Apartment rents recorded an extremely mild 0.2% uptick in May, with the national average rising to $1,737 from April’s upwardly revised level of $1,733.
According to data from Apartments.com, a CoStar Group (NASDAQ: CSGP) marketplace, May marked the sixth consecutive month of positive rent growth following a period of flat to declining monthly performance in the second half of 2025.
On an annual basis, rent growth was flat at 0.7% in May, in line with April’s reading and down from +1.3% one year earlier. Both March and April were initially reported as +0.2% month-over-month but were revised upward to +0.3%.
All five regions posting month-over-month increases, with the Northeast and Pacific regions rising +0.3%, followed by the Midwest region at +0.2% and the South and Mountain regions both at +0.1%.
On an annual basis, the Midwest recorded the strongest year-over-year rent growth at +2.0%, followed by the Northeast at +1.3% and the Pacific at +1.2%. But rents declined year-over-year in the South, down -0.8%, and in the Mountain region, down -1.7%.
Also in May, 43 of the top 50 markets posted month-over-month increases, down slightly from 45 markets in April. San Jose led monthly rent growth with a +1.2% increase, while Las Vegas led the seven markets in month-over-month declines at -0.3%. On an annual basis, San Francisco continued to outperform, posting rent growth of +8.4%, while Austin and San Antonio tied with the greatest annual declines at -3.3% each.
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