U.S. apartment rents posted a modest increase in June, according to Zumper’s National Rent Index, marking a shift after a year of annual declines in the one-bedroom segment. The median rent for a one-bedroom unit rose 0.5% from the prior month to $1,526, while the median two-bedroom rent ticked up 0.1% to $1,905.
On a year-over-year basis, one-bedroom rents are now 0.4% higher, representing the first positive annual growth reading since May 2025. By contrast, two-bedroom rents remain slightly below prior-year levels, with the median figure sitting 0.3% under where it stood a year ago.
The data shows a clear turning point for one-bedroom rents following a period of persistent annual declines. The annual change in one-bedroom pricing reached a low of -2.2% last November. Since then, the pace of decline narrowed steadily, improving to -0.6% in April and -0.1% in May before moving into positive territory in June.
Zumper CEO Shawn Mullahy framed supply as the primary driver behind today’s diverging rent patterns across the country. He noted that the national average conceals sharp differences among individual markets, with inventory levels determining whether rents are softening or rising. In markets where supply remains elevated, rents are still under pressure, though the rate of decline is easing. In areas where new supply is constrained, rents are climbing, sometimes at a much faster pace. Mullahy described the national index as essentially representing the midpoint between these contrasting market conditions.
Recent performance in specific metros underscores the widening spread in rent outcomes. San Francisco recorded year-over-year rent growth of 21.9% in June, signaling a strong rebound in asking rents relative to the same month last year. At the other end of the spectrum, the Texas cities of Houston, Austin and San Antonio each experienced annual rent declines exceeding 10%, highlighting the extent to which some markets continue to face downward pressure.
Taken together, the latest Zumper figures point to a U.S. rental market in transition, with headline measures beginning to firm even as local dynamics remain highly dependent on the balance between supply and demand. While the national numbers suggest stabilization, the underlying story is one of significant divergence between high-growth markets and those still absorbing elevated levels of new inventory.
