Prepared by the Apartment List renter editorial team using the August 2026 Apartment List Rent Index. Rankings compare annual rent changes across U.S. metro areas with more than 1 million residents.
According to the Apartment List Rent Index, rents in the San Antonio metro fell 5.1% from August 2025 to August 2026, the largest decline among US metros with more than 1 million residents. The median rent there is now $1,148, the third-lowest among large metros where rents fell. Las Vegas followed at 3.6% and Denver at 3.4%.
How widespread are declines? According to the Apartment List Rent Index, rents fell in 28 of the 55 US metros with more than 1 million residents between August 2025 and August 2026.
Biggest drop versus lowest rent: San Antonio had the largest annual decline in the August 2026 Apartment List Rent Index, while Memphis had the lowest median rent among declining large metros, at $1,103.
Annual versus monthly direction: Four of the ten metros with the largest annual declines also got cheaper between July and August 2026, according to the Apartment List Rent Index.
What it means for your lease: Falling market rents can help you evaluate a renewal offer, but your building's prices may move differently.
Apartment List Rent Index · August 2025 to August 2026 · US metros with more than 1 million residents
Four of the ten are in Texas: San Antonio, Austin, Dallas and Houston. Our National Rent Report places these markets at the center of the recent apartment construction boom, which is where the largest price declines have concentrated.
Apartment List Rent Index · US metros with more than 1 million residents · ranked by change from August 2025 to August 2026 · median rents for the whole metro area
| Metro Area | Median Rent, Aug 2026 | Change From Aug 2025 | Change From Jul 2026 | 1BR Median | 2BR Median |
|---|---|---|---|---|---|
| San Antonio-New Braunfels, TX | $1,148 | −5.1% | −0.1% | $970 | $1,178 |
| Las Vegas-Henderson-Paradise, NV | $1,415 | −3.6% | −0.8% | $1,129 | $1,331 |
| Denver-Aurora-Lakewood, CO | $1,650 | −3.4% | +0.1% | $1,430 | $1,710 |
| Phoenix-Mesa-Chandler, AZ | $1,348 | −2.9% | −0.1% | $1,139 | $1,319 |
| Austin-Round Rock-Georgetown, TX | $1,300 | −2.9% | +0.3% | $1,143 | $1,372 |
| Tampa-St. Petersburg-Clearwater, FL | $1,480 | −2.6% | +0.2% | $1,244 | $1,477 |
| Charlotte-Concord-Gastonia, NC-SC | $1,314 | −2.5% | +0.1% | $1,225 | $1,250 |
| Dallas-Fort Worth-Arlington, TX | $1,417 | −2.3% | 0.0% | $1,224 | $1,453 |
| Salt Lake City, UT | $1,445 | −2.2% | −0.1% | $1,196 | $1,429 |
| Houston-The Woodlands-Sugar Land, TX | $1,336 | −2.2% | +0.1% | $1,136 | $1,337 |
Start your apartment search to see what is currently listed in any of these markets.
In the August 2026 Apartment List Rent Index, Memphis at $1,103, Tucson at $1,147 and San Antonio at $1,148 have the lowest median rents among the 28 large metros where rents fell over the year. All three sit below the national median of $1,390.
A market can fall fast and still be expensive, and it can be cheap without moving much. These are the five lowest.
| Metro Area | Median Rent, Aug 2026 | Change From Aug 2025 | 1BR Median | 2BR Median |
|---|---|---|---|---|
| Memphis, TN | $1,103 | −1.2% | $917 | $1,027 |
| Tucson, AZ | $1,147 | −0.6% | $923 | $1,193 |
| San Antonio, TX | $1,148 | −5.1% | $970 | $1,178 |
| New Orleans, LA | $1,178 | −1.3% | $976 | $1,195 |
| Cincinnati, OH | $1,212 | −0.1% | $962 | $1,259 |
Apartment List Rent Index · median rents for the whole metro area, August 2026.
San Antonio is the only metro appearing in both the ten largest declines and the five lowest rents, down 5.1% at $1,148.
This compares rent levels among metros where rents fell. It is not a ranking of overall affordability, which also depends on local incomes and costs beyond rent. For that, see our guide to the most affordable U.S. cities.
