Realtor.com® Rent Report: U.S. Median Rents Hit Four-Year Low as Market Records 30th Consecutive Month of Decline

Mar 17 2026 10:05 BST

National median asking monthly rent falls to $1,667; 15 major markets now see rents more than 10% below pandemic-era peaks

AUSTIN, Texas , March 17, 2026 /PRNewswire/ -- The U.S. rental market has reached its most budget-friendly level in four years. According to the Realtor.com ^® February Rental Report, February marked the 30th consecutive month of year-over-year declines for 0-2 bedroom properties, bringing the national median asking monthly rent to $1,667, the lowest level recorded since March 2022.

The national median rent fell $29, or 1.7%, compared to one year ago. While monthly rents remain $207 (14.2%) higher than pre-pandemic levels recorded in February 2020, they have now retreated $90 (5.1%) from the summer 2022 peak.

"The persistent softness we're seeing is increasingly translating into real savings for renters who, for a long time, felt the market was out of reach," said Danielle Hale, chief economist at Realtor.com^®. "This four-year low is a result of a prolonged downward trend meeting typical February seasonal softness. However, as we transition into the spring leasing season, we expect the modest price increases typical of the peak rental months. For some areas, this will likely mean new rental price highs, even as renters in the Sun Belt continue to see notably lower rents."

The Deepest Relief: Sun Belt Leads the Way
With all 50 markets remaining below their all-time highs, the report reveals a notable divide in the depth and durability of renter relief across the country.

Among the 50 largest U.S. markets, 15 saw median asking rents at least 10% below their pandemic-era peaks. These declines have proven remarkably sustained, particularly in Southern and Sun Belt markets where a boom in multifamily construction has shifted the balance in favor of tenants. In fact, Atlanta, Ga. has now recorded 42 consecutive months of year-over-year decreases, followed closely by Phoenix, Ariz. and Las Vegas, Nev. at 41 months each.

Markets with the Deepest Rent Relief: 10% or More Below Peak

Metro	Median Asking Rent	YY	Peak Month	Peak Rent	% from Peak	$ from Peak	Consecutive Months of Year- Over-Year Decline as of Feb.2026
Austin-Round Rock-San Marcos, Texas	$1,357	-7.1 %	September 2022	$1,659	-18.2 %	-$302	34
Birmingham, Ala.	$1,125	-3.4 %	July 2022	$1,357	-17.1 %	-$232	32
Memphis, Tenn.-Miss-Ark.	$1,140	-3.8 %	July 2022	$1,359	-16.1 %	-$219	34
Phoenix-Mesa-Chandler, Ariz.	$1,427	-4.4 %	June 2022	$1,690	-15.6 %	-$263	41
Atlanta-Sandy Springs-Roswell, Ga.	$1,543	-2.0 %	October 2021	$1,820	-15.2 %	-$277	42
Las Vegas-Henderson-North Las Vegas, Nev.	$1,423	-1.8 %	June 2022	$1,671	-14.8 %	-$248	41
San Diego-Chula Vista-Carlsbad, Calif.	$2,626	-3.7 %	August 2022	$3,064	-14.3 %	-$438	23
Nashville-Davidson--Murfreesboro--Franklin, Tenn.	$1,457	-4.5 %	July 2023	$1,693	-13.9 %	-$236	31
Raleigh-Cary, N.C.	$1,437	-1.5 %	July 2022	$1,659	-13.4 %	-$222	34
Denver-Aurora-Centennial, Colo.	$1,720	-4.2 %	August 2023	$1,978	-13.0 %	-$258	24
San Antonio-New Braunfels, Texas	$1,188	-4.0 %	December 2022	$1,359	-12.6 %	-$171	30
Miami-Fort Lauderdale-West Palm Beach, Fla.	$2,235	-3.3 %	July 2022	$2,550	-12.4 %	-$315	33
Jacksonville, Fla.	$1,456	-3.4 %	June 2022	$1,653	-11.9 %	-$197	16
Seattle-Tacoma-Bellevue, Wash.	$1,905	-1.9 %	July 2022	$2,158	-11.7 %	-$253	34
Dallas-Fort Worth-Arlington, Texas	$1,408	-3.7 %	July 2022	$1,566	-10.1 %	-$158	35

Markets Bucking the Trend: Where New Highs Are on the Horizon
Not every market is feeling the deep relief. In five metros, rents are sitting just 3% below their all-time highs — and with renters already paying more than last year, new record highs could be right around the corner. In Virginia Beach, Va., Baltimore, Md., and Richmond, Va., falling vacancy rates and rising rents signal that the window of affordability is closing fast.

