# Apartment List Says National Median Rent Turned 0.1% YoY Positive in October 2026

> Chris Salviati and Rob Warnock said October's 0.3% month-over-month dip was milder than the 2017-2019 seasonal average. Sun Belt declines are moderating while San Francisco city rents rose 24% year over year.

- URL: https://www.yourcaio.co/news/apartment-list-october-2026-yoy-rent-flips-positive-november-2026
- Published: 2026-11-11
- Author: David Cartolano (https://www.yourcaio.co/about)
- Category: Market Trends
- Property type: Multifamily
- Tags: Apartment List, Rent Growth, Vacancy, Concessions, National Rent Report
- Source: [Apartment List](https://www.apartmentlist.com/research/national-rent-data)

## Key Takeaways

- Apartment List's November 2026 report shows the national median rent at $1,384 in October 2026, up 0.1% year over year, the first positive annual reading since mid-2023.
- Month-over-month rent growth was -0.3% in October 2026, milder than October 2025's -0.8% decline and the 2017-2019 average of -0.4%.
- The national multifamily vacancy rate was 7.0% in October 2026, down from a February 2026 peak of 7.3%.
- Thirty-two percent of properties offered concessions worth at least one month of free rent in October 2026, four percentage points above October 2025.
- Newly listed units averaged 36 days from list to lease in October 2026, the longest October reading since Apartment List's 2019 tracking began.

**Apartment List's November 2026 National Rent Report puts the U.S. median rent at $1,384 in October 2026, up 0.1% year over year**, the first positive annual reading since **mid-2023**, per economists **Chris Salviati** and **Rob Warnock**. **Vacancy was 7.0%**, down from a **7.3% February peak**, while **32% of properties** offered **at least one month free** on new leases.

The inflection lands alongside [NAHB's weak multifamily production index](https://www.yourcaio.co/news/nahb-multifamily-mpi-41-moi-69-q3-2026-november-2026) and [California's $11.25 billion housing bond passage](https://www.yourcaio.co/news/california-proposition-1-11-25-billion-housing-bond-november-2026). Demand metrics are thawing while supply pipelines still reset.

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## Why Does 0.1% YoY Growth Matter?

Three consecutive **negative full-year** rent prints (**-0.8% in 2023**, **-0.5% in 2024**, **-1.2% in 2025**) made any positive annual tick symbolic. Year-over-year growth bottomed at **-1.6% in April 2026** before rebounding over six months.

| Metric (October 2026) | Reading |
|-----------------------|---------|
| National median rent | $1,384 |
| Year-over-year change | +0.1% |
| Month-over-month change | -0.3% |
| Vacancy index | 7.0% |
| Concessions (≥1 month free) | 32% of properties |
| List-to-lease time | 36 days |

October's **-0.3%** seasonal dip was **less severe** than **October 2025 (-0.8%)** and slightly better than the **2017-2019 average (-0.4%)**, Apartment List said. Operators are discounting less aggressively even in the slow season.

National median rent is **$1 below** October 2025 in dollar terms (**$1,384 vs. $1,383**), so the positive percentage reflects rounding and index composition, not a boom.

---

## Is Vacancy Actually Tightening?

Apartment List's vacancy index tracks **stabilized properties** on its marketplace (at least six months live and having reached **85% occupancy** once). That excludes the messiest lease-up phase but captures portfolio-wide softening.

The path:

- **February 2026 peak:** **7.3%** (highest since 2017 tracking began)
- **October 2026:** **7.0%**
- **Long-run balanced average (2017-2019):** **6.4%**

The construction boom peak delivered **600,000+ multifamily units in 2024**, the highest annual total since **1986**, per Apartment List. Deliveries have slowed, and absorption is finally catching up, a dynamic [RealPage also described](https://www.yourcaio.co/news/realpage-october-2026-apartment-rent-cut-1-7-percent-yoy-november-2026) with different sign on year-over-year asking rents.

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## What Do Concessions and Time-on-Market Say?

Apartment List introduced a **concession rate** this cycle: share of properties offering discounts worth **≥ one month of rent**. At **32%**, concessions remain **four points above** October 2025 even as annual rent growth flipped positive.

**List-to-lease** averaged **36 days** in October 2026, **two days longer** than October 2025 and the **longest October** in the series back to **2019**. Longer marketing periods plus heavy concessions tell you pricing power is **improving**, not **dominant**.

Operators should expect **[Prop 1-funded affordable deals](https://www.yourcaio.co/news/california-proposition-1-11-25-billion-housing-bond-november-2026)** and new supply cuts to compete for the same marginal renter through 2027.

