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Realtor.com®: Two Years of Declining Rents Have Renters Ready to Make a Move
Median rents fell year over year for the 25th straight month in August as data show increased renter mobility AUSTIN, Texas, Sept. 16, 2025 /PRNewswire/ --
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[{"type":"text","content":"Median rents fell year over year for the 25th straight month in August as data show increased renter mobility\nAUSTIN, Texas, Sept. 16, 2025 /PRNewswire/ -- Rent prices fell year over year for the 25th consecutive month in August, while also registering the first month-over-month drop since March 2025, signalling the expected seasonal slowdown heading into the fall. Meanwhile, more than two years of declining rents are sparking moving plans for many renters to gain space, save money or explore a new area.\n\nIn August, asking monthly rents dipped by $38 (-2.2%) year over year. The median asking monthly rent for 0-2 bedroom units in the 50 largest metros dropped $46 (-2.6%) to $1,713, compared with the August 2022 peak, but $249 (17.0%) higher than the pre-pandemic level, according to the Realtor.com® August Monthly Rent Report.\n\"Rental declines across the majority of markets in various-sized homes are providing new options for renters, who have been squeezed by significant increases since the pandemic,\" said Danielle Hale, chief economist at Realtor.com®. \"As rents remain significantly higher than pre-pandemic levels, our Site Visitor Survey shows that the search for a more affordable home remains one of the top reasons to move across all age groups. This is likely a reason why we're starting to see a modest uptick in renter mobility.\"\nRent Prices Dropping Across All Unit Sizes Median rent declined across units in all size categories examined by Realtor.com®. Studio rents dropped to $1,430 per month, down $25 (-1.7%) year over year; 1-bedrooms fell to $1,593, down $35 (-2.1%) year over year; and 2-bedrooms, which experienced the highest growth rate over the past six years, registered the largest declines, landing at $1,897, down $42 (-2.2%) year over year.\nNational Rents by Unit Size, August 2025\nUnit Size\nMedian Rent\nRent YoY\nConsecutive Months of Decline\nTotal Decline from Peak\nRent Change - 6 Years\nOverall\n$1,713\n-2.2 %\n25\n-2.6 %\n17.0 %\nStudio\n$1,430\n-1.7 %\n24\n-3.4 %\n13.3 %\n1-Bedroom\n$1,593\n-2.1 %\n27\n-4.0 %\n14.9 %\n2-Bedroom\n$1,897\n-2.2 %\n27\n-3.1 %\n18.6 %\nGreater Mobility as Rent Pressures Ease Despite consistent year-over-year declines, median rents still remain 17.0% higher than the pre-pandemic level. To put this in perspective, this is lower than what has occurred with overall consumer...