Realtor.com® Monthly Rent Report: Rents Fall for 37th Straight Month as Concessions Give Renters More Leverage

Realtor.com’s August 2026 report shows rents sliding for a 37th month and concessions rising in most major metros, boosting renter leverage.

Rhea-AI Summary

Realtor.com (NWS) reports that the national median asking rent for studio, one- and two-bedroom units in the 50 largest U.S. metros fell 0.9% year over year in August 2026 to $1,699, marking the 37th consecutive month of annual declines.

The median asking rent is now $65, or 3.7%, below its summer 2022 peak, but remains $227, or 15.4%, above August 2019. By unit size, August medians were $1,436 for studios (-1.2% YoY), $1,586 for one-bedrooms (-0.8%), and $1,896 for two-bedrooms (-0.9%), all still 13.1%–17.7% above 2019 levels. Rents are projected to decline 1.2% in 2026 if supply continues to outpace demand.

Concessions expanded, with 43.5% of listings offering incentives such as fee reductions or free rent, up from 40.4% a year earlier. Denver, Austin, Las Vegas, Nashville and San Antonio all exceeded 67% concession rates, while fewer than 1% of institutionally managed listings waived security deposits.

News Explained

Survey results show landlords use fee reductions, amenities, or free rent selectively while largely retaining security-deposit requirements.

The August 2026 Realtor.com rental report adds a structural point for renters: concessions can reduce total cost without changing the advertised rent, increasing flexibility without a corresponding change in the posted price.

Avail’s survey gives the mechanism more detail: among landlords facing high vacancy and weak renter demand, 33.3% offered concessions, 25.9% considered them, and 24.1% lowered base rent.

The incentives were selective: among landlords that offered or considered concessions, 37.9% chose reduced or waived fees, 30.7% upgraded amenities, and 25.0% offered free rent.

Security deposits remained a separate line item: 65.7% of surveyed landlords would not waive them, while no-deposit concessions appeared in fewer than 1% of listings managed by institutional landlords.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Median asking rent in the largest 50 metros drops to $1,699, while 43.5% of rental listings offer concessions; new Avail survey finds high vacancy is the strongest catalyst for landlord incentives

AUSTIN, Texas, Sept. 17, 2026 /PRNewswire/ -- Rents continued to soften in August, giving renters more room to negotiate as the market moves into the fall season. The national median asking rent for studio, one- and two-bedroom properties across the 50 largest U.S. metropolitan areas fell 0.9% year over year to $1,699, according to the Realtor.com^® August Rental Report. This marks the 37th consecutive month of annual declines.

The median asking rent is now $65, or 3.7%, below its summer 2022 peak, though it remains $227, or 15.4%, above August 2019 levels. The continued decline is translating into meaningful savings for renters compared with the market's recent peak, even as renting costs remain elevated compared with before the pandemic.

"Renters are entering the fall with more choices and more negotiating power than they had at the height of the rental market," said Jiayi Xu, senior economist at Realtor.com^®. "Rents are still above pre-pandemic levels, but the combination of continued year-over-year declines, new supply and a growing share of listings with concessions is creating more opportunities for renters to find better deals. We expect the typical seasonal slowdown in monthly rents this fall, with year-over-year declines likely to continue as rental supply works through the market."

Rents declined across every unit size
In August 2026, all three unit categories tracked in the report posted annual declines. Two-bedroom rents remain the furthest above their pre-pandemic level, up 17.7% from August 2019. One-bedroom rents are 14.4% higher than seven years ago, while studio rents are 13.1% higher.

Unit Size	Median Rent	Rent YoY	Consecutive Months of Decline	Total Decline from Peak	Rent Change - 7 Years
Overall	$1,699	-0.9 %	37	-3.7 %	15.4 %
Studio	$1,436	-1.2 %	36	-3.4 %	13.1 %
1-Bedroom	$1,586	-0.8 %	39	-4.5 %	14.4 %
2-Bedroom	$1,896	-0.9 %	39	-3.7 %	17.7 %

The outlook for continued rent relief is supported by the rental supply pipeline. Realtor.com's April 2026 Rental Report found that multifamily starts and units under construction remained above pre-pandemic norms, suggesting that new units would continue reaching the market. The 2026 Housing Market Forecast Midyear Update projects that rents will decline 1.2% in 2026, while noting that the persistence of renter relief will depend on whether rental supply keeps outpacing demand.

Concessions reach a new high as renters gain leverage
Rent concessions, such as waived application fees, rent credits or a period of free rent, can reduce a renter's total cost without changing a property's advertised rent. In August, 43.5% of studio, one- and two-bedroom rental listings across the 50 largest metros offered a concession, up 3.1 percentage points from 40.4% a year earlier.

