisville, Kansas City, and Norfolk led with gains of 0.1% each. The steepest monthly declines were observed in Las Vegas, down 0.8%, followed by San Antonio, Austin, and Denver, each falling 0.7%. Salt Lake City, Raleigh, and Portland, OR, each posted monthly declines of 0.6%. These Mountain West and Sun Belt markets continue to experience elevated vacancy rates amid aggressive new supply, contributing to downward pressure on rents. Las Vegas and Portland also face additional demand headwinds due to falling employment.
Annually, San Francisco leads the nation with 5.6% rent growth, followed by San Jose at 3.6%, Chicago at 3.4%, and Norfolk at 3.3%. In contrast, Austin rents declined 4.7%, Denver fell 3.6%, and Phoenix decreased 3.2%, primarily driven by oversupply outpacing demand. These patterns reinforce the broader trend: markets with high levels of new construction are experiencing weaker rent performance, while more supply-constrained metros, particularly in the Midwest and select coastal areas, continue to outperform. In some markets, softening demand, potentially linked to major employer layoffs or economic slowdowns, may also be a factor in weaker rent growth. Although many markets have moved past their peak supply, a substantial inventory overhang continues to affect rent growth nationwide.
CoStar Group (NASDAQ: CSGP) is a global provider of commercial real estate information, analytics, and online marketplaces, founded in 1986. The company is headquartered in Arlington, Virginia. Its portfolio of brands includes CoStar, LoopNet, Apartments.com, Homes.com, Domain, Matterport, STR, Ten-X, and OnTheMarket.
