Some Cities Are Building Their Way to Lower Rent. Others Are Falling Behind: Realtor.com June 2026 Rent Report
News Corp (NASDAQ:NWS), via Realtor.com, reports that the median asking rent across the 50 largest U.S. metros was $1,692 in June 2026, down 1.5% year over year and 4.1% below the 2022 peak, but still 16.4% above pre‑pandemic levels.
Rhea-AI Summary
News Corp (NASDAQ:NWS), via Realtor.com, reports that the median asking rent across the 50 largest U.S. metros was $1,692 in June 2026, down 1.5% year over year and 4.1% below the 2022 peak, but still 16.4% above pre‑pandemic levels.
June marked the 35th consecutive month of annual rent declines, driven by a multifamily construction boom. Nationally, 302,730 multifamily units were permitted in 2025, up 1.9% from 2024 yet 34.4% below the 2022 peak. Permitting trends diverge: New York and Boston are at their slowest pace since 2019, while Columbus, Orlando, Miami, Las Vegas and several historically low-building markets post their highest permit rates since 2019. San Jose’s median asking rent hit a record $3,423, up 3.3% year over year.
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Details
News Market Reaction – NWS
On Jul 14, the day this news came out, NWS closed 0.83% below the previous close.
Data tracked by StockTitan Argus for the Jul 14 session.
Key Figures
- National median rent
- $1,692
- Median asking monthly rent across 50 largest metros, June 2026
- National rent YoY change
- -1.5%
- Year-over-year change in median asking rent, June 2026
- Months of rent declines
- 35
- Consecutive months of year-over-year national rent declines
- Rent vs 2022 peak
- -4.1%
- Median asking rent relative to 2022 peak level
- Rent vs pre-pandemic
- +16.4%
- Median asking rent relative to pre-pandemic level
- Multifamily units permitted
- 302,730
- National multifamily units permitted in 2025
- Permits vs 2019
- -13.1%
- Change in multifamily units permitted in 2025 vs 2019
- Columbus permit rate 2025
- 4.3
- Multifamily units permitted per 1,000 residents in Columbus, 2025
Historical Context
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Announcement of inaugural WSJ Sports business event in New York.
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Realtor.com 2026 U.S. housing forecast with slower price growth outlook.
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Realtor.com report on foreclosure discounts and listing share nationally.
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Acquisition of Moving.com and MoveAI to enhance moving‑services platform.
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Realtor.com June 2026 housing data on prices, inventory and demand.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
building permits survey (bps) technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
"This didn't happen by accident. Builders spent years playing catch-up after the pandemic rent spike, and that supply is why rents have fallen for nearly three years straight," said Jiayi Xu, Economist at Realtor.com®. "Now it comes down to geography: cities like
The median asking monthly rent is now
National Monthly Rents by Unit Size, June 2026 | |||||
Unit Size | Median Rent | Rent YoY | Consecutive | Total Decline | Rent Change - |
Overall | -1.5 % | 35 | -4.1 % | 16.4 % | |
Studio | -2.2 % | 34 | -4.3 % | 15.0 % | |
1-Bedroom | -1.4 % | 37 | -4.9 % | 15.9 % | |
2-Bedroom | -1.4 % | 37 | -3.8 % | 18.5 % | |
Where that relief shows up next depends on what gets built. Nationally, 302,730 multifamily units were permitted in 2025, up
"It's interesting to see how differently policymakers approach rent regulation. Rent control and rent freezes can protect the renters already in a unit, but they don't do anything to bring the market rate down for everyone else," Xu said. "Sustainably lower rent comes from more supply, and right now that effort looks very different from city to city."
