The median rent was in the US in July was $1,402

The national median rent was unchanged in July, holding at $1,402. Momentum in rental growth, which spiked early in the year, has since cooled, even during the peak moving months when demand normally drives faster increases.

Compared with a year ago, rents are down 0.8%. Year-over-year growth had been slowly narrowing toward positive territory for the first time since 2023, but that trend has now reversed, slipping further into negative territory for three straight months.

Vacancies continue to climb, with the national multifamily vacancy rate rising to 7.1% in July — the highest on record in this dataset. While the construction boom in multifamily housing has passed its peak, the market is still digesting a flood of new supply, pushing vacancies upward. On average, units are taking 28 days to lease after being listed, up a day from June but still faster than the 37-day high recorded in January.

Regional dynamics remain stark: Austin leads the nation as the softest rental market, with median rents there down 6.8% from last year. By contrast, San Francisco stands out on the opposite end, with rents climbing 4.6% year-over-year — the strongest growth in the country.

Taken together, the numbers show a rental market that is slowing at a time when it usually accelerates. Spring and summer are historically the busiest moving seasons, yet rents have been flat to declining, pointing to softness in demand that may reflect broader economic uncertainty. After peaking at 0.6% month-over-month growth in March, national rent increases have decelerated for four straight months, pushing annual growth back to last fall’s levels.