Realtor.com® Rent Report: U.S. Median Rents Hit Four-Year Low as Market Records 30th Consecutive Month of Decline
Realtor.com (NWS) reports U.S. median asking rent fell to $1,667 in February 2026, the lowest level since March 2022, marking 30 consecutive months of year-over-year declines for 0–2 bedroom units.
Rhea-AI Summary
Realtor.com (NWS) reports U.S. median asking rent fell to $1,667 in February 2026, the lowest level since March 2022, marking 30 consecutive months of year-over-year declines for 0–2 bedroom units. Fifteen of the 50 largest metros are now >10% below pandemic-era peaks, led by Austin (-18.2%) and Phoenix (-15.6%). Sun Belt markets show the deepest, sustained relief amid heavy multifamily construction, while five metros sit within 3% of record highs and may reach new peaks in spring 2026.
Positive
- National median rent at $1,667, lowest since March 2022
- 30 consecutive months of YoY declines for 0–2 bedroom units
- 15 metros are at least 10% below pandemic-era peaks
- Sun Belt construction has shifted market balance toward tenants
Negative
- National rents remain 14.2% above pre-pandemic (Feb 2020) levels
- Overall rents have retreated 5.1% from summer 2022 peak
- Austin rents are 18.2% below peak, signaling localized oversupply
- Phoenix rents are 15.6% below peak, reflecting sustained declines
Details
News Market Reaction – NWS
On Mar 17, the day this news came out, NWS closed 0.04% above the previous close.
Data tracked by StockTitan Argus for the Mar 17 session.
Key Figures
- U.S. median asking rent
- $1,667
- National, February 2026
- National rent YoY change
- -1.7%
- February 2026 vs February 2025
- Consecutive months of decline
- 30 months
- Year-over-year declines for 0–2 bedroom rents
- Premium vs pre-pandemic
- $207 (14.2%)
- Difference from February 2020 national median rent
- Markets with 10%+ rent drop
- 15 markets
- Median asking rents ≥10% below pandemic-era peaks
- Austin rent from peak
- -18.2% (-$302)
- From $1,659 peak in September 2022 to $1,357
- San Jose median rent
- $3,331
- February 2026, 1.8% higher YoY, 2.5% below peak
- Overall rent change from peak
- -5.1%
- National median rent vs peak level
Historical Context
-
Realtor.com and NAR expand disaster housing relief with up to $200,000 funding.
-
Report on early homebuying’s $119,000 net-worth benefit and advocacy campaign launch.
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Luxury market update with $1.21M national 90th-percentile threshold and Sun Belt focus.
-
Inventory plateau, 914,860 active listings, and softer median list price data.
-
Report on 4.03M-home supply gap and regional deficits in South and Northeast.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
National median asking monthly rent falls to
The national median rent fell
"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
Markets with the Deepest Rent Relief:
Metro | Median | YY | Peak Month | Peak Rent | % from Peak | $ from | Consecutive |
-7.1 % | September 2022 | -18.2 % | - | 34 | |||
-3.4 % | July 2022 | -17.1 % | - | 32 | |||
-3.8 % | July 2022 | -16.1 % | - | 34 | |||
-4.4 % | June 2022 | -15.6 % | - | 41 | |||
-2.0 % | October 2021 | -15.2 % | - | 42 | |||
-1.8 % | June 2022 | -14.8 % | - | 41 | |||
-3.7 % | August 2022 | -14.3 % | - | 23 | |||
-4.5 % | July 2023 | -13.9 % | - | 31 | |||
-1.5 % | July 2022 | -13.4 % | - | 34 | |||
-4.2 % | August 2023 | -13.0 % | - | 24 | |||
-4.0 % | December 2022 | -12.6 % | - | 30 | |||
-3.3 % | July 2022 | -12.4 % | - | 33 | |||
