US apartment rents nearly flat in July despite eight-month gains
Rents fell -0.4% in the South and dropped -1.0% in the Mountain region, where new supply additions have outpaced demand absorption, according to Apartments.com.
At the metro level, San Francisco recorded the strongest monthly gain among major markets at +0.59%, followed by San Jose at +0.39%, and led all metros annually with +10.9% year-over-year growth, reflecting the tighter supply conditions that distinguish Pacific coastal markets from their Sun Belt counterparts.
San Antonio posted the steepest annual decline at -3.0%, followed by Denver at -2.1%, Austin and Las Vegas at -1.9% each, and Phoenix at -1.7%.
What the data means for brokers and lenders
The July figures arrive as broader multifamily deal activity is accelerating. As commercial and multifamily lending has surged to competitive new highs in 2026, driven by a wave of refinancing activity and maturing bank loan portfolios, the divergence between high-performing and supply-pressured markets is shaping where capital is flowing.
“We’ve essentially entered a more liquid phase of the cycle,” Xander Snyder, senior commercial real estate economist at First American Financial Corporation in Santa Ana, California, previously told Mortgage Professional America.
