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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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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 ConsecutiveMonths 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, [email protected] View original content: https://www.prnewswire.com/news-releases/realtorcom-rent-report-us-median-rents-hit-four-year-low-as-market-records-30th-consecutive-month-of-decline-302714949.html SOURCE Realtor.com