September 2026 Rental Market Report
Editorial Staff
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Median asking rent climbed to $1,900 per month in September, the highest level of 2026 so far and a 6% increase over the $1,800 mark that held steady from April through August. The jump signals that landlords are pricing up heading into fall, likely driven by tighter inventory and sustained tenant demand. For property managers, this is the moment to evaluate whether current rents are keeping pace with the market.
The Market in September: Quick Read
September marked a shift upward in asking rents after five months of stability. Days on market held steady at 25 days, consistent with the summer pace. Delinquency continued its upward climb to 5.7%, reinforcing a trend that has persisted since spring.
What Rentals Are Going For
Median asking rent in September: $1,900/month.
The $100 jump from August's $1,800 marks the first meaningful rent increase since spring. Three-bedroom homes remain the most commonly listed unit type. The 3BR-to-4BR gap ($2,200 to $2,745) represents a 25% premium. Condos reclaimed the top spot by property type at $2,525 median, pulling ahead of townhouses ($2,348). Duplexes remain the most affordable multi-unit type at $1,400 median.
By Bedroom Count
| Bedrooms | Avg Rent | Median Rent |
|---|---|---|
| Studio | $1,433 | $1,200 |
| 1 BR | $1,542 | $1,390 |
| 2 BR | $1,949 | $1,700 |
| 3 BR | $2,420 | $2,200 |
| 4 BR | $2,750 | $2,745 |
| 5+ BR | $3,372 | $3,125 |
By Property Type
| Type | Avg Rent | Median Rent |
|---|---|---|
| House | $2,411 | $2,200 |
| Apartment | $1,897 | $1,685 |
| Townhouse | $2,433 | $2,348 |
| Condo | $2,820 | $2,525 |
| Duplex | $1,637 | $1,400 |
| 4-Plex | $1,439 | $1,300 |
| Triplex | $1,408 | $1,298 |
| Mobile | $1,131 | $999 |
By State (Top 10 Markets by Volume)
| State | Avg Rent | Median Rent |
|---|---|---|
| CA | $2,981 | $2,750 |
| IL | $3,074 | $2,850 |
| TX | $1,675 | $1,238 |
| FL | $1,915 | $1,750 |
| OH | $1,295 | $1,195 |
| CO | $2,605 | $2,800 |
| WA | $2,211 | $2,269 |
| PA | $1,495 | $1,350 |
| GA | $1,720 | $1,600 |
| NY | $2,055 | $2,025 |
Ohio remains the most affordable top-10 state at $1,195 median, 58% below Illinois at $2,850. Illinois overtook California as the priciest state by median rent this month, driven by high-end Chicago inventory.
Top 5 Cities by Listing Volume
| City | Avg Rent | Median Rent |
|---|---|---|
| Chicago, IL | $3,279 | $2,990 |
| Los Angeles, CA | $2,644 | $2,295 |
| Cleveland, OH | $1,146 | $1,100 |
| San Antonio, TX | $1,238 | $747 |
| Houston, TX | $1,709 | $1,650 |
Most Expensive Cities (min 15 listings)
| City | Avg Rent | Median Rent |
|---|---|---|
| Chicago, IL | $3,279 | $2,990 |
| Denver, CO | $2,608 | $2,850 |
| Los Angeles, CA | $2,644 | $2,295 |
Most Affordable Cities (min 15 listings)
| City | Avg Rent | Median Rent |
|---|---|---|
| San Antonio, TX | $1,238 | $747 |
| Memphis, TN | $1,136 | $1,095 |
| Cleveland, OH | $1,146 | $1,100 |
Security Deposits
The average security deposit in September was $1,942 (median: $1,695), with a deposit-to-rent ratio of 0.95x. This is the lowest ratio of the year, suggesting landlords are holding deposits slightly below one month's rent as competition for tenants tightens heading into the slower fall season.
Days on Market: Steady Through the Fall Transition
Median days on market was 25 days in September, essentially flat compared to July and August (both 25 days). The market has settled into a consistent 24-to-29 day range since the spring compression ended in April. Landlords can expect roughly three to four weeks to fill a vacancy in most markets.
Trailing 6 Months
| Month | Avg DOM | Median DOM |
|---|---|---|
| Apr 2026 | 43 | 23 |
| May 2026 | 45 | 28 |
| Jun 2026 | 60 | 29 |
| Jul 2026 | 40 | 24 |
| Aug 2026 | 45 | 25 |
| Sep 2026 | 49 | 25 |
By State
| State | Avg DOM | Median DOM |
|---|---|---|
| CA | 29 | 21 |
| OH | 63 | 24 |
| CO | 39 | 25 |
| WA | 49 | 27 |
| FL | 48 | 27 |
| PA | 32 | 28 |
| TX | 44 | 30 |
| AL | 73 | 31 |
| IL | 150 | 41 |
California (21 days) was the fastest market. Illinois (41 days) was the slowest, a notable outlier driven by a high average DOM of 150 days, indicating a few long-sitting listings dragging the average up sharply. Ohio's average of 63 days versus its 24-day median tells a similar story of a handful of stale listings skewing the average.
