Apartment fundamentals softened in September as multifamily rents posted modest declines across many U.S. metros—most notably in the South and West—according to a Realtor.com report. For the second consecutive year, September saw average rents edge lower and affordability conditions slightly improve, though much of the decrease reflected seasonal patterns typical of the fall.
Rent for a typical household gobbled up 23.4% of household income in September – a drop from 24.9% the previous year. “This shift reflects both modest rent declines and income growth over the past year,” the report commented.
Units of all sizes were affected. One-bedrooms dipped by 2.3% to $1,582, two-bedrooms dropped by 2.2% to $1,885 and studios went down by 1% to $1,426.
Even in the highest-cost markets, rents fell slightly – though they continued to consume well over 30% of income and exceeded accepted affordable guidelines. The most expensive rental market nationwide was Miami, where median asking rent of $2,298 fell 3.3 ppt compared to September 2024 but remained above maximum affordable rent by a ratio of 1:24. Others among the least affordable housing markets that still experienced rent drops included Los Angeles (down 1.4 ppt), New York (down 0.9 ppt), Boston (down 0.7 ppt) and San Diego (down 3.4 ppt).
In contrast, the metro that benefited the most from falling rent was Austin, where the median asking rent of $1,411 absorbed just 16.5% of household income. It was followed by Oklahoma City (rent $1,007, 16.9% of income), Raleigh ($1,476, 18%), Columbus, OH ($1,217, 18.1%) and Minneapolis ($1,511, 18.7% of income).
In other areas, increased supply of apartment units helped drive down rents and improve affordability, especially in Jacksonville, San Diego, Miami, Denver, Austin and Phoenix.
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