"We are seeing two different stories across the country," said Jiayi Xu, economist at Realtor.com^®. "In markets like Austin and Phoenix, renters are benefiting from deep post-pandemic rent relief, driven by a wave of new supply. But that relief isn't universal. In places like Virginia Beach, the window is closing fast. And in markets like Kansas City, there was never any real relief to begin with— what looks like a dip is nothing more than a seasonal pause. As the spring season approaches, these markets are poised to resume an upward trajectory and push toward new all-time highs."

San Jose, Calif. remains one of the nation's most resilient hubs, maintaining positive year-over-year growth for 28 consecutive months. Despite the national downturn, San Jose rents are 1.8% higher than last year and sit just 2.5% below their August 2025 peak.

Markets Where Rent Relief Is Within 3% of Peak and A New All-time High is On the Horizon

Market	Median Asking Rent	YY	Peak Month	Peak Rent	% from peak	$ from peak
Virginia Beach-Chesapeake-Norfolk, Va.-N.C.	$1,620	4.5 %	August 2022	$1,648	-1.7 %	-$28
Kansas City, Mo.-Kan.	$1,387	1.0 %	June 2025	$1,412	-1.8 %	-$25
Baltimore-Columbia-Towson, Md.	$1,810	0.8 %	August 2022	$1,855	-2.4 %	-$45
San Jose-Sunnyvale-Santa Clara, Calif.	$3,331	1.8 %	August 2025	$3,417	-2.5 %	-$86
Richmond, Va.	$1,507	2.0 %	July 2023	$1,549	-2.7 %	-$42

National Rent Trends by Unit Size
Median rents declined across all unit categories in February, with two-bedroom units continuing to see the most significant year-over-year percentage drops.

National Rents by Unit Size, February 2026

Unit Size	Median Rent	Rent YoY	Consecutive Months of Decline	Total Decline from Peak	Rent Change - 6 Years
Overall	$1,667	-1.7 %	30	-5.1 %	14.2 %
Studio	$1,393	-0.4 %	30	-5.8 %	8.9 %
1-Bedroom	$1,548	-1.5 %	33	-6.6 %	12.3 %
2-Bedroom	$1,844	-1.9 %	33	-5.8 %	15.9 %