Maintenance: Fall Transition Underway
Plumbing remained the top categorized maintenance issue at 21.2% of coordinated requests. HVAC dropped to 8.8%, down from its July peak of 14.8%, as cooling season winds down. Pest control held at 6.4%, slightly below its summer peak of 7.0%. The "Other" category accounted for 40.8% of all requests, a larger share than prior months, suggesting an increase in miscellaneous seasonal maintenance (gutter cleaning, weatherization) as fall sets in. Property managers should begin shifting focus from summer cooling issues to pre-winter preparation: furnace inspections, pipe insulation, and weather stripping.
Top Categories, September 2026
| Category | % of Total Requests |
|---|---|
| Other | 40.8% |
| Plumbing | 21.2% |
| Heating/HVAC | 8.8% |
| Appliance Repair | 8.1% |
| Pest Control | 6.4% |
| Electrical | 5.4% |
| Rekey/Locksmith | 3.3% |
| Turnover/Cleaning | 3.3% |
| Recurring Services | 2.5% |
Rent Delinquency: Steady Climb Continues
The national rent delinquency rate reached 5.7% in September, continuing the unbroken upward trend from 2.4% in April. Every month since spring has moved higher.
Trailing 6 Months
| Month | Delinquency Rate |
|---|---|
| Apr 2026 | 2.4% |
| May 2026 | 2.8% |
| Jun 2026 | 3.2% |
| Jul 2026 | 3.8% |
| Aug 2026 | 4.5% |
| Sep 2026 | 5.7% |
Highest Delinquency by State
| State | Delinquency Rate |
|---|---|
| AR | 14.6% |
| TN | 13.5% |
| MI | 13.1% |
| PA | 12.9% |
| AL | 10.6% |
Lowest Delinquency by State
| State | Delinquency Rate |
|---|---|
| CO | 1.3% |
| HI | 1.6% |
| CA | 2.1% |
| MN | 2.3% |
| OK | 2.3% |
Highest Delinquency by City
| City | Delinquency Rate |
|---|---|
| Memphis, TN | 23.8% |
| Mobile, AL | 17.5% |
| Detroit, MI | 14.3% |
| Toledo, OH | 13.6% |
| Morgantown, WV | 13.0% |
Lowest Delinquency by City
| City | Delinquency Rate |
|---|---|
| San Diego, CA | 0.7% |
| Austin, TX | 1.2% |
| Dayton, OH | 1.2% |
| Denver, CO | 1.3% |
| Honolulu, HI | 1.3% |
By Property Type
| Property Type | Delinquency Rate |
|---|---|
| Duplex | 6.0% |
| Townhouse | 4.3% |
| Apartment | 4.1% |
| House | 4.0% |
| Triplex | 3.6% |
| 4-Plex | 3.5% |
| Condo | 2.4% |
By Bedroom Count
| Bedrooms | Delinquency Rate |
|---|---|
| Studio | 6.2% |
| 1 BR | 2.7% |
| 2 BR | 3.9% |
| 3 BR | 4.9% |
| 4 BR | 5.2% |
| 5+ BR | 4.1% |
The geographic pattern remains consistent: Southern and Rust Belt markets (Memphis, Mobile, Detroit, Toledo) lead delinquency, while West Coast and Mountain West cities (San Diego, Denver, Honolulu) remain well below the national average. Condos continue to have the lowest delinquency by property type at 2.4%, while duplexes run highest at 6.0%. By bedroom count, studios (6.2%) and 4-bedroom units (5.2%) have the highest rates, while 1-bedroom units are the lowest at 2.7%.
Market Risks and Opportunities
September's $1,900 median rent marks an inflection point after five months of flat pricing. Landlords should be evaluating renewal rates now. If existing tenants are paying below $1,900 for comparable units, a modest rent increase at renewal is supported by the data. Conversely, listings priced above market may sit longer as DOM remains around 25 days and tenants have options.
The delinquency trend demands attention. At 5.7% and climbing every month, the trajectory suggests we could approach 7-8% by year end if the pattern holds. Landlords in high-delinquency markets like Memphis (23.8%), Mobile (17.5%), and Detroit (14.3%) should be tightening screening criteria and proactively communicating with tenants showing signs of payment difficulty.
On the maintenance front, the transition from summer to fall is underway. HVAC share dropped from 14.8% in July to 8.8%, and it will likely rebound as heating requests begin in October and November. Now is the time to schedule furnace inspections and ensure heating systems are operational before the first cold snap drives an influx of urgent requests.
The One Number to Remember
$1,900. That is the new median asking rent, the highest of 2026, breaking out of the $1,800 band that held for five straight months. If you have not reviewed your rental pricing since spring, September's data says the market has moved. Landlords who adjust now will capture the higher rate before the winter slowdown compresses demand and pushes fill times higher.
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