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Realtor.com® Rent Report: U.S. Median Rents Hit Four-Year Low as Market Records 30th Consecutive Month of Decline
National median asking monthly rent falls to $1,667; 15 major markets now see rents more than 10% below pandemic-era peaksAUSTIN, Texas, March 17, 2026
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[{"type":"text","content":"National median asking monthly rent falls to $1,667; 15 major markets now see rents more than 10% below pandemic-era peaksAUSTIN, 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.\nThe 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 $90 (5.1%) from the summer 2022 peak.\"The persistent softness we're seeing is increasingly translating into real savings for renters who, for a long time, felt the market was out of reach,\" said Danielle Hale, chief economist at Realtor.com®. \"This four-year low is a result of a prolonged downward trend meeting typical February seasonal softness. However, as we transition into the spring leasing season, we expect the modest price increases typical of the peak rental months. For some areas, this will likely mean new rental price highs, even as renters in the Sun Belt continue to see notably lower rents.\"The Deepest Relief: Sun Belt Leads the WayWith all 50 markets remaining below their all-time highs, the report reveals a notable divide in the depth and durability of renter relief across the country.Among the 50 largest U.S. markets, 15 saw median asking rents at least 10% below their pandemic-era peaks. These declines have proven remarkably sustained, particularly in Southern and Sun Belt markets where a boom in multifamily construction has shifted the balance in favor of tenants. In fact, Atlanta, Ga. has now recorded 42 consecutive months of year-over-year decreases, followed closely by Phoenix, Ariz. and Las Vegas, Nev. at 41 months each.Markets with the Deepest Rent Relief: 10% or More Below PeakMetroMedian Asking RentYYPeak Month Peak Rent% from Peak$ from PeakConsecutive Months of Year-Over-Year Decline as of Feb.2026Austin-Round Rock-San Marcos, Texas $1,357-7.1 %September 2022$1,659-18.2 %-$30234Birmingham, Ala.$1,125-3.4 %July 2022$1,357-17.1 %-$23232Memphis, Tenn.-Miss-Ark.$1,140-3.8 %July 2022$1,359-16.1 %-$21934Phoenix-Mesa-Cha...