Where US rents rose and where they stalled in the past year, city by city

The national rent trend: slower than general inflation

Rents in the United States rose more slowly than general prices in the year to September 2026. Nationally, the typical asking rent increased by 2.70%, from $1,881 to $1,932 per month, according to Zillow’s rent index [1]. The official Consumer Price Index for all tenants (BLS) showed a similar rise of 2.78% for rent, but prices in general (the “all items” CPI) climbed 3.74% over the same period [1, 3].

This means that, in real terms, renting got slightly cheaper relative to other costs of living. For people considering a move, rent is still rising but not as fast as groceries, utilities, or transportation. Over five years, however, rent is up 21.5% nationally, showing that the slow-down is recent [1].

Where rents jumped: Bay Area and Midwest heat up

The Bay Area stood out in 2026 for the fastest-rising rents of any major US metro. San Francisco’s typical rent rose 11.76%—from $3,082 to $3,445—while San Jose climbed 8.35%, reaching $3,812 per month [1]. These increases are far above the national average and reflect a momentum not seen elsewhere.

The Midwest and old industrial metros also saw solid gains. Milwaukee rents rose 5.08%, Chicago 4.68%, and Cleveland 4.48% [1]. Over five years, Chicago and Cleveland rents are up by about one-third, showing steady demand or limited new supply in these regions [1].

Where rents stalled: Sun Belt and Texas slow to a crawl

By contrast, the Sun Belt—a region that saw soaring rents during the pandemic—has stalled or even dipped. Typical rents barely moved in Denver (+0.01%), Houston (+0.08%), Tampa (+0.43%), Las Vegas (+0.47%), Austin (+0.73%), and Dallas (+0.75%) [1]. San Antonio was the only big US metro where rents actually fell—down 0.74% from $1,426 to $1,415 per month [1].

Austin is especially notable: its typical rent is now 3.4% lower than five years ago, making it the only major metro below its 2021 level [1]. This reversal means that people moving to Austin may now find lower rents than those who arrived earlier in the 2020s.

The cheapest and most expensive big metros

As of September 2026, Louisville, Oklahoma City, Memphis, San Antonio, and St. Louis had the lowest typical rents among the 49 largest US metros, all between $1,339 and $1,427 per month [1]. On the high end, San Jose led the country at $3,812, followed by New York ($3,546), San Francisco ($3,445), Boston ($2,987), and San Diego ($2,967) [1].

This range shows how much geography still determines rental costs for movers. Someone relocating from San Francisco to Louisville, for example, could save over $2,100 per month on typical rent [1].

A worked example: What a move means for your rent

Suppose you are considering relocating from San Antonio, TX to San Francisco, CA. According to our own calculation, in September 2026, the typical asking rent in San Antonio was $1,415 per month, down $11 from the previous year [1]. In San Francisco, the typical rent was $3,445, up $363 in the same period [1].

For a mover, that is a jump of over $2,000 per month in typical rent, not accounting for differences in neighborhoods or unit size. The gap between cities is much larger than this year’s national rent increase, and local trends vary dramatically: while rents fell in San Antonio, they surged in San Francisco [1].

This example underlines why city-by-city comparisons matter more than national averages for anyone deciding where to live.

Questions readers ask

Why do some cities see rent drops while others surge?

This data cannot explain causes; it only measures what happened [1]. Factors like new housing supply, migration, or local job markets may play a role, but those are outside the scope of this analysis.

Does this mean rent is more affordable now?

Rents grew more slowly than inflation this year, which means they are slightly more affordable relative to other costs [1, 3]. However, affordability depends on income, and in some metros, rents are still historically high.

Are these figures for all apartments or just new leases?

The Zillow ZORI index measures asking rents for new leases—what a new tenant would pay—not what current tenants pay under existing leases [1, 2]. The BLS rent index covers all tenants, including those on long-term leases [1, 3].

How the numbers work

These figures were computed for this article, not estimated by its writer. Inputs come from the numbered sources or

are assumptions, labelled as such; change an assumption and the results change with it.

Sources

1. The site owner's own test data (2026-10-30): US metro rents Sep 2025 to Sep 2026 from Zillow ZORI and BLS CPI: our calculation
2. Housing Data | Zillow Research
3. Cited in the owner's material (not read): "All items" (US city average, not seasonally adjusted) from the BLS public API