Appendix

Market	Median Asking Rent	YY	% from pre- pandemic	% from peak	$ from peak	Peak Month
Atlanta-Sandy Springs-Roswell, Ga.	$1,543	-2.00 %	7.23 %	-15.2 %	-$277	October 2021
Austin-Round Rock-San Marcos, Texas	$1,357	-7.10 %	6.26 %	-18.2 %	-$302	September 2022
Baltimore-Columbia-Towson, Md.	$1,810	0.80 %	12.49 %	-2.4 %	-$45	August 2022
Birmingham, Ala.	$1,125	-3.40 %	3.97 %	-17.1 %	-$232	July 2022
Boston-Cambridge-Newton, Mass.-N.H.	$2,841	-3.30 %	11.24 %	-6.4 %	-$193	July 2024
Buffalo-Cheektowaga, N.Y.	NA	NA	NA	NA	NA	NA
Charlotte-Concord-Gastonia, N.C.-S.C.	$1,479	-2.80 %	14.12 %	-8.4 %	-$136	July 2022
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	$1,794	-0.20 %	11.57 %	-4.3 %	-$80	August 2023
Cincinnati, Ohio-Ky.-Ind.	$1,268	-2.00 %	5.67 %	-8.9 %	-$124	October 2024
Cleveland-Elyria, Ohio	$1,209	-0.70 %	23.24 %	-3.8 %	-$48	July 2024
Columbus, Ohio	$1,190	-0.50 %	17.59 %	-3.4 %	-$42	July 2024
Dallas-Fort Worth-Arlington, Texas	$1,408	-3.70 %	11.92 %	-10.1 %	-$158	July 2022
Denver-Aurora-Centennial, Colo.	$1,720	-4.20 %	3.99 %	-13.0 %	-$258	August 2023
Detroit-Warren-Dearborn, Mich.	$1,277	-3.50 %	8.04 %	-6.0 %	-$81	September 2022
Hartford-West Hartford-East Hartford, Conn.	NA	NA	NA	NA	NA	NA
Houston-Pasadena-The Woodlands, Texas	$1,344	-2.40 %	9.18 %	-6.3 %	-$90	August 2023
Indianapolis-Carmel-Anderson, Ind.	$1,281	-0.20 %	27.97 %	-4.4 %	-$59	June 2024
Jacksonville, Fla.	$1,456	-3.40 %	21.84 %	-11.9 %	-$197	June 2022
Kansas City, Mo.-Kan.	$1,387	1.00 %	24.06 %	-1.8 %	-$25	June 2025
Las Vegas-Henderson-Paradise, Nev.	$1,423	-1.80 %	17.60 %	-14.8 %	-$248	June 2022
Los Angeles-Long Beach-Anaheim, Calif.	$2,709	-1.90 %	9.85 %	-6.3 %	-$182	September 2023
Louisville/Jefferson County, Ky.-Ind.	$1,210	-2.20 %	17.70 %	-7.0 %	-$91	July 2024
Memphis, Tenn.-Miss.-Ark.	$1,140	-3.80 %	11.44 %	-16.1 %	-$219	July 2022
Miami-Fort Lauderdale-West Palm Beach, Fla.	$2,235	-3.30 %	32.80 %	-12.4 %	-$315	July 2022
Milwaukee-Waukesha, Wis.	$1,639	-0.10 %	12.26 %	-3.0 %	-$50	June 2024
Minneapolis-St. Paul-Bloomington, Minn.-Wis.	$1,482	-1.20 %	1.30 %	-4.9 %	-$77	August 2024
Nashville-Davidson–Murfreesboro–Franklin, Tenn.	$1,457	-4.50 %	14.63 %	-13.9 %	-$236	July 2023
New Orleans-Metairie, La.	$1,191	-4.50 %	9.37 %	NA	NA	NA
New York-Newark-Jersey City, N.Y.-N.J.-Pa.	$2,894	0.80 %	25.01 %	-1.7 %	-$51	June 2024
Oklahoma City, Okla.	$983	-1.20 %	4.57 %	-6.8 %	-$72	February 2023
Orlando-Kissimmee-Sanford, Fla.	$1,636	-2.20 %	19.94 %	-8.7 %	-$155	July 2022
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	$1,713	-2.60 %	6.40 %	-6.4 %	-$118	August 2023
Phoenix-Mesa-Scottsdale, Ariz.	$1,427	-4.40 %	13.43 %	-15.6 %	-$263	June 2022
Pittsburgh, Pa.	$1,426	0.40 %	31.07 %	-4.6 %	-$69	September 2025
Portland-Vancouver-Hillsboro, Ore.-Wash.	$1,629	-1.20 %	11.96 %	-8.1 %	-$144	July 2024
Providence-Warwick, R.I.-Mass.	$1,966	-2.60 %	23.18 %	-6.6 %	-$139	July 2024
Raleigh, N.C.	$1,437	-1.50 %	19.45 %	-13.4 %	-$222	July 2022
Richmond, Va.	$1,507	2.00 %	24.65 %	-2.7 %	-$42	July 2023
Riverside-San Bernardino-Ontario, Calif.	$2,059	-3.30 %	15.09 %	-8.8 %	-$199	October 2022
Rochester, N.Y.	$1,334	1.50 %	22.50 %	NA	NA	NA
Sacramento-Roseville-Folsom, Calif.	$1,823	-1.90 %	21.21 %	-7.0 %	-$137	August 2024
San Antonio-New Braunfels, Texas	$1,188	-4.00 %	14.89 %	-12.6 %	-$171	December 2022
San Diego-Chula Vista-Carlsbad, Calif.	$2,626	-3.70 %	9.74 %	-14.3 %	-$438	August 2022
San Francisco-Oakland-Fremont, Calif.	$2,768	0.90 %	-3.96 %	-7.4 %	-$221	July 2022
San Jose-Sunnyvale-Santa Clara, Calif.	$3,331	1.80 %	4.06 %	-2.5 %	-$86	August 2025
Seattle-Tacoma-Bellevue, Wash.	$1,905	-1.90 %	1.82 %	-11.7 %	-$253	July 2022
St. Louis, Miss.-Ill.	$1,280	-1.80 %	21.44 %	-6.2 %	-$84	August 2024
Tampa-St. Petersburg-Clearwater, Fla.	$1,675	-3.70 %	34.75 %	-7.9 %	-$144	June 2022
Virginia Beach-Chesapeake-Norfolk, Va.-N.C.	$1,620	4.50 %	31.28 %	-1.7 %	-$28	August 2022
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W. Va.	2,266	-0.70 %	15.61 %	-3.0 %	-$70	June 2025

Methodology
Rental data as of February 2026 for studio, 1-bedroom, or 2-bedroom units advertised for rent on Realtor.com. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the 50 largest metropolitan areas. Realtor.com began publishing regular monthly rental trends reports in October 2020 with data history stretching to March 2019.

About Realtor.com ^® Realtor.com ^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Emily Do, press@realtor.com

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Realtor.com® Rent Report: U.S. Median Rents Hit Four-Year Low as Market Records 30th Consecutive Month of Decline