October 2026 Rental Market Report

The Market in October: Quick Read

October brought the expected seasonal softening. Median asking rent fell back to $1,800 from September's $1,900 high. Days on market ticked up slightly to 25 days. The combination of rising delinquency and moderating rents signals a market that is cooling heading into winter.

What Rentals Are Going For

Median asking rent in October: $1,800/month.

The $100 decline from September's $1,900 peak suggests September's increase was seasonal rather than structural. Illinois continues to dominate the top of the price table with a $2,530 median, though its influence is driven almost entirely by Chicago. The 3BR-to-4BR gap ($2,150 to $2,600) represents a 21% premium. Condos ($2,400 median) continue to lead all property types, while Baltimore enters the top-5 cities with a striking $660 median, the lowest city-level figure in the dataset.

By Bedroom Count

By Property Type

By State

Maryland entered the top 10 this month with a $750 median, the lowest of any state on the list and 71% below California at $2,595. Maryland's low figure is driven by a concentration of affordable Baltimore listings.

Top 5 Cities by Listing Volume

Most Expensive Cities

Most Affordable Cities

Security Deposits

The average security deposit in October was $1,854 (median: $1,650), with a deposit-to-rent ratio of 1.00x. The ratio returned to the baseline of exactly one month's rent after September's dip to 0.95x.

Days on Market: Holding Steady as Winter Approaches

Median days on market was 25 days in October, virtually unchanged from the 24-to-25 day range that has held since July. This is 14% below June's 29-day peak. Landlords listing now should still expect to fill vacancies within about four weeks, though the typical winter slowdown is likely just ahead.

Trailing 6 Months

By State

North Carolina (20 days) was the fastest market this month. Utah (38 days) and Washington (36 days) were the slowest among qualifying states, a reversal from earlier in the year when Mountain West markets were consistently among the fastest. Pennsylvania's average DOM of 144 days is an extreme outlier driven by a few long-sitting listings, while its 26-day median is in line with the national figure.

Maintenance: Heating Season Begins

HVAC/Heating requests climbed to 11.4% of coordinated maintenance volume, up from 8.8% in both August and September. This marks the start of the fall heating ramp that typically peaks in January. Plumbing held steady at 22.6%, and pest control dropped to 6.1%, continuing its decline from the summer peak of 7.0%. Turnover/cleaning requests rose to 4.0%, consistent with fall lease transitions. Property managers should ensure heating systems are inspected and operational. The sharpest increase in heating requests is still ahead in November and December.

Top Categories, October 2026

Rent Delinquency: The Sharpest Jump of the Year

The national rent delinquency rate hit 8.7% in October, up from 5.7% in September. The 3-percentage-point single-month increase is the largest of 2026. Since May, the rate has more than tripled.

Trailing 6 Months

Highest Delinquency by State

Lowest Delinquency by State

Highest Delinquency by City

Lowest Delinquency by City

By Property Type

By Bedroom Count

Memphis continues to lead the country at 32.8%, nearly four times the national average. The Rust Belt and Southern pattern persists, with every top-5 delinquent city in those regions. Condos remain the safest property type at 2.7% delinquency, roughly one-third the rate of triplexes (8.0%). Studios saw the sharpest bedroom-level increase, jumping from 6.2% in September to 9.6% in October.

Market Risks and Opportunities

October's data tells a story of a market that is cooling on multiple fronts. Rents pulled back from September's high. Days on market are stable but showing early signs of the winter slowdown with average DOM climbing even as the median holds. And delinquency is accelerating at a rate that should concern any landlord with exposure to the markets at the top of the charts.

The practical takeaway: this is not the month to relax screening standards or delay follow-up on late payments. The 3-point jump from September to October is the steepest of the year, and the historical pattern suggests November and December will push the rate higher as holiday spending competes with rent obligations. Landlords in Memphis, Labelle, Mobile, and Toledo are dealing with delinquency rates above 20%. Proactive outreach, payment plans, and early communication about late-fee enforcement are the tools that prevent these numbers from turning into costly evictions.

On the opportunity side, condos remain the strongest asset class by almost every metric: highest median rent ($2,400), lowest delinquency (2.7%), and consistent demand. Landlords with condo inventory are well-positioned heading into winter.

Fall season

October's rent delinquency rate, more than triple the 2.8% recorded just five months ago. The acceleration is steepening, not flattening. If you manage properties in the highest-risk markets, the time to act is now: review your tenant screening criteria, enforce late-fee policies consistently, and have candid conversations with tenants who are falling behind. The holiday months ahead will test collection resilience further.