US National Median Rents Decline for Third Straight Month in October

The US national median rent fell 0.8% in October, marking the third consecutive monthly decline, according to Apartment List’s latest National Rent Report.

The firm noted that the rental market has entered its seasonal slowdown, with prices likely to continue easing through year-end as demand typically wanes during colder months and the holiday season.

Apartment List observed that this year’s rental cycle has shifted slightly from pre-pandemic norms. Monthly rent growth peaked at 0.7% in March but weakened through the busy summer period. The turn to negative month-over-month growth began earlier than in past years—August—making this the third consecutive year prices have started to dip that month.

The national median rent now stands at $1,381, down $13 from October 2024 and 4.2% below its August 2022 peak. Despite that cooldown, the typical rent remains 21% higher than in January 2021.

Apartment List attributed the softer rent growth primarily to an ongoing wave of multifamily construction. More than 600,000 new units came online in 2024—the highest annual total since 1986. Although completions slowed 27% in the first half of 2025, the 243,000 units finished remained 31% above the 10-year average, with construction levels still elevated.