RentPulse Provides New Quarterly Measure of U.S. Rental Market Conditions

Apartments.com has introduced RentPulse, a new quarterly rental market index that measures renter financial and behavioral conditions across U.S. multifamily markets. The index combines Apartments.com and CoStar data to track affordability, concessions, supply conditions, demand trends, and renter behavior.

The inaugural report found a divergence of rental market conditions in the first quarter of 2026, with supply-heavy Sun Belt markets experiencing rent declines and coastal and Northeastern markets seeing rents rise.

A comprehensive view of rental market conditions

RentPulse incorporates multiple indicators to provide a broader view of market conditions beyond rent growth alone. The index evaluates affordability stress, concession activity, supply pressure, demand trends and renter behavior using proprietary Apartments.com and CoStar Group data.

“Rent growth tells only part of the story,” said Kathy Neumann, vice president of marketing at Apartments.com. “RentPulse brings together multiple indicators, providing a broader view of how market conditions are affecting renters.”

First-quarter findings highlight regional divergence

Regional differences in supply conditions are driving diverging performance.

While many Sun Belt markets continue to face elevated supply, these markets have seen increased use of concessions and downward pressure on rents. In Texas and Florida, which have experienced large volumes of new construction, rents declined 2.1 and 1.6 percent year over year.

On the other end of the spectrum, coastal and Northeastern markets have seen rents rise as a result of limited development. San Francisco led major U.S. markets with annual rent growth of 8.2 percent, supported by constrained inventory and renewed demand tied to the region’s technology sector.

The report also found that concession activity remains elevated nationally, reflecting ongoing competition for renters in markets where new supply has outpaced demand.

The full RentPulse report is available at the Apartments.com Renterverse blog.