Realtor.com® December Rent Report: Relief Skips Many Lower-Cost Renters
Lower-priced rentals have posted stronger price growth since 2019, underscoring a widening affordability squeeze at the bottom of the market
While the national median rent has softened, the report finds that lower-priced rentals have seen the most rent growth since before the pandemic. From
"National rent declines have been remarkably persistent, but the distribution of that relief matters," said
Rent declines are flattening as 2025 ends
The 0.7% year-over-year decline in December was the smallest annual drop since March, reflecting a pattern of rent declines flattening out at the end of 2025 after larger drops during the summer months. The current December reading is also the lowest since 2021, during the period of rapid rent acceleration that the market is still working through.
Across unit sizes, studio, one-bedroom, and two-bedroom asking rents all declined again year over year, though studios are closer to flat than one- and two-bedroom units.
Rent relief is concentrated at the top of the market
To better understand what renters are experiencing beyond the median, Realtor.com® examined the 25th and 75th percentiles of asking rent since 2019. The findings show a clear split:
- Median asking rent: +16.9% (
Dec 2019 →Dec 2025 ) - 25th percentile asking rent: +19.9%
- 75th percentile asking rent: +12.5%
This is due to both a faster run-up through 2022 for lower-priced rentals and now, shallower relief. The softness at the top end of the market has been a key driver of the declining median since 2023, while the lower-cost segment has seen relatively little of that recent relief.
Larger Gains (
- Median asking rent: +19.6%
- 25th percentile asking rent: +21.0%
- 75th percentile asking rent: +16.5%
Shallower Relief (Dec 2022→
- Median asking rent: -2.3%
- 25th percentile asking rent: -0.8%
- 75th percentile asking rent: -3.5%
"This pattern also helps explain why many higher-income renters continue to lease," said
Where lower-cost rents have risen fastest relative to the median
Rent compression is not uniform across the country. The metros below saw the largest increase in the 25th percentile rent as a share of the median since 2019, an indicator that the bottom of the rent distribution has moved up the most relative to typical rents in those markets, making these markets the most difficult to afford for low-income renters.
Metros with the Most Rent Compression Below the Median Since 2019
|
Metro |
|
|
Difference |
|
|
79.2 % |
86.1 % |
7.0pp |
|
|
79.3 % |
86.1 % |
6.8pp |
|
|
79.8 % |
85.9 % |
6.1pp |
|
|
75.2 % |
80.5 % |
5.3pp |
|
|
78.6 % |
83.8 % |
5.2pp |
By contrast, the following metros saw the largest decrease in the 25th percentile rent as a share of the median since 2019, suggesting it has become relatively easier (compared with the local median) to find lower-cost rentals than it was pre-pandemic.
Metros with the Least Rent Compression Below the Median Since 2019
|
Metro |
|
|
Difference |
|
|
79.9 % |
74.5 % |
-5.4pp |
|
|
78.3 % |
75.3 % |
-2.9pp |
|
|
83.3 % |
80.6 % |
-2.7pp |
|
|
80.9 % |
78.6 % |
-2.2pp |
|
|
78.7 % |
77.3 % |
-1.5pp |
Appendix
|
Metro |
Median Asking Rent (0-2 Bedrooms - |
YoY Rent Change |
|
|
Difference |
|
|
|
-2.6 % |
79.8 % |
85.9 % |
6.1pp |
|
|
|
-5.3 % |
82.6 % |
82.5 % |
-0.1pp |
|
|
|
1.8 % |
78.6 % |
83.8 % |
5.2pp |
|
|
|
-2.3 % |
83.3 % |
80.6 % |
-2.7pp |
|
|
|
-3.4 % |
79.2 % |
86.1 % |
7.0pp |
|
|
NA |
NA |
NA |
NA |
NA |
|
|
|
-2.0 % |
82.7 % |
86.3 % |
3.6pp |
|
|
|
0.0 % |
75.2 % |
80.5 % |
5.3pp |
|
|
|
-1.5 % |
78.7 % |
77.3 % |
-1.5pp |
|
|
|
3.6 % |
79.9 % |
74.5 % |
-5.4pp |
|
|
|
0.1 % |
81.0 % |
85.3 % |
4.3pp |
|
|
|
-1.5 % |
80.4 % |
84.1 % |
3.8pp |
|
|
|
-3.6 % |
84.7 % |
83.8 % |
-0.9pp |
|
|
|
-0.9 % |
80.9 % |
78.6 % |
-2.2pp |
|
|
|
5.7 % |
81.5 % |
83.9 % |
2.5pp |
|
|
|
-2.4 % |
78.4 % |
82.1 % |
3.7pp |
|
|
|
1.0 % |
80.8 % |
83.3 % |
2.6pp |
|
|
|
-2.9 % |
80.1 % |
85.1 % |
5.0pp |
|
|
|
3.4 % |
79.9 % |
82.1 % |
2.2pp |
|
Las |
|
-2.1 % |
81.4 % |
86.4 % |
4.9pp |
|
|
|
-1.0 % |
80.3 % |
81.8 % |
1.5pp |
|
|
|
-0.9 % |
83.4 % |
82.5 % |
-0.9pp |
|
|
|
-1.9 % |
78.0 % |
78.0 % |
0.0pp |
|
|
|
-3.4 % |
81.3 % |
84.2 % |
3.0pp |
|
|
|
5.3 % |
74.5 % |
76.7 % |
2.2pp |
|
|
|
0.4 % |
80.6 % |
84.1 % |
3.4pp |
|
|
|
-3.6 % |
79.3 % |
86.1 % |
6.8pp |
|
|
NA |
NA |
NA |
NA |
NA |
|
|
|
-0.1 % |
78.3 % |
75.3 % |
-2.9pp |
|
|
|
-1.0 % |
83.3 % |
82.3 % |
-1.0pp |
|
|
|
-1.7 % |
85.7 % |
88.0 % |
2.3pp |
|
|
|
-1.7 % |
78.6 % |
81.5 % |
2.9pp |
|
|
|
-2.7 % |
81.7 % |
85.4 % |
3.7pp |
|
|
|
4.5 % |
73.7 % |
75.8 % |
2.1pp |
|
|
|
-2.5 % |
87.9 % |
88.5 % |
0.5pp |
|
Providence- |
NA |
NA |
NA |
NA |
NA |
|
|
|
-0.3 % |
86.0 % |
86.7 % |
0.7pp |
|
|
|
1.2 % |
85.5 % |
86.4 % |
0.9pp |
|
|
|
-3.1 % |
82.6 % |
85.3 % |
2.7pp |
|
|
NA |
NA |
NA |
NA |
NA |
|
|
|
-1.3 % |
86.2 % |
86.9 % |
0.6pp |
|
|
|
-2.6 % |
84.2 % |
82.9 % |
-1.2pp |
|
|
|
-2.8 % |
83.9 % |
85.4 % |
1.5pp |
|
|
|
0.8 % |
80.1 % |
82.1 % |
2.0pp |
|
|
|
1.9 % |
85.9 % |
86.1 % |
0.1pp |
|
|
|
-0.5 % |
81.9 % |
83.3 % |
1.3pp |
|
|
|
-0.8 % |
78.8 % |
80.8 % |
2.0pp |
|
|
|
-3.1 % |
82.1 % |
85.5 % |
3.4pp |
|
|
|
3.4 % |
83.9 % |
86.0 % |
2.1pp |
|
|
|
-0.1 % |
82.8 % |
84.5 % |
1.7pp |
Methodology
Rental data as of
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Media contact: Emily Do, press@realtor.com
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