According to the Apartment List Rent Index, San Francisco leads, with rents up 11.0% from August 2025 to August 2026 to a median of $2,985, followed by San Jose at 7.9% and Virginia Beach at 6.7%.
| Metro Area | Median Rent, Aug 2026 | Change From Aug 2025 | Change From Jul 2026 |
|---|---|---|---|
| San Francisco-Oakland-Berkeley, CA | $2,985 | +11.0% | +2.0% |
| San Jose-Sunnyvale-Santa Clara, CA | $3,347 | +7.9% | +0.9% |
| Virginia Beach-Norfolk-Newport News, VA-NC | $1,732 | +6.7% | +1.1% |
| Milwaukee-Waukesha, WI | $1,283 | +3.3% | −0.4% |
| Chicago-Naperville-Elgin, IL-IN-WI | $1,750 | +3.2% | −0.2% |
Apartment List Rent Index · median rents for the whole metro area, August 2026.
San Francisco is the fastest-rising large metro in the country, up 11.0% over the year and another 2.0% between July and August 2026 alone.
Mostly not. In the Apartment List Rent Index, four of the ten largest annual declines also got cheaper between July and August 2026: Las Vegas at 0.8%, and Salt Lake City, Phoenix and San Antonio at roughly 0.1% each. Las Vegas had the largest monthly decline of the group. The other six rose slightly or were effectively flat, with Austin up 0.3% and Dallas unchanged at 0.0%.
The annual number tells you how a market compares with a year earlier. The monthly number tells you what it did most recently, and the two can point different ways. If timing is what you are weighing, our research on the cheapest time of year to rent covers the seasonal pattern.
The order at the top has also shifted. A year ago the largest annual decline belonged to Austin, at 6.8%. Austin now sits fifth, at 2.9%, and San Antonio has taken the top spot.
Nationally, the Apartment List Rent Index recorded a seventh straight monthly increase in August 2026, while rents remained 0.8% below August 2025. Our research team expects prices to begin their usual off-season dip within the next month or two, in line with normal seasonal patterns. Read the National Rent Report for the full picture.
Two other readings are useful if you are searching now. Apartment List's August 2026 National Rent Report puts the national vacancy rate at 7.1%, with units leased in August having been on the market an average of 32 days, the longest for any August since 2019.
City figures cover the city itself. Metro figures include the city and the surrounding communities, so rent levels and changes can differ between them. Here is how five markets compare.
| Market | City Median Rent | City Change From Aug 2025 | Metro Median Rent | Metro Change From Aug 2025 |
|---|---|---|---|---|
| San Antonio, TX | $1,123 | −4.9% | $1,148 | −5.1% |
| Las Vegas, NV | $1,335 | −4.2% | $1,415 | −3.6% |
| Denver, CO | $1,616 | −3.9% | $1,650 | −3.4% |
| Phoenix, AZ | $1,254 | −3.5% | $1,348 | −2.9% |
| Dallas, TX | $1,329 | −1.5% | $1,417 | −2.3% |
Apartment List Rent Index, August 2026. Metro figures include the city. City names link to our monthly city rent reports, which carry city-scope figures, including their own bedroom-level medians that differ from the metro columns here.
A metro figure is not a statement about what you would pay outside the city, since the metro number includes the city itself.
A falling market does not automatically lower your rent. What these figures give you is context for a decision you are already making.
Renewing where you live. Your market trend tells you which direction the market median moved, not what your landlord will offer. Pull three current listings near you at your bedroom count and condition, then compare them with your renewal offer. Our rent calculator and our guide to renting within your budget can help you set a ceiling before you start.
Moving within your area. The median is a starting point for comparing real options, not a price you can expect to find. Compare the full monthly cost of specific apartments, including any move-in fees, and factor in any temporary specials being offered.
Choosing a new city. Size of decline and current rent level are separate questions. Memphis at $1,103 and Tucson at $1,147 are the cheapest markets with falling rents, but both moved less than a point and a half over the year. Denver fell 3.4% and still costs $1,650. San Antonio at $1,148 is the one market where both line up.
An apartment that costs $100 less per month would save $1,200 over a year. If moving costs $1,500, rent savings alone would take 15 months to cover the move. Your own numbers will differ, and this example is illustrative rather than a projection. Run it with your actual rent difference and an actual moving quote before deciding.
