While national apartment rent movement showed a second consecutive year of decline, local conditions varied meaningfully across major metropolitan areas, according to the 2026 Rental Housing Index by Dwellsy IQ. This new release shows that in several cities, rent contraction was far more pronounced than the national average, highlighting the continued impact of supply pipelines, vacancy levels, and affordability constraints.
This exclusive look at apartment rent trends is powered by Dwellsy IQ data for one-bedroom apartments at both the national level and across the top 20 U.S. MSAs. The findings come from the 2026 Rental Housing Index, produced using Dwellsy’s first-party rental dataset and analysis conducted by Jonas Bordo, CEO and cofounder of Dwellsy, together with Paul Briggs of Briggs Advisors.
Download the 2026 Rental Market Report
This article covers only part of the trends observed, as analyzed in the 2026 Rental Housing Index. Download the full report, reviewing rental market performance, for complete national and metro-level analysis across U.S. apartment markets.
Cities Where Apartment Rents Declined the Most
Based on year-over-year change across the top 20 metropolitan areas analyzed, more than half of the markets recorded negative apartment rent growth. The metros below saw the sharpest declines.
1. Denver — -6.9%
Denver recorded the sharpest apartment rent decline among major U.S. metros. Rents fell from $1,581 in Q4 2024 to $1,473 in Q4 2025, a drop of 6.9%. This was the most significant negative number in the dataset.
2. Dallas — -3.6%
Dallas posted the second-largest decline. Average rents decreased from $1,225 to $1,180, representing a 3.6% year-over-year contraction.
3. Phoenix — -3.5%
Phoenix rents declined from $1,234 to $1,191, a 3.5% decrease, placing it among the steepest declines nationally.
4. St. Louis — -3.4%
St. Louis saw rents fall from $968 to $936, a 3.4% decline.
5. Tampa — -3.3%
Tampa also saw rents decline 3.3%, falling from $1,485 to $1,436.
6. Miami — -3.3%
Miami recorded a 3.3% decline, with rents moving from $1,822 to $1,763.
7. Houston — -3.0%
Houston rents decreased from $1,116 to $1,082, representing a 3.0% decline.
8. San Diego — -0.9%
San Diego posted a smaller decline, with rents moving from $2,186 to $2,166, a 0.9% drop.
9. Boston — -0.7%
Boston rents declined from $2,606 to $2,588, a 0.7% contraction.
10. Los Angeles — -0.4%
Los Angeles rents fell from $2,222 to $2,214, a 0.4% decline.
11. Philadelphia — -0.3%
Philadelphia recorded a modest decline, with rents moving from $1,400 to $1,396, a 0.3% decrease.
How much faster did these cities declined compared to the national average?
At the national level, apartment rents declined by 0.7%, falling from $1,347 to $1,338. While the overall contraction was modest, the divergence between metros experiencing growth and those facing sharper declines raises important questions about how uneven supply absorption may shape the rental market in 2026.
Compared with this moderate nationwide decrease, a group of metropolitan areas recorded substantially larger declines.
Denver stood furthest below the national trend, with apartment rents declining 6.9%, moving from $1,581 to $1,473 — a contraction nearly ten times larger than the national decline. This positioned Denver as the clearest negative outlier among major U.S. markets, with rent movement that diverged sharply from broader national stabilization.
Dallas (-3.6%) and Phoenix (-3.5%) also declined significantly relative to the national trend. Average rents fell from $1,225 to $1,180 in Dallas and from $1,234 to $1,191 in Phoenix, representing declines roughly five times larger than the national contraction and signaling materially weaker local rent momentum.
A second group of markets — including St. Louis (-3.4%), Miami (-3.3%), Tampa (-3.3%), and Houston (-3.0%) — recorded declines between three and four percent. Rents decreased from $968 to $936 in St. Louis, from $1,822 to $1,763 in Miami, from $1,485 to $1,436 in Tampa, and from $1,116 to $1,082 in Houston. These metros underperformed national conditions meaningfully, reflecting stronger supply pressure and softer demand dynamics relative to the broader U.S. market.
Meanwhile, several markets saw only limited downward movement. San Diego (-0.9%) declined from $2,186 to $2,166, Boston (-0.7%) moved from $2,606 to $2,588, Los Angeles (-0.4%) slipped from $2,222 to $2,214, and Philadelphia (-0.3%) edged down from $1,400 to $1,396. In these metros, rent movement remained relatively contained, suggesting largely stable conditions despite broader national contraction.
With that metro divergence and the ongoing decline of apartment rents, a natural question rises: is the apartment rent decline cycle ending, or will 2026 bring continued softness?
Download the 2026 Rental Market Report
This article covers only part of the trends observed, as analyzed in the 2026 Rental Housing Index. Download the full report, reviewing rental market performance, for complete national and metro-level analysis across U.S. apartment markets.
FAQ
Which U.S. city had the biggest apartment rent decline?
Denver had the largest apartment rent decline, falling 6.9% year over year, from $1,581 to $1,473.
Are apartment rents falling nationwide?
Yes. National apartment rents declined 0.7% year over year, from $1,347 to $1,338. However, declines were much steeper in certain cities.
Which cities saw declines greater than 3%?
Dallas (-3.6%), Phoenix (-3.5%), St. Louis (-3.4%), Miami (-3.3%), Tampa (-3.3%), and Houston (-3.0%) all recorded declines of 3% or more.
What is the average apartment rent in Denver?
The average apartment rent in Denver is $1,473, based on the most recent data available in the 2026 Rental Housing Index by Dwellsy IQ.
What is the average apartment rent in Dallas?
The average apartment rent in Dallas is $1,180, based on the most recent data available in the 2026 Rental Housing Index by Dwellsy IQ.
What is the average apartment rent in Phoenix?
The average apartment rent in Phoenix is $1,191, based on the most recent data available in the 2026 Rental Housing Index by Dwellsy IQ.
What is the average apartment rent in St. Louis?
The average apartment rent in St. Louis is $936, based on the most recent data available in the 2026 Rental Housing Index by Dwellsy IQ.
What is the average apartment rent in Miami?
The average apartment rent in Miami is $1,763, based on the most recent data available in the 2026 Rental Housing Index by Dwellsy IQ.
What is the average apartment rent in Tampa?
The average apartment rent in Tampa is $1,436, based on the most recent data available in the 2026 Rental Housing Index by Dwellsy IQ.
What is the average apartment rent in Houston?
The average apartment rent in Houston is $1,082, based on the most recent data available in the 2026 Rental Housing Index by Dwellsy IQ.
What is the average apartment rent in San Diego?
The average apartment rent in San Diego is $2,166, based on the most recent data available in the 2026 Rental Housing Index by Dwellsy IQ.
What is the average apartment rent in Boston?
The average apartment rent in Boston is $2,588, based on the most recent data available in the 2026 Rental Housing Index by Dwellsy IQ.
What is the average apartment rent in Los Angeles?
The average apartment rent in Los Angeles is $2,214, based on the most recent data available in the 2026 Rental Housing Index by Dwellsy IQ.
What is the average apartment rent in Philadelphia?
The average apartment rent in Philadelphia is $1,396, based on the most recent data available in the 2026 Rental Housing Index by Dwellsy IQ.
