Realtor.com® Rent Report: More Renters Looking to Relocate Outside Their City

Rhea-AI Summary

Realtor.com (NWS) reports cooling rental markets: the national median asking rent for 0–2 bedroom units was $1,696 in October 2025, down 1.7% year‑over‑year and down $9 month‑over‑month, marking the 27th consecutive month of annual declines. Two‑bedroom rents remain 18.9% above 2019 despite being 4.1% below their 2022 peak. Over the past six years, 20 of 50 large metros shifted from local‑driven to out‑of‑market demand, led by Detroit (local share −24.6%), Philadelphia (−23.4%) and Sacramento (−18.9%).

Rents fell across unit sizes and metro patterns reflect affordability and remote‑work mobility driving relocations.

Positive

• National median rent down 1.7% YoY (Oct 2025)
• 27 months of consecutive year‑over‑year rent declines
• 20 of 50 metros shifted to higher out‑of‑market demand since 2019
• Two‑bedroom rents +18.9% vs 2019

Negative

• Studios down 2.1% YoY (Oct 2025)
• One‑bedroom rents down 1.9% YoY
• Detroit local share fell 24.6% since 2019
• Philadelphia local share fell 23.4% since 2019

Insights

Urban housing economist

National rents continue to cool while cross‑market renter flows shift toward more affordable metros.

The national median asking rent for 0–2 bedroom units fell to $1,696, a -1.7% year‑over‑year decline and the 27th consecutive YoY drop, showing continued softening in advertised rents. Several large metros still record positive or stable rents (examples include Boston, Chicago, New York, San Jose), but headline weakness reflects broad, modest downward pressure across unit sizes: studios $1,407 (-2.1%), one‑bedrooms $1,572 (-1.9%), and two‑bedrooms $1,877 (-1.7%). These figures quantify the cooling rental market and the partial retracement from the 2022 peaks (overall -3.6% from peak).

Renter search patterns have materially changed: 20 of the 50 largest metros shifted from majority local views in 2019Q3 to greater out‑of‑market interest by 2025Q3, with the largest local‑share declines in Detroit (-24.6%), Philadelphia (-23.4%) and Sacramento (-18.9%). This means rental demand is more geographically mobile, likely reallocating toward comparatively cheaper metros and those attracting remote workers. At the same time, metros such as New York and Chicago retain high local shares (New York 74.8%, Chicago 74.1%), suggesting localized frictions—rent protections or high home prices—keep many residents renting in place.

Watch the following near‑term signals over the next 1–12 months: monthly median asking rent changes to confirm whether the 27‑month decline stabilizes; shifts in the share of out‑of‑market views for markets cited with largest changes (for example San Francisco views from San Jose rising to 18.4%); and unit‑size differentials, since two‑bedroom dynamics have driven larger cumulative gains over six years. These specific metrics provide the clearest, monitorable evidence of durable demand shifts versus temporary seasonal effects.

National median rent dipped 1.7% annually to $1,696 amid a softer rental market, while 20 major metros now see higher out-of-market demand than before the pandemic

AUSTIN, Texas, Nov. 18, 2025 /PRNewswire/ -- Rents edged down in October, marking the 27th straight month of year-over-year declines and the third consecutive month-over-month dip, according to the Realtor.com^® October Rental Report. Meanwhile, the makeup of renters in many markets is shifting – compared with before the pandemic, 20 of the 50 largest metros have transitioned from mostly local renter activity to greater demand from out-of-market shoppers.

The trend of more renters looking beyond their own backyards appears to be driven by affordability and lifestyle flexibility, with renters increasingly relocating in search of lower rents or remote/flexible work arrangements; the most pronounced changes occurred in Detroit, Philadelphia and Sacramento.

"Rent trends have moderated throughout 2025, reflecting a rental market that continues to cool," said Danielle Hale, chief economist at Realtor.com^®. "At the same time, shifting affordability across regions is reshaping renter behavior, with a growing share of demand coming from outside local markets. Data show that more renters are willing to look farther afield, in some cases to entirely new markets, for homes that better align with their budgets."

October national rent data
In October, the national median asking rent for 0–2 bedroom properties in the 50 largest U.S. metros was $1,696, down $29 (-1.7%) from one year ago and $9 from last month, reflecting the usual fall slowdown and the softer conditions that have defined 2025. Notably, while the October median rent was $63 (-3.6%) below the August 2022 peak, it remains $245 (16.9%) higher than in 2019.

20 of the 50 largest metros now driven by more out-of-town demand
Over the past six years, 20 of the nation's 50 largest metros have seen rental demand shift from being dominated by local renters to a greater share of out-of-market interest. The sharpest declines in local market share occurred in Detroit (-24.6%), Philadelphia (-23.4%), Sacramento, Calif. (-18.9%), San Francisco (-16.2%), and Charlotte, N.C. (-14.5%), markets that, while not necessarily inexpensive overall, offer relatively lower rents than nearby large metros, making them comparatively more attractive to out-of-town renters.