The highest concession rates were recorded in Denver (71.9%), Austin, Texas (70.7%), Las Vegas (69.6%), Nashville, Tenn. (69.0%) and San Antonio (67.9%). Concession rates increased year over year in 39 of the 50 metros, led by Houston, Cincinnati and New Orleans.

Metros with 50%+ of Listings Offering Concessions

Market	Concession Rate
Denver-Aurora-Centennial, CO	71.9 %
Austin-Round Rock-San Marcos, TX	70.7 %
Las Vegas-Henderson-North Las Vegas, NV	69.6 %
Nashville-Davidson-Murfreesboro-Franklin, TN	69.0 %
San Antonio-New Braunfels, TX	67.9 %
Tampa-St. Petersburg-Clearwater, FL	63.9 %
Jacksonville, FL	63.2 %
Houston-Pasadena-The Woodlands, TX	60.3 %
Orlando-Kissimmee-Sanford, FL	58.5 %
Seattle-Tacoma-Bellevue, WA	57.9 %
Charlotte-Concord-Gastonia, NC-SC	57.6 %
Phoenix-Mesa-Chandler, AZ	57.3 %
Dallas-Fort Worth-Arlington, TX	56.4 %
Richmond, VA	54.4 %
Atlanta-Sandy Springs-Roswell, GA	54.1 %
Washington-Arlington-Alexandria, DC-VA-MD-WV	52.8 %
Birmingham, AL	52.0 %
Portland-Vancouver-Hillsboro, OR-WA	51.3 %

By contrast, concession rates declined most sharply in San Jose, Calif., and San Francisco, where rents rose 4.7% and 4.5%, respectively. Those markets may be seeing stronger rental demand alongside the AI-driven housing trends identified in Realtor.com research.

Avail survey: Vacancy is the strongest catalyst for concessions
New findings from a survey of independent landlords by Avail, part of the Realtor.com^® network, show that concessions are not always a response to market pressure, but high vacancy and weak renter demand are the strongest triggers for action. Among landlords facing those conditions, 33.3% actively offered concessions, 25.9% considered them and 24.1% lowered base rent instead.

Landlords also favored some incentives over others. Among those who offered or considered concessions, 37.9% chose reduced or waived fees, 30.7% upgraded amenities, 25.0% offered free rent and 6.4% offered gift cards or moving assistance. Yet 65.7% said they would not waive the security deposit.

That guardrail is reflected in broader rental-market data: no-deposit concessions appeared in fewer than 1% of listings managed by institutional landlords, while 30.6% of studio, one- and two-bedroom listings offered a period of free rent in August. Together, the findings suggest concessions are becoming a more important competitive tool, but landlords are using them selectively, giving renters more flexibility while preserving advertised rents and core protections.

