Core Insights - U.S. apartment rents declined in November 2025, with the national average falling to $1,706, a 0.18% decrease from October's revised figure of $1,709, marking the steepest November decline in over 15 years [2] - Annual rent growth slowed to 0.7%, down from 0.8% in October and 1.5% at the start of the year, indicating a continued trend of flat or negative rent changes [2][3] Rent Trends - All regions experienced rent declines for the fourth consecutive month, with the West leading at -0.4%, followed by the South at -0.2%, the Northeast at -0.1%, and the Midwest at -0.01% [4] - The Midwest showed the strongest annual performance with a growth of +2.2%, while the West saw a decline of -1.5% year-over-year [4] Market Performance - Metro-level performance was weak, with only seven markets posting positive rent changes, including Louisville, Kansas City, and Norfolk, each with gains of +0.1% [5] - The steepest monthly declines were observed in Las Vegas (-0.8%), San Antonio, Austin, and Denver (-0.7%), indicating elevated vacancy rates due to aggressive new supply [6] Supply and Demand Dynamics - Markets with high levels of new construction are experiencing the weakest rent performance, while supply-constrained metros, particularly in the Midwest and select coastal areas, continue to outperform [8] - A substantial inventory overhang is still impacting rent growth across the country, despite many markets moving past peak supply [9]

Core Insights - U.S. apartment rents experienced a decline in September 2025, with the national average dropping to $1,712, representing a 0.3% decrease from August's revised figure of $1,717 [1] - This decline marks the third consecutive month of either flat or negative rent changes, indicating a potential trend in the multifamily rental market [1] - The September decline is noted as the steepest in over 15 years, highlighting significant shifts in rental pricing dynamics [1] Rent Trends - The national average rent of $1,712 reflects a notable decrease compared to previous months, emphasizing a broader trend of declining rents in the multifamily sector [1] - The report indicates that annual rent growth has slowed, suggesting potential challenges for landlords and investors in the multifamily market [1]