For example, San Francisco's rental market is now drawing a much larger share of interest from nearby San Jose, Calif., which accounts for 18.4% of views within the metro, up from just 7.5% six years ago. While expensive, San Francisco has a median rent 15.8% lower than San Jose. In Philadelphia, rental traffic from New York has also grown sharply, rising to 25.3% of all views compared with 6.7% before the pandemic.

Markets experiencing shifts: From local-renter dominated to out-of-market driven

Rank	Market	2025Q3 Share of Traffic from local residents	2019Q3 Share views from local residents	% Change in local share
1	Detroit-Warren-Dearborn, MI	45.1 %	69.7 %	-24.6 %
2	Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	44.8 %	68.2 %	-23.4 %
3	Sacramento-Roseville-Folsom, CA	37.9 %	56.8 %	-18.9 %
4	San Francisco-Oakland-Fremont, CA	37.8 %	54.0 %	-16.2 %
5	Charlotte-Concord-Gastonia, NC-SC	37.9 %	52.4 %	-14.5 %
6	Orlando-Kissimmee-Sanford, FL	44.2 %	58.4 %	-14.2 %
7	Cincinnati, OH-KY-IN	38.7 %	52.5 %	-13.8 %
8	Pittsburgh, PA	44.2 %	57.5 %	-13.3 %
9	Riverside-San Bernardino-Ontario, CA	42.7 %	55.1 %	-12.4 %
10	Rochester, NY	40.3 %	52.5 %	-12.2 %
11	Buffalo-Cheektowaga, NY	41.0 %	52.7 %	-11.7 %
12	Cleveland, OH	43.5 %	54.8 %	-11.3 %
13	St. Louis, MO-IL	49.7 %	59.5 %	-9.8 %
14	Kansas City, MO-KS	47.1 %	55.1 %	-8.0 %
15	Columbus, OH	43.3 %	51.3 %	-8.0 %
16	Louisville/Jefferson County, KY-IN	42.3 %	50.1 %	-7.8 %
17	Memphis, TN-MS-AR	43.5 %	51.0 %	-7.5 %
18	Tampa-St. Petersburg-Clearwater, FL	44.4 %	51.9 %	-7.5 %
19	San Antonio-New Braunfels, TX	46.4 %	52.7 %	-6.3 %
20	Indianapolis-Carmel-Greenwood, IN	49.2 %	53.3 %	-4.1 %

New York leads in-market rental demand, with nearly 75% local shoppers
In the third quarter of 2025, New York recorded the highest share of local rental demand, with 74.8% of online rental views coming from residents within the metro, remaining nearly unchanged from six years ago. Other large metros with strong in-market activity included Chicago (74.1%), Los Angeles (69.6%), Dallas (67.9%) and Miami (64.5%). In these markets, a high local share reflects rent-stabilization protections and persistently high home prices, which keep homeownership rates low and encourage residents to remain renters.

Markets dominated by in-market renters: Highest local rental demand share, 2025q3

Rank	Market	Share of views from local residents (2025Q3)	Share of views from out-of-market renters (2025Q3)	Share views from local residents (2019Q3)	Share of views from out-of- market renters (2019Q3)	Homeownership Rate (2025 Q2)
1	New York-Newark-Jersey City, NY-NJ	74.8 %	25.2 %	74.5 %	25.5 %	49.4 %
2	Chicago-Naperville-Elgin, IL-IN	74.1 %	25.9 %	77.0 %	23.0 %	66.0 %
3	Los Angeles-Long Beach-Anaheim, CA	69.6 %	30.4 %	66.8 %	33.2 %	46.4 %
4	Dallas-Fort Worth-Arlington, TX	67.9 %	32.1 %	73.2 %	26.8 %	64.9 %
5	Miami-Fort Lauderdale-West Palm Beach, FL	64.5 %	35.5 %	69.3 %	30.7 %	57.5 %

By contrast, Raleigh, N.C., saw 69.6% of rental demand from out-of-market shoppers, followed by Hartford, Conn. (67.8%), Richmond, Va. (66.1%), Providence, R.I., (66.0%), and Nashville, Tenn. (64.8%). These metros tend to have more affordable home prices, which contribute to higher homeownership rates and a smaller pool of local renters. At the same time, they draw newcomers with strong job markets and renter-friendly conditions. Raleigh, N.C., and Richmond, Va., for instance, have emerged as leading destinations for recent graduates seeking affordable living and career opportunities, while Nashville remains among the top rental markets overall, reflecting its growing appeal to renters from outside the area.

