Realtor.com® Rent Report: U.S. Rental Market Now Firmly Renter-Friendly as Vacancy Rate Climbs to 7.6%
Rhea-AI Summary
Realtor.com (NWS) reports the U.S. rental market shifted toward renters in January 2026 as the average vacancy rate rose to 7.6%, up from 7.2% in 2024. Median asking rent fell 1.5% YoY to $1,672, marking the 29th straight month of annual declines.
Forty-four of the 50 largest metros are now renter-friendly or balanced; Milwaukee's vacancy more than doubled to 10.8%.
Positive
- Vacancy rate 7.6% multi-year high
- 44 of 50 metros now renter-friendly or balanced
- Median asking rent down 1.5% YoY to $1,672
- 29 consecutive months of year-over-year rent declines
- Milwaukee vacancy rose from 4.9% to 10.8%
Negative
- Six metros remain landlord-friendly (e.g., Boston, New York, San Jose)
- Rents rose YoY in San Jose (+1.9%) and New York (+0.8%)
- Some affordable hubs shifted toward tighter markets (Pittsburgh, Richmond)
- Methodology change makes post-February 2026 rental data not directly comparable with prior releases
News Market Reaction
On the day this news was published, NWS gained 1.23%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
NWS is up 1.33% with mixed peers: NWSA (+1.29%), TKO (+3.13%), WMG (+2.12%) higher, while ROKU (-6.72%) and FOXA (-0.46%) trade lower. Momentum scanner only flags WBD (+1.14%), suggesting stock-specific rather than broad sector action.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 12 | Housing data report | Positive | -4.1% | Realtor.com finds new-home price reductions surpass existing-home cuts. |
| Feb 11 | Leadership change | Positive | -1.6% | Dow Jones appoints new Barron’s editor in chief amid subscription growth. |
| Feb 11 | Luxury market report | Positive | -1.6% | Realtor.com highlights stable entry-level luxury prices and regional shifts. |
| Feb 05 | Investor briefing plan | Positive | -2.5% | News Corp schedules Dow Jones investor briefing on strategy and profile. |
| Feb 05 | Earnings release | Positive | -2.5% | Fiscal 2Q26 revenue and EBITDA grow year-over-year despite lower net income. |
Recent NWS announcements, including Realtor.com housing data and corporate updates, have often been followed by negative price reactions despite generally constructive or neutral fundamentals.
Over recent months, NWS has released several data-driven and corporate updates. Realtor.com reports on new-home price reductions and luxury housing metrics, along with this rental market shift, underscore its role as a real estate data provider. Corporate developments include an editor-in-chief appointment at Barron’s and fiscal 2Q26 results showing revenue of $2.36 billion and Total Segment EBITDA of $521 million. Despite these generally positive or neutral fundamentals, shares saw 24-hour declines after each of these prior releases, highlighting a pattern of post-news weakness.
Market Pulse Summary
This announcement highlights Realtor.com’s view that the U.S. rental market has shifted toward renters, with average vacancy at 7.6% and national median rent at $1,672, down 1.5% year-over-year. For NWS, it underscores the value of its real estate data assets rather than signaling a direct financial impact. Recent history shows multiple NWS news items followed by short-term price weakness. Investors may watch upcoming housing data, advertising trends, and execution of the company’s broader strategy for context.
Key Terms
rental vacancy rate technical
median asking rent technical
housing vacancies and homeownership survey regulatory
AI-generated analysis. Not financial advice.
Average vacancy rate hits a multi-year high, strengthening renter advantage in 44 of the 50 largest metros
As vacancy rates rise, costs are following suit and adjusting downward. January marked the 29th consecutive month of year-over-year rent declines, with the national median asking rent dipping
"After years of being squeezed by limited inventory, renters are finally seeing the supply wave work in their favor," said Danielle Hale, chief economist at Realtor.com®. "This shift doesn't just mean lower prices; it means that renters today have more options and more bargaining power. While the market isn't uniform everywhere, the broader trend is a move toward a much needed equilibrium that allows for more flexibility and choice in the housing search."
The Great Market Flip:
The most striking example of this shift is
Across the top 50 metros, the breakdown of market power has shifted dramatically:
- 22 Renter-Friendly Markets: Vacancy rates above
7% give tenants the upper hand (e.g.,Birmingham ,Austin ,Milwaukee ). - 22 Balanced Markets: Vacancy rates between
5% and7% offer a stable environment for both parties. - 6 Landlord-Friendly Markets: Only six markets remain tight enough for landlords to "call the shots," including
Boston andNew York .
The Markets Bucking the National Trend
While the national trend is overwhelmingly positive for tenants, the report identified renter setbacks in a few specific markets. Relatively affordable, job-rich areas like
"We are seeing a fascinating tug-of-war," said Jiayi Xu, economist at Realtor.com®. "In the Sun Belt and parts of the Midwest, new construction is helping to create negotiating room for renters. But in traditionally more affordable areas like
A small handful of coastal hubs remain the exception to the renter-friendly trend. In metros like
National Rent Trends by Unit Size
While vacancy rates provide the leverage, the price data confirms the downward pressure. All unit sizes saw annual declines in January, with 2-bedroom units seeing the steepest drop.
