The Rent Cafe Apartment Market Report for September shows a rare decline in the National Average Rent.

Key Findings

  • The national average rent went up by 3.2% in the past year but dipped by 0.1% month-over-month, reaching $1,471 in September according to data from Yardi Matrix.
  • Apartment rates in a majority of small and large cities registered either minor decreases or stagnated. 
  • In more than half of the nation’s largest renter hubs rent prices waned since August. 

Since last month, apartment rents saw minor declines in more than half of the cities we analyzed. Small and large cities lead the trend, with prices dropping in 59% of small cities and 56% of large cities, while 42% of mid-sized cities saw their rates dwindle in September.

September Rents in the 20 Largest Mega-Hubs

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CPI Rent and Owners' Equivalent Rent Month-Over-Month

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The Rent Cafe does not use seasonal adjustments, so for comparison purposes the last time the BLS had rents dipping was March of 2010.

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Year-Over-Year Rent Cafe

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Year-Over-Year CPI

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The numbers are not directly comparable because the Rent Cafe uses dollars while the BLS uses an index. Also Rent Cafe Data does not go back as far as the BLS.

I would have liked to seen Rent Cafe data for 2007-2010 to see how they stacked up.

September 2019 vs September 2018

  • The Rent Cafe says the national average rent went up by 3.2%.
  • The BLS says rent of primary residence went up 3.8%
  • The BLS says Owner' Equivalent Rent went up 3.4%

The numbers that we do have align quite well.

Mike "Mish' Shedlock

National Average Rent Rises by 3.0 Percent

The national average rent price is $1,436. The pace of rent increases is the lowest in nearly a year.

National Average Rents Up 2.5% From Year Ago

Looking for inflation? One place you can find it is in national rent averages.

National Average Rent Inches Up by $3 Per Month

The increase in national average rents slowed to a crawl in July but year-over-year rates are up 3.4%.

National Average Rent Up Again in 2019: 92% of Largest 253 Cities Have Increase

Rents are up again in 2019 according to the Rent Cafe.

Apartment Construction in 2018 Expected to Decline 11% After Strong 6-Year Run

The Yardi Matrix/Rent Cafe expects apartment construction to decline in 2018 for the first time since 2011.

Jobs Decline for the First Time in 8 Months

Nonfarm payrolls fell for the first time since a pandemic driven plunge in April. Leisure and Hospitality jobs were hammered.

PMI Contracts For the First Time Since Oct 2013

The PMI dipped into contraction for the first time over 6 years in this morning's report from Markit.

PPI Declines First Time Since August 2016

Producer prices unexpectedly declined in December. Trade services fell a steep 0.6 percent.

Real Wages Decline Year-Over-Year

Wages are not keeping up with consumer price inflation. The average worker is worse off than a year ago.