Markets Dominated by out-of-market renters: Highest out-of-market rental demand share, 2025Q3

Rank	Markets	2025Q3 Share of Traffic from local residents	2025Q3, Share of views from out-of-market renters	2019Q3 Share views from local residents	2019Q3, Share of views from out-of- market renters	Homeownership Rate (2025 Q2)
1	Raleigh-Cary, NC	30.4 %	69.6 %	39.4 %	60.6 %	64.9 %
2	Hartford-West Hartford-East Hartford, CT	32.2 %	67.8 %	48.9 %	51.1 %	67.9 %
3	Richmond, VA	33.9 %	66.1 %	46.2 %	53.8 %	62.1 %
4	Providence-Warwick, RI-MA	34.0 %	66.0 %	47.7 %	52.3 %	65.7 %
5	Nashville-Davidson--Murfreesboro--Franklin, TN	35.2 %	64.8 %	41.6 %	58.4 %	70.9 %

"As some renters take advantage of easing prices to move to more affordable areas, others are staying put in higher-cost metros where rent protections and elevated home prices make relocation harder," said Jiayi Xu, Economist at Realtor.com^®. "These varied patterns show how affordability continues to drive differences in local rental dynamics, even as national rent trends cool."

All unit sizes see continued rent declines
Nationally, rents fell across all unit sizes in October. Median asking rents were $1,407 for studios (-2.1% year over year), $1,572 for one-bedrooms (-1.9%) and $1,877 for two-bedrooms (-1.7%). Two-bedroom units, which saw the fastest growth over the past six years, are now $80 (-4.1%) below their 2022 peak but still nearly 19% higher than in 2019.

National Rents by Unit Size, October 2025

Unit Size	Median Rent	Rent YoY	Consecutive Months of Decline	Total Decline from Peak	Rent Change - 6 Years
Overall	$1,696	-1.7 %	27	-3.6 %	16.9 %
Studio	$1,407	-2.1 %	26	-5.0 %	11.3 %
1-Bedroom	$1,572	-1.9 %	29	-5.3 %	14.7 %
2-Bedroom	$1,877	-1.7 %	29	-4.1 %	18.9 %