-3.4 % | June 2022 | -11.9 % | - | 16 | |||
-1.9 % | July 2022 | -11.7 % | - | 34 | |||
-3.7 % | July 2022 | -10.1 % | - | 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
"We are seeing two different stories across the country," said Jiayi Xu, economist at Realtor.com®. "In markets like
Markets Where Rent Relief Is Within
Market | Median | YY | Peak Month | Peak Rent | % from | $ from peak |
4.5 % | August 2022 | -1.7 % | - | |||
1.0 % | June 2025 | -1.8 % | - | |||
0.8 % | August 2022 | -2.4 % | - | |||
1.8 % | August 2025 | -2.5 % | - | |||
2.0 % | July 2023 | -2.7 % | - |
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 | Consecutive | Total Decline | Rent Change - |
Overall | -1.7 % | 30 | -5.1 % | 14.2 % | |
Studio | -0.4 % | 30 | -5.8 % | 8.9 % | |
1-Bedroom | -1.5 % | 33 | -6.6 % | 12.3 % | |
2-Bedroom | -1.9 % | 33 | -5.8 % | 15.9 % |
Appendix
Market | Median | YY | % from | % from peak | $ from peak | Peak Month |
-2.00 % | 7.23 % | -15.2 % | - | October 2021 | ||
-7.10 % | 6.26 % | -18.2 % | - | September 2022 | ||
0.80 % | 12.49 % | -2.4 % | - | August 2022 | ||
-3.40 % | 3.97 % | -17.1 % | - | July 2022 | ||
-3.30 % | 11.24 % | -6.4 % | - | July 2024 | ||
NA | NA | NA | NA | NA | NA | |
-2.80 % | 14.12 % | -8.4 % | - | July 2022 | ||
-0.20 % | 11.57 % | -4.3 % | - | August 2023 | ||
-2.00 % | 5.67 % | -8.9 % | - | October 2024 | ||
-0.70 % | 23.24 % | -3.8 % | - | July 2024 | ||
-0.50 % | 17.59 % | -3.4 % | - | July 2024 | ||
-3.70 % | 11.92 % | -10.1 % | - | July 2022 | ||
-4.20 % | 3.99 % | -13.0 % | - | August 2023 | ||
-3.50 % | 8.04 % | -6.0 % | - | September 2022 | ||
NA | NA | NA | NA | NA | NA | |
-2.40 % | 9.18 % | -6.3 % | - | August 2023 | ||
-0.20 % | 27.97 % | -4.4 % | - | June 2024 | ||
-3.40 % | 21.84 % | -11.9 % | - | June 2022 | ||
1.00 % | 24.06 % | -1.8 % | - | June 2025 | ||
-1.80 % | 17.60 % | -14.8 % | - | June 2022 | ||
-1.90 % | 9.85 % | -6.3 % | - | September 2023 | ||
-2.20 % | 17.70 % | -7.0 % | - | July 2024 | ||
-3.80 % | 11.44 % | -16.1 % | - | July 2022 | ||
-3.30 % | 32.80 % | -12.4 % | - | July 2022 | ||
-0.10 % | 12.26 % | -3.0 % | - | June 2024 | ||
-1.20 % | 1.30 % | -4.9 % | - | August 2024 | ||
-4.50 % | 14.63 % | -13.9 % | - | July 2023 | ||
-4.50 % | 9.37 % | NA | NA | NA | ||
0.80 % | 25.01 % | -1.7 % | - | June 2024 | ||
-1.20 % | 4.57 % | -6.8 % | - | February 2023 | ||
-2.20 % | 19.94 % | -8.7 % | - | July 2022 | ||
-2.60 % | 6.40 % | -6.4 % | - | August 2023 | ||
-4.40 % | 13.43 % | -15.6 % | - | June 2022 | ||
0.40 % | 31.07 % | -4.6 % | - | September 2025 | ||
-1.20 % | 11.96 % | -8.1 % | - | July 2024 | ||
-2.60 % | 23.18 % | -6.6 % | - | July 2024 | ||
-1.50 % | 19.45 % | -13.4 % | - | July 2022 | ||
2.00 % | 24.65 % | -2.7 % | - | July 2023 | ||
-3.30 % | 15.09 % | -8.8 % | - | October 2022 | ||
1.50 % | 22.50 % | NA | NA | NA | ||
-1.90 % | 21.21 % | -7.0 % | - | August 2024 | ||
-4.00 % | 14.89 % | -12.6 % | - | December 2022 | ||
-3.70 % | 9.74 % | -14.3 % | - | August 2022 | ||
0.90 % | -3.96 % | -7.4 % | - | July 2022 | ||
1.80 % | 4.06 % | -2.5 % | - | August 2025 | ||
-1.90 % | 1.82 % | -11.7 % | - | July 2022 | ||
-1.80 % | 21.44 % | -6.2 % | - | August 2024 | ||
-3.70 % | 34.75 % | -7.9 % | - | June 2022 | ||
4.50 % | 31.28 % | -1.7 % | - | August 2022 | ||
2,266 | -0.70 % | 15.61 % | -3.0 % | - | 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, press@realtor.com
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
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