Rental Market Snapshot: 50 Largest Metros, August 2026

Market	Median Asking Rent	YOY	Concession Rate (0-2 bedrooms)
Atlanta-Sandy Springs-Roswell, GA	$1,562	-1.8 %	54.1 %
Austin-Round Rock-San Marcos, TX	$1,373	-2.5 %	70.7 %
Baltimore-Columbia-Towson, MD	$1,864	1.6 %	36.7 %
Birmingham, AL	$1,217	0.9 %	52.0 %
Boston-Cambridge-Newton, MA-NH	$2,959	-2.4 %	31.5 %
Buffalo-Cheektowaga, NY	NA	NA	12.5 %
Charlotte-Concord-Gastonia, NC-SC	$1,489	-1.5 %	57.6 %
Chicago-Naperville-Elgin, IL-IN	$1,849	0.5 %	20.4 %
Cincinnati, OH-KY-IN	$1,347	0.0 %	38.9 %
Cleveland, OH	$1,209	-1.5 %	35.9 %
Columbus, OH	$1,179	-1.4 %	49.8 %
Dallas-Fort Worth-Arlington, TX	$1,460	-2.4 %	56.4 %
Denver-Aurora-Centennial, CO	$1,771	-3.2 %	71.9 %
Detroit-Warren-Dearborn, MI	$1,259	-0.5 %	29.3 %
Hartford-West Hartford-East Hartford, CT	$1,853	-1.7 %	35.8 %
Houston-Pasadena-The Woodlands, TX	$1,373	-2.7 %	60.3 %
Indianapolis-Carmel-Greenwood, IN	$1,268	-0.9 %	44.8 %
Jacksonville, FL	$1,478	-1.3 %	63.2 %
Kansas City, MO-KS	$1,453	2.3 %	41.2 %
Las Vegas-Henderson-North Las Vegas, NV	$1,451	-0.3 %	69.6 %
Los Angeles-Long Beach-Anaheim, CA	$2,785	-1.6 %	39.3 %
Louisville/Jefferson County, KY-IN	$1,217	-1.4 %	48.6 %
Memphis, TN-MS-AR	$1,104	-4.1 %	46.5 %
Miami-Fort Lauderdale-West Palm Beach, FL	$2,271	-1.0 %	28.1 %
Milwaukee-Waukesha, WI	$1,738	0.4 %	23.3 %
Minneapolis-St. Paul-Bloomington, MN-WI	$1,524	0.6 %	48.1 %
Nashville-Davidson-Murfreesboro-Franklin, TN	$1,486	-2.9 %	69.0 %
New Orleans-Metairie, LA	NA	NA	28.2 %
New York-Newark-Jersey City, NY-NJ	$2,978	-0.5 %	28.7 %
Oklahoma City, OK	$919	-2.8 %	33.4 %
Orlando-Kissimmee-Sanford, FL	$1,672	-1.5 %	58.5 %
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	$1,772	-0.3 %	36.7 %
Phoenix-Mesa-Chandler, AZ	$1,431	-3.2 %	57.3 %
Pittsburgh, PA	$1,478	3.6 %	32.0 %
Portland-Vancouver-Hillsboro, OR-WA	$1,603	-2.3 %	51.3 %
Providence-Warwick, RI-MA	NA	NA	18.1 %
Raleigh-Cary, NC	$1,436	-1.4 %	48.4 %
Richmond, VA	$1,527	-1.9 %	54.4 %
Riverside-San Bernardino-Ontario, CA	$2,057	-1.0 %	44.6 %
Rochester, NY	NA	NA	20.8 %
Sacramento-Roseville-Folsom, CA	$1,833	-1.3 %	31.0 %
San Antonio-New Braunfels, TX	$1,152	-3.8 %	67.9 %
San Diego-Chula Vista-Carlsbad, CA	$2,679	-2.4 %	44.4 %
San Francisco-Oakland-Fremont, CA	$3,007	4.5 %	27.4 %
San Jose-Sunnyvale-Santa Clara, CA	$3,479	4.7 %	22.5 %
Seattle-Tacoma-Bellevue, WA	$1,895	-0.5 %	57.9 %
St. Louis, MO-IL	$1,283	-1.1 %	41.0 %
Tampa-St. Petersburg-Clearwater, FL	$1,634	-3.8 %	63.9 %
Virginia Beach-Chesapeake-Norfolk, VA-NC	$1,608	2.2 %	17.6 %
Washington-Arlington-Alexandria, DC-VA-MD-WV	$2,283	-2.1 %	52.8 %

Methodology
Rental data as of August 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 extending to March 2019. Concession rates are calculated based on all studio, one-bedroom and two-bedroom rental listings on Realtor.com^®.

About Realtor.com^®
For over 30 years, Realtor.com^® has connected buyers, sellers, and renters with trusted insights, professional guidance, and powerful tools to help them find their perfect home. Recognized as the No. 1 real estate site REALTOR^® agents recommend, Realtor.com^® delivers 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: Janice McDill, press@realtor.com

View original content:https://www.prnewswire.com/news-releases/realtorcom-monthly-rent-report-rents-fall-for-37th-straight-month-as-concessions-give-renters-more-leverage-302880836.html

SOURCE Realtor.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much below the peak are current national asking rents?

The national median asking rent of $1,699 in August 2026 is $65, or 3.7%, below its summer 2022 peak, but it is still $227, or 15.4%, higher than in August 2019.

Which metros have the highest share of listings offering concessions?

In August 2026, the highest concession rates among the 50 largest metros were in Denver (71.9%), Austin (70.7%), Las Vegas (69.6%), Nashville (69.0%) and San Antonio (67.9%). Several other markets, including Tampa, Jacksonville, Houston, Orlando, Seattle, Charlotte, Phoenix and Dallas–Fort Worth, also had concession rates above 50%.

What did the Avail landlord survey reveal about why concessions are offered?

The Avail survey of independent landlords found that high vacancy and weak renter demand are the strongest triggers for concessions. Among landlords facing those conditions, 33.3% actively offered concessions, 25.9% considered them and 24.1% lowered base rent instead. Among those offering or considering concessions, 37.9% used reduced or waived fees, 30.7% upgraded amenities, 25.0% offered free rent and 6.4% used gift cards or moving assistance, while 65.7% said they would not waive the security deposit.

How common are no-deposit offers and free-rent periods in listings?

No-deposit concessions appeared in fewer than 1% of listings managed by institutional landlords. By contrast, a period of free rent was offered in 30.6% of studio, one- and two-bedroom listings in August 2026 across the 50 largest metros.

What methodology does Realtor.com use for this rental report?

The report uses August 2026 data for studio, one-bedroom and two-bedroom units advertised for rent on Realtor.com, including apartments and private rentals such as condos, townhomes and single-family homes, within the 50 largest U.S. metropolitan areas. Data sources are limited to providers that reliably report each month. Regular monthly rental trend reports began in October 2020, with data history back to March 2019. Concession rates are calculated from all studio, one-bedroom and two-bedroom listings on the site.