Appendix

Metro	Median Asking Rent (0-2 Bedroom)	YOY Change	2025Q3 Share of Traffic from local residents	2019Q3 Share views from local residents	% Change in local traffic share
Atlanta-Sandy Springs-Roswell, GA	$1,558	-1.9 %	60.1 %	66.6 %	-6.5 %
Austin-Round Rock-San Marcos, TX	$1,386	-7.2 %	42.7 %	47.7 %	-5.0 %
Baltimore-Columbia-Towson, MD	$1,845	1.0 %	37.6 %	48.3 %	-10.7 %
Birmingham, AL	$1,174	-6.3 %	41.3 %	48.5 %	-7.2 %
Boston-Cambridge-Newton, MA-NH	$2,905	-1.4 %	52.7 %	53.1 %	-0.4 %
Buffalo-Cheektowaga, NY	NA	NA	41.0 %	52.7 %	-11.7 %
Charlotte-Concord-Gastonia, NC-SC	$1,485	-2.4 %	37.9 %	52.4 %	-14.5 %
Chicago-Naperville-Elgin, IL-IN-WI	$1,823	1.2 %	74.1 %	77.0 %	-2.9 %
Cincinnati, OH-KY-IN	$1,300	-6.6 %	38.7 %	52.5 %	-13.8 %
Cleveland-Elyria, OH	$1,223	0.3 %	43.5 %	54.8 %	-11.3 %
Columbus, OH	$1,207	-0.4 %	43.3 %	51.3 %	-8.0 %
Dallas-Fort Worth-Arlington, TX	$1,437	-2.5 %	67.9 %	73.2 %	-5.3 %
Denver-Aurora-Centennial, CO	$1,749	-5.9 %	46.6 %	45.5 %	1.1 %
Detroit-Warren-Dearborn, MI	$1,314	-1.1 %	45.1 %	69.7 %	-24.6 %
Hartford-West Hartford-East Hartford, CT	$1,846	2.2 %	32.2 %	48.9 %	-16.7 %
Houston-Pasadena-The Woodlands, TX	$1,364	-3.1 %	51.1 %	66.2 %	-15.1 %
Indianapolis-Carmel-Anderson, IN	$1,286	-1.5 %	49.2 %	53.3 %	-4.1 %
Jacksonville, FL	$1,461	-5.7 %	37.4 %	43.5 %	-6.1 %
Kansas City, MO-KS	$1,401	3.7 %	47.1 %	55.1 %	-8.0 %
Las Vegas-Henderson-Paradise, NV	$1,433	-3.6 %	52.4 %	56.1 %	-3.7 %
Los Angeles-Long Beach-Anaheim, CA	$2,796	-2.1 %	69.6 %	66.8 %	2.8 %
Louisville/Jefferson County, KY-IN	$1,231	-3.6 %	42.3 %	50.1 %	-7.8 %
Memphis, TN-MS-AR	$1,169	-2.8 %	43.5 %	51.0 %	-7.5 %
Miami-Fort Lauderdale-West Palm Beach, FL	$2,290	-3.0 %	64.5 %	69.3 %	-4.8 %
Milwaukee-Waukesha, WI	$1,656	0.9 %	37.9 %	48.1 %	-10.2 %
Minneapolis-St. Paul-Bloomington, MN-WI	$1,503	-2.4 %	52.8 %	64.8 %	-12.0 %
Nashville-Davidson–Murfreesboro–Franklin, TN	$1,503	-3.5 %	35.2 %	41.6 %	-6.4 %
New Orleans-Metairie, LA	NA	NA	38.0 %	48.8 %	-10.8 %
New York-Newark-Jersey City, NY-NJ-PA	$2,925	1.3 %	74.8 %	74.5 %	0.3 %
Oklahoma City, OK	$1,005	-0.4 %	38.3 %	43.6 %	-5.3 %
Orlando-Kissimmee-Sanford, FL	$1,658	-1.8 %	44.2 %	58.4 %	-14.2 %
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	$1,743	-2.4 %	44.8 %	68.2 %	-23.4 %
Phoenix-Mesa-Scottsdale, AZ	$1,440	-5.0 %	61.0 %	59.7 %	1.3 %
Pittsburgh, PA	$1,470	1.0 %	44.2 %	57.5 %	-13.3 %
Portland-Vancouver-Hillsboro, OR-WA	$1,663	-3.1 %	40.6 %	40.9 %	-0.3 %
Providence-Warwick, RI-MA	NA	NA	34.0 %	47.7 %	-13.7 %
Raleigh, NC	$1,455	-4.7 %	30.4 %	39.4 %	-9.0 %
Richmond, VA	$1,504	1.2 %	33.9 %	46.2 %	-12.3 %
Riverside-San Bernardino-Ontario, CA	$2,079	-3.3 %	42.7 %	55.1 %	-12.4 %
Rochester, NY	NA	NA	40.3 %	52.5 %	-12.2 %
Sacramento-Roseville-Folsom, CA	$1,858	-2.6 %	37.9 %	56.8 %	-18.9 %
San Antonio-New Braunfels, TX	$1,201	-3.6 %	46.4 %	52.7 %	-6.3 %
San Diego-Chula Vista-Carlsbad, CA	$2,685	-5.0 %	39.3 %	39.2 %	0.1 %
San Francisco-Oakland-Fremont, CA	$2,838	1.6 %	37.8 %	54.0 %	-16.2 %
San Jose-Sunnyvale-Santa Clara, CA	$3,370	2.2 %	45.2 %	40.9 %	4.3 %
Seattle-Tacoma-Bellevue, WA	$1,946	-1.9 %	48.1 %	46.9 %	1.2 %
St. Louis, MO-IL	$1,295	-3.0 %	49.7 %	59.5 %	-9.8 %
Tampa-St. Petersburg-Clearwater, FL	$1,686	-1.6 %	44.4 %	51.9 %	-7.5 %
Virginia Beach-Chesapeake-Norfolk, VA-NC	$1,626	2.3 %	36.0 %	46.2 %	-10.2 %
Washington-Arlington-Alexandria, DC-VA-MD-WV	$2,276	0.4 %	56.1 %	61.0 %	-4.9 %

Methodology
Rental data as of October 2025 for studio, 1-bedroom, and 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: Sara Wiskerchen, press@realtor.com

 

View original content:https://www.prnewswire.com/news-releases/realtorcom-rent-report-more-renters-looking-to-relocate-outside-their-city-302618097.html

SOURCE Realtor.com

FAQ

What was the national median asking rent reported by Realtor.com in October 2025 (NWS)?

The national median asking rent for 0–2 bedroom units was $1,696 in October 2025.

How much did national rents change year‑over‑year in October 2025 for NWS data?

National median asking rent declined 1.7% year‑over‑year in October 2025.

Which metros showed the largest declines in local renter share according to NWS (2025)?

Detroit (local share −24.6%), Philadelphia (−23.4%), and Sacramento (−18.9%).

How many large metros shifted toward out‑of‑market renter demand in the last six years?

20 of the 50 largest U.S. metros saw demand shift to more out‑of‑market interest since 2019.

Are rents down across unit sizes in October 2025 in the NWS report?

Yes. Studios −2.1%, one‑bedrooms −1.9%, two‑bedrooms −1.7% year‑over‑year.

What investor‑relevant resilience remains in the rental market per NWS data?

Two‑bedroom rents are still 18.9% higher than 2019, indicating longer‑term price gains.