Rent prices across the U.S. are collapsing faster than ever recorded, and the nation’s largest single-family landlord is getting crushed.

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US rent prices are declining at a historic pace:

National apartment rents fell -0.31% MoM in October, marking the steepest October decrease in over 15 years.

This also marks the 3rd consecutive monthly decline, as elevated supply continues to weigh on prices nationwide.

3 of the 5 largest monthly rent declines over the last 15 years occurred in August, September, and October this year.

At the same time, annual rent growth slowed to +0.8%, down from +1.5% at the start of 2025.

All US regions saw rent declines last month, led by the West with a -0.53% MoM drop. The South followed with -0.28%, while the Northeast and Midwest fell -0.24% and -0.18%.

The US rental market is cooling.