US rent prices are declining at a historic pace: National apartment rents fell -0.31% MoM in October, marking the steepest October decrease in over 15 years. This also marks the 3rd consecutive monthly decline, as elevated supply continues to weigh on prices nationwide. 3 of the 5 largest monthly rent declines over the last 15 years occurred in August, September, and October this year. At the same time, annual rent growth slowed to +0.8%, down from +1.5% at the start of 2025. All US regions saw rent declines last month, led by the West with a -0.53% MoM drop. The South followed with -0.28%, while the Northeast and Midwest fell -0.24% and -0.18%. The US rental market is cooling.(The Kobeissi Letter)