U.S. rents fell 0.3% in October, marking the largest October decline in more than 15 years and the fourth straight month of stagnant or negative rent growth. Elevated supply levels, particularly in the Mountain West and Sun Belt, continue to outpace demand and push rents lower year-over-year in many metros. Analysts expect vacancy rates to begin improving in 2026 as the construction pipeline shrinks and renter demand stabilizes.
