US Asking Rents Fall 0.4% in September, Slowest Decline in Three Years

US median asking rent fell 0.4% year over year to $1,694 in September 2026, the slowest decline in three years. The decline extended to 38 consecutive months, though rents remained 14.5% above pre-pandemic levels. Bay Area AI hiring fueled rental demand; San Jose rents rose 6% to a record $3,565. San Jose listings offering concessions dropped to 24.3% from 51.9% a year earlier, signaling tighter rental conditions. Demand for lower-cost alternatives pushed some markets back into rent growth, while cooling Sun Belt construction slowed supply-driven declines. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. News Corporation published the original content used to generate this news brief via (Ref. ID: LA72453) on October 15, 2026, and is solely responsible for the information contained therein. (C)