Rents Rebound in AI Hubs and Affordable Alternatives: Realtor.com® September Rent Report
PR Newswire•15/10/2026•06:00 ET
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Key Highlights
- ➤National median asking rent $1,694, down 0.4% year over year
- ➤38th consecutive month of annual rent declines; September decline slowest in three years
- ➤San Jose rents rose 6.0% to a record $3,565 amid AI-driven demand
- ➤San Francisco rents increased 4.8% to $3,057, near its 2022 peak
- ➤St. Louis rents shifted from a 4.4% decline to 2.0% growth
Expert Statements
Jiayi Xu, Senior economist at Realtor.com
“Renters are getting a break, but rents are still significantly more expensive than before the pandemic,”
Jiayi Xu, Senior economist at Realtor.com
“While asking rents are below their 2022 peak and concessions are still easy to find, for many households, relief is not the same as affordability. As the market enters its typical fall slowdown, we forecast that monthly rents will soften, but the additional relief might be more limited.”
Jiayi Xu, Senior economist at Realtor.com
“Rising rents and vanishing concessions are a one-two punch for Bay Area renters,”
Jiayi Xu, Senior economist at Realtor.com
“The share of San Jose listings offering concessions has fallen by more than half in a year, from 51.9% to 24.3%, while rents have climbed to record levels. The AI boom is fueling demand, and landlords are responding by tightening terms.”
Rents Rebound in AI Hubs and Affordable Alternatives: Realtor.com® September Rent Report PR Newswire
National Median Asking Rent Falls for the 38th Consecutive Month to $1,694 Yet September Saw the Slowest Pace of Decline in Three Years
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