National Rents by Unit Size, January
Unit Size | Median Rent | Rent YoY | Consecutive | Total Decline | Rent Change - |
Overall | -1.5 % | 29 | -4.8 % | 15.2 % | |
Studio | -1.2 % | 29 | -5.8 % | 10.1 % | |
1-Bedroom | -1.4 % | 32 | -6.3 % | 13.4 % | |
2-Bedroom | -1.7 % | 32 | -5.7 % | 17.0 % |
Appendix
Metro | Median | YOY | Rental | Renter | Rental | Renter |
-1.6 % | 9.3 % | renter-friendly | 7.0 % | balanced | ||
-7.3 % | 8.2 % | renter-friendly | 13.8 % | renter-friendly | ||
1.7 % | 6.0 % | balanced | 5.3 % | balanced | ||
-4.7 % | 14.9 % | renter-friendly | 14.3 % | renter-friendly | ||
-2.6 % | 3.0 % | landlord-friendly | 3.2 % | landlord-friendly | ||
1.7 % | 10.4 % | renter-friendly | 12.5 % | renter-friendly | ||
-2.4 % | 6.7 % | balanced | 6.4 % | balanced | ||
0.1 % | 5.1 % | balanced | 5.4 % | balanced | ||
-3.7 % | 6.2 % | balanced | 5.4 % | balanced | ||
0.1 % | 5.7 % | balanced | 6.4 % | balanced | ||
0.3 % | 7.3 % | renter-friendly | 5.7 % | balanced | ||
-2.5 % | 8.9 % | renter-friendly | 10.5 % | renter-friendly | ||
-4.9 % | 4.7 % | landlord-friendly | 6.5 % | balanced | ||
-3.4 % | 8.6 % | renter-friendly | 9.6 % | renter-friendly | ||
NA | NA | 3.1 % | landlord-friendly | 5.0 % | balanced | |
-2.3 % | 9.8 % | renter-friendly | 11.4 % | renter-friendly | ||
-0.1 % | 9.1 % | renter-friendly | 6.6 % | balanced | ||
-3.3 % | 8.6 % | renter-friendly | 10.1 % | renter-friendly | ||
2.4 % | 9.2 % | renter-friendly | 8.9 % | renter-friendly | ||
-2.0 % | 8.3 % | renter-friendly | 6.4 % | balanced | ||
-1.9 % | 4.8 % | landlord-friendly | 4.4 % | landlord-friendly | ||
-2.8 % | 7.2 % | renter-friendly | 6.7 % | balanced | ||
-2.5 % | 12.4 % | renter-friendly | 10.6 % | renter-friendly | ||
-3.7 % | 9.6 % | renter-friendly | 8.1 % | renter-friendly | ||
1.2 % | 4.9 % | landlord-friendly | 10.8 % | renter-friendly | ||
-1.4 % | 5.2 % | balanced | 5.5 % | balanced | ||
-4.5 % | 8.5 % | renter-friendly | 11.1 % | renter-friendly | ||
NA | NA | 9.0 % | renter-friendly | 10.6 % | renter-friendly | |
0.8 % | 4.7 % | landlord-friendly | 4.6 % | landlord-friendly | ||
-1.1 % | 9.0 % | renter-friendly | 9.0 % | renter-friendly | ||
-2.0 % | 9.2 % | renter-friendly | 9.0 % | renter-friendly | ||
-2.2 % | 6.3 % | balanced | 6.9 % | balanced | ||
-4.0 % | 7.9 % | renter-friendly | 8.4 % | renter-friendly | ||
0.9 % | 8.7 % | renter-friendly | 6.9 % | balanced | ||
-2.3 % | 5.7 % | balanced | 7.4 % | renter-friendly | ||
-3.1 % | 3.1 % | landlord-friendly | 3.7 % | landlord-friendly | ||
-2.6 % | 9.0 % | renter-friendly | 7.4 % | renter-friendly | ||
1.9 % | 8.2 % | renter-friendly | 5.2 % | balanced | ||
-2.7 % | 3.7 % | landlord-friendly | 3.3 % | landlord-friendly | ||
0.5 % | 4.9 % | landlord-friendly | 6.6 % | balanced | ||
-2.3 % | 3.8 % | landlord-friendly | 6.9 % | balanced | ||
-3.6 % | 10.1 % | renter-friendly | 10.9 % | renter-friendly | ||
-4.6 % | 5.2 % | balanced | 5.8 % | balanced | ||
0.4 % | 6.4 % | balanced | 6.0 % | balanced | ||
1.9 % | 3.4 % | landlord-friendly | 3.5 % | landlord-friendly | ||
-2.3 % | 6.5 % | balanced | 5.4 % | balanced | ||
-2.5 % | 8.0 % | renter-friendly | 8.3 % | renter-friendly | ||
-2.7 % | 8.7 % | renter-friendly | 11.4 % | renter-friendly | ||
4.0 % | 9.1 % | renter-friendly | 7.5 % | renter-friendly | ||
0.4 % | 4.7 % | landlord-friendly | 6.3 % | balanced |
Methodology
Rental data as of January 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.
Rental vacancy data is from Housing Vacancies and Homeownership Survey.
With the release of its January rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level.
The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since February 2026 will not be directly comparable with previous releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology.
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-rental-market-now-firmly-renter-friendly-as-vacancy-rate-climbs-to-7-6-302687933.html
SOURCE Realtor.com
FAQ
What did Realtor.com report about U.S. vacancy rates on Feb 17, 2026 (NWS)?
How did median asking rent change in January 2026 for Realtor.com (NWS)?
Which metros remained landlord-friendly per Realtor.com's Feb 17, 2026 report (NWS)?
What notable metro shift did Realtor.com highlight on Feb 17, 2026 (NWS)?
Does Realtor.com caution about comparing new rental data with past releases (NWS)?
