Apartment Rent Growth Strengthens as US Supply Cools

US apartment rent growth strengthened in August with same-store effective asking rents up 0.9% year over year and occupancy steady at 95.5%. Supply is easing after peaking in late 2024, supporting absorption and rent gains. Coastal tech hubs like San Francisco saw strong rent growth, while the South experienced declines due to oversupply. The Midwest showed stable growth, and some Southern markets are beginning to improve.