Overview

In this month’s report, we explained a few key market trends:

🔑 As expected, national median rent prices are down MoM and YoY.

🔑 Reno and Las Vegas, NV showcase opposite outcomes to the Sun Belt migration boom.

🔑 At the state level, bigger apartments are seeing bigger MoM rent drops across the country.

National Trends

While rent trends differ from region to region, here’s what you need to know about rent prices on a national level:

Rent prices have resumed their typical seasonal downturn.

🔑 The national median rent price for a one-bedroom apartment (now $1,545) decreased by 3.4% from August to September.

🔑 National median prices have still consistently been down YoY since April of this year.

🔑 While many renters in the U.S. continue to struggle to find affordable housing options, the lower prices reflect a growing effort across the country to build more housing. The rental shortage and rapid rent price growth during the early years of the pandemic led to significantly more construction in the Sun Belt in particular, and today’s lower rent prices reflect the new supply.

Regional Trends

In this month’s report, we dove deep into the following trend:

Las Vegas and Reno, NV’s housing markets show two different sides of the pandemic migration coin.  

🔑  As pandemic precautions encouraged companies to adopt remote work, employees felt liberated to move out of expensive, cluttered cities into cheaper, more spacious secondary markets. One such migration occurred between California and Nevada, bringing tens of thousands of workers from Los Angeles into Las Vegas and reaching its peak in 2021. 

🔑 Thanks to increased demand, between 2022 and 2024, Vegas saw a 12.9% increase in authorized housing units, the 6^th highest percentage in the nation. Now, renters are finally reaping the benefits. In September 2025, the asking rent price for a one-bedroom apartment in Las Vegas was the lowest it’s been in the last five years at $1,050 a month.

🔑 Reno also saw growth as a result of this migration trend, but its population has been increasing at a much slower rate. Construction also has been much less of a consistent priority in the city, with -24.4% less new housing units authorized in 2024 than in 2022. 

🔑 Prices in Reno are on par with where they were three years ago during the migration boom, despite a period of cool down between 2023 and 2024. It’s likely they will continue steadily rising, as housing becomes more competitive and construction remains sparse.

Rent at the State Level

🔑  With the exception of Kentucky (+0.6% MoM) and Wyoming (+3.2% MoM), every state in the U.S. saw a MoM decrease for median asking rent prices for three-bedroom apartments. 

🔑  Three-beds gained popularity during the pandemic as renters sought more space inside their homes. However, a combination of demand softening and seasonal price trends has resulted in lower asking rents for the larger units. 

To learn more about rent trends in your city and to see our methodology, read our full monthly rent report here.