| Rent growth: U.S. rents rose 0.8% year over year to $1,665 in September, while new supply pressured Las Vegas and Cleveland as Chicago led major markets with 5.7% growth. Rent payments: On-time rent payments at independently operated multifamily properties rose 170 bps year over year, alongside accelerating 2.2% rent growth and tighter supply, signaling firmer operating conditions. Affordability improves: Only 30% of the 100 largest U.S. metros remained unaffordable for median earners in 2026, as new apartment supply eased rents in markets including Austin, Houston and Boise. |
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