A ranking tells you which markets moved and by how much. It cannot tell you what a particular apartment costs, because a median sits in the middle of a wide range of real prices.
So the last step is local. Search your market, filter to your bedroom count, and compare what is listed now against what you pay today. If your market appears on the list above, those comparisons are the evidence behind any renewal conversation.
According to the Apartment List Rent Index, rents in the San Antonio metro fell 5.1% from August 2025 to August 2026, the largest decline among US metros with more than 1 million residents. The median rent there is $1,148. Las Vegas followed at 3.6% and Denver at 3.4%.
We report what rents are doing now rather than forecasting. According to the Apartment List Rent Index, 28 of the 55 US metros with more than a million residents were cheaper in August 2026 than in August 2025. Four of the ten markets with the biggest annual declines also got cheaper between July and August 2026, led by Las Vegas. Our research team expects a typical seasonal dip in the next month or two.
112 of the 214 US metro areas tracked by the Apartment List Rent Index were cheaper in August 2026 than a year earlier, which is 52%. Among metros above one million residents it is 28 of 55.
According to the Apartment List Rent Index for August 2026, Memphis at $1,103, Tucson at $1,147 and San Antonio at $1,148 have the lowest median rents among large metros where rents fell over the year. All three are below the national median of $1,390.
Not automatically. These figures describe median rents across new leases being signed in a market. Your renewal is a separate negotiation with your landlord, and your building may move differently from the market around it.
They give you context rather than leverage on their own. The more useful step is comparing your renewal offer with current listings near you at a similar size, condition and amenity level. Our guide to negotiating your rent covers how to make the ask.
One free month on a 12-month lease reduces the first year's base-rent cost by about 8.3%. Ask how the discount is applied, which fees remain payable, and whether the concession continues at renewal. Roughly a third of properties on Apartment List were offering at least one free month in mid-2026, up from a quarter a year earlier. Discounts offered for signing quickly work differently, and our guide to look-and-lease specials explains those.
The Apartment List Rent Index puts the August 2026 median at $1,123 in the city of San Antonio and $1,148 across the San Antonio metro, down 4.9% and 5.1% from August 2025. A one-bedroom in the metro has a median of $970.
Down. Apartment List Rent Index figures for August 2026 show a Nashville city median of $1,373, down 2.9% from August 2025, with the metro median at $1,376, down 1.7%. Both rose slightly between July and August 2026. Nearly half of the Nashville multifamily properties in our data, 49%, were offering at least one month of free rent in August 2026, up from 42% a year earlier, according to our Nashville neighborhood report.
Up slightly. The Apartment List Rent Index puts the Jacksonville city median at $1,322 in August 2026, up 0.5% from August 2025, with the metro median at $1,363, essentially flat at 0.03%. Jacksonville is one of the 27 large US metros where rents held steady or rose. See our Jacksonville rent report.
San Francisco, where the Apartment List Rent Index shows rents up 11.0% from August 2025 to August 2026 to a median of $2,985, followed by San Jose at 7.9% and Virginia Beach at 6.7%.
The US national median in the Apartment List Rent Index was $1,390 in August 2026, down 0.8% from August 2025 and up 0.1% from July 2026. Our National Rent Report covers the national picture in full and updates monthly.
These figures come from the Apartment List Rent Index, which tracks how rents change from month to month by comparing the same units over time. That approach keeps a shift in the mix of available apartments from looking like a change in price. The index underpins the estimated median rents shown throughout this page, which are anchored to Census figures for what recent movers actually pay.
Two distinctions are worth holding onto. The percentages describe rent changes measured by the index. The dollar figures are estimated median rents, not averages, and not the price of any particular unit. Both are built to represent a whole rental market rather than the listings on our site.
A few things follow. The figures describe new leases being signed, so a renewal offer can look different from the market number. Individual listings vary widely around a median. And other publishers report different numbers for the same market because they measure different things over different months, some tracking asking prices on active listings rather than rents on signed leases.
Read the full Rent Estimate methodology. The data month appears in the source line at the top of this page, which is refreshed with each monthly release.
In unit laundry, Patio / balcony, Pet friendly, Stainless steel, Walk in closets, Gym + more
In unit laundry, Hardwood floors, Dishwasher, 24hr maintenance, Stainless steel, Walk in closets + more
