US rents accelerating after slowdown—fastest growth in over a year
After two years of cooling, national apartment rents are rebounding. The typical US asking rent reached $1,962 in July, up 2.3% year-over-year, the fastest pace since mid-2025, as supply from the construction boom begins to tighten.
For the first time since the pandemic-era rental boom, US rents are picking up speed after a period of cooling. The typical U.S. asking rent rose to $1,962 in July, up 2.3% from a year ago, the fastest annual pace in over a year, according to fresh Zillow data released August 18.
What has changed isn't demand; it's supply. The historically large number of new apartments that hit the market over the past couple of years increased supply and gave renters room to negotiate. However, that reprieve is ending. The wave of new apartments that gave renters more options and more deals over the past two years is beginning to recede.
Rent by Market
The acceleration is uneven. In markets that didn't build as much, deals are scarce and rents are rising fast: San Francisco rents are up 9.7% year over year ($3,372), San Jose is up 7% ($3,782), and Chicago is up 5.1% ($2,253). By property type, single-family rents rose 3% to $2,314, far outpacing the 1.7% gain for multifamily units, which now sit at $1,786, reflecting how heavily new construction skewed toward apartments.
Yet concessions remain. Even as rent growth picked up speed, 2 in 5 listings still offered a concession, a lasting benefit of the construction boom. This means many landlords still offer move-in discounts or waived fees—a small advantage in a tightening market.
What This Means for You
If you're relocating to the US or renewing a lease in the coming months, expect rents to climb, especially if you're targeting hot job markets like San Francisco or Chicago. The good news: concessions are still common in many markets, so negotiate actively before signing. Focus on metros with recent apartment construction (Austin, Phoenix, Denver) where supply is fresher and deals more plentiful. Lock in a long-term lease now if you find affordable housing; the window of rock-bottom rents has closed.
Sources
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