U.S. Rents Fall for 33rd Straight Month as Surge in New Multi-family Construction Points to Continued Renter Relief
Realtor.com (NASDAQ:NWS) reports the U.S. median asking rent in the 50 largest metros was $1,673 in April 2026, down 1.7% year-over-year and $92 (5.2%) below the August 2022 peak, marking the 33rd straight month of annual declines for 0–2 bedroom units.
Rhea-AI Summary
Realtor.com (NASDAQ:NWS) reports the U.S. median asking rent in the 50 largest metros was $1,673 in April 2026, down 1.7% year-over-year and $92 (5.2%) below the August 2022 peak, marking the 33rd straight month of annual declines for 0–2 bedroom units.
Multi-family construction remains 11.4% above pre-pandemic norms, with 2026 Q1 starts up 19.7% year-over-year, suggesting continued rental supply growth into 2027, led by strