Apartments.com, a subsidiary of CoStar Group Inc. (NASDAQ: CSGP), released its inaugural RentPulse Index, a quarterly measurement tracking renter financial and behavioral conditions across the United States. The index synthesizes proprietary data from Apartments.com and CoStar Group to measure affordability stress, behavioral shifts, concessions, supply pressure and demand trends.

The first quarter 2026 findings show a national rent-to-income ratio of 23.3%, though significant regional variations exist. In New York City, renters earning the median household income would spend nearly 70% of their income on a one-bedroom apartment. Four of New York's five boroughs ranked among the top 10 least affordable major rental markets, while Texas and Midwest cities showed rent-to-income ratios under 25%.

Nationwide, 41.2% of multifamily properties currently offer rent concessions, representing a 9.9 percentage point increase from 2025. The national concession rate reached 2.0% in the first quarter, up from 1.8% the previous year. Fort Myers posted the highest concessions at 5.3%, followed by Asheville, North Carolina at 4.4%.

Sun Belt markets continue absorbing supply from the 2023-2025 construction surge. In Sarasota, 81.8% of properties offer concessions, with nearly half advertising two months free rent. Charlotte saw concession offerings rise to 51.2% of properties, a 13.8 percentage point increase year-over-year. San Antonio recorded the highest vacancy rate among the 50 largest U.S. metros in March.

Coastal and Northeastern markets experienced upward rent pressure. San Francisco one-bedroom rents increased 8.2% year-over-year to $3,351. Rhode Island rents climbed 2.7%, while Hampton Roads, Virginia markets recorded rent growth above 3%.

Texas statewide rents declined 2.1% year-over-year, while Florida rents fell 1.6% statewide. Multiple Carolina cities continue absorbing new inventory, creating downward rent pressure.