Markets at Their Lowest Permit Rate Since 2019 | |||||||
Market | Permit | Permit | Permit | Permit | Permit | Permit | Permit |
| 5.9 | 8.4 | 10.8 | 9.1 | 8.7 | 5.9 | 4.5 |
3.1 | 2.5 | 3.4 | 2.9 | 3.6 | 2.4 | 2.0 | |
4.1 | 3.2 | 5.1 | 4.5 | 2.4 | 2.4 | 2.0 | |
| 2.3 | 2.1 | 2.1 | 2.8 | 2.4 | 2.1 | 1.6 |
2.2 | 1.8 | 2.2 | 3.8 | 2.0 | 1.5 | 1.1 | |
2.0 | 1.8 | 2.2 | 1.8 | 1.3 | 1.4 | 1.1 | |
On the other end of the spectrum,
Markets at Their Highest Permit Rate Since 2019 | |||||||
Market | Permit Rate, | Permit Rate, | Permit Rate, | Permit Rate, | Permit Rate, | Permit Rate, | Permit Rate, |
1.6 | 3.1 | 2.4 | 2.9 | 2.6 | 3.4 | 4.3 | |
1.6 | 1.3 | 1.5 | 1.5 | 1.2 | 1.0 | 1.9 | |
0.2 | 0.2 | 0.1 | 0.3 | 0.3 | 0.8 | 0.9 | |
0.1 | 0.3 | 0.5 | 0.8 | 0.3 | 0.5 | 0.9 | |
| 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.5 | 0.7 |
0.1 | 0.2 | 0.1 | 0.3 | 0.4 | 0.5 | 0.6 | |
Taken together, the data points to a market still finding its footing: national rent relief is real and likely to continue through 2026, but it will not be felt evenly. Renters in metros with strong permitting pipelines, like
Appendix: Rental Data – 50 Largest Metropolitan Areas – June 2026 | |||
Market | Median Asking Rent | YOY | Multifamily units |
-3.2 % | 1.7 | ||
-4.3 % | 4.5 | ||
0.7 % | 0.8 | ||
-1.2 % | 0.9 | ||
-4.1 % | 1.1 | ||
NA | NA | 0.4 | |
-2.5 % | 2.0 | ||
1.3 % | 0.6 | ||
0.0 % | 1.1 | ||
-1.0 % | 0.6 | ||
-1.5 % | 4.3 | ||
-2.7 % | 2.9 | ||
-3.1 % | 2.6 | ||
-3.0 % | 0.7 | ||
| NA | NA | 0.8 |
-2.8 % | 2.1 | ||
-1.7 % | 0.9 | ||
-2.3 % | 2.1 | ||
1.6 % | 1.9 | ||
| -1.8 % | 1.9 | |
-1.7 % | 1.0 | ||
-2.2 % | 1.7 | ||
-4.2 % | 0.1 | ||
-2.6 % | 2.6 | ||
0.3 % | 0.7 | ||
| 0.1 % | 1.4 | |
-5.3 % | 2.6 | ||
-8.0 % | 0.3 | ||
1.7 % | 1.6 | ||
-2.1 % | 0.9 | ||
-1.9 % | 4.5 | ||
| -1.8 % | 0.8 | |
-4.2 % | 2.8 | ||
2.8 % | 0.9 | ||
-1.5 % | 0.8 | ||
NA | NA | 0.7 | |
-2.5 % | 3.5 | ||
-0.9 % | 3.1 | ||
-2.6 % | 1.1 | ||
NA | NA | 0.4 | |
-1.5 % | 1.0 | ||
-1.4 % | 0.5 | ||
-4.8 % | 0.7 | ||
-2.8 % | 2.2 | ||
1.9 % | 1.1 | ||
3.3 % | 1.8 | ||
-1.1 % | 2.0 | ||
-5.0 % | 2.6 | ||
| 2.0 % | 0.4 | |
| -2.3 % | 1.1 | |
Methodology
Rental data as of June 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.
Building permit data is sourced from Building Permits Survey (BPS). Metro level population is obtained from Moody's estimates.
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: Emily Do, press@realtor.com
View original content:https://www.prnewswire.com/news-releases/some-cities-are-building-their-way-to-lower-rent-others-are-falling-behind-realtorcom-june-2026-rent-report-302824231.html
SOURCE Realtor.com
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