---

## Which Markets Are Leading and Lagging?

Among **55 metros above one million population**, **45 saw month-over-month rent declines** in October while **35 posted positive year-over-year growth**.

**Sun Belt moderation:** Austin's year-over-year decline narrowed to **-1.2%** from **-6.2% in 2025**. San Antonio still led large-metro declines at **-3.8%** year over year.

**Coastal strength:** San Francisco and San Jose posted **+13%** and **+9%** metro-wide annual gains; **San Francisco city** rents rose **24%** year over year, Apartment List said, tied to AI job growth.

**Midwest steadiness:** Detroit, Chicago, Milwaukee, and Kansas City stayed in the positive-growth top tier through the national softness.

That regional split shows up in acquisition tape too: [Timberlane's $82.8 million Everett buy](https://www.yourcaio.co/news/timberlane-canopy-everett-82-8-million-november-2026) versus [suburban Atlanta garden deals](https://www.yourcaio.co/news/acento-legacy-west-cobb-48-million-marietta-november-2026).

---

## The Numbers Worth Writing Down

- Median rent: **$1,384** (October 2026)
- YoY rent growth: **+0.1%** (first since mid-2023)
- MoM rent growth: **-0.3%**
- Vacancy: **7.0%** (down from **7.3%** peak)
- Concessions ≥1 month: **32%** of properties
- Time on market: **36 days**
- SF city YoY: **+24%**; Austin YoY: **-1.2%**

---

## Positive YoY Is a Milestone, Not a Boom

Apartment List's October 2026 data marks the **turn** after four years of renter-friendly national pricing. **0.1%** year-over-year growth with **32%** concession prevalence is a **balanced market returning**, not a 2021 rerun.

For underwriting, pair this release with [NAA and NAR lease-up commentary](https://www.yourcaio.co/news/nar-realtor-yardi-september-2026-lease-up-supply-lag-november-2026): national indices can inflect while **operator-level concessions** still bite. Plan for **2027 positive full-year rent growth**, as Apartment List forecasts, but underwrite **36-day** marketing reality today.

---

## Sources

- [Apartment List National Rent Report, November 2026](https://www.apartmentlist.com/research/national-rent-data), Apartment List, October 28, 2026
- [October Sees First Yearly Rent Rise Since 2023](https://yieldpro.com/2026/11/october-sees-first-yearly-rent-rise-since-2023/), Yield PRO, November 2, 2026
- [RealPage October 2026 Rent Data](https://www.yourcaio.co/news/realpage-october-2026-apartment-rent-cut-1-7-percent-yoy-november-2026), Your CAIO, November 2026
- [NAHB Multifamily MPI Q3 2026](https://www.yourcaio.co/news/nahb-multifamily-mpi-41-moi-69-q3-2026-november-2026), Your CAIO, November 2026

## Frequently Asked Questions

### What is the national median apartment rent in October 2026 per Apartment List?

Apartment List estimates the national median rent at $1,384 per month as of October 2026, essentially flat versus October 2025 but up 0.1% on a year-over-year basis. That marks the first positive annual rent change since mid-2023 after three years of negative full-year rent growth.

### What is the multifamily vacancy rate in Apartment List's November 2026 report?

The national vacancy index stood at 7.0% in October 2026, continuing a gradual decline from the 7.3% peak recorded in February 2026. The rate remains above the 2017-2019 average of 6.4% but has moved past its recent high.

### How common are rent concessions in October 2026?

Apartment List says 32% of properties offered concessions valued at one month of free rent or more in October 2026, up four points from October 2025. Elevated concessions persist even as year-over-year rent growth turned slightly positive.

### Which metros led year-over-year rent growth in October 2026?

Among large markets, San Francisco and San Jose posted the fastest annual gains at about 13% and 9% metro-wide. Apartment List cites San Francisco city rents up 24% year over year, driven by AI-related job growth and tight housing supply.

### How does Apartment List's October 2026 read compare to RealPage's recent rent data?

RealPage's October dashboard showed national asking rents down 1.7% year over year, covered in [RealPage's November article](https://www.yourcaio.co/news/realpage-october-2026-apartment-rent-cut-1-7-percent-yoy-november-2026). Apartment List's repeat-transaction median flipped slightly positive, reflecting methodology and concession treatment differences.

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Cite as: David Cartolano, "Apartment List Says National Median Rent Turned 0.1% YoY Positive in October 2026," YourCAIO.co, 2026-11-11, https://www.yourcaio.co/news/apartment-list-october-2026-yoy-rent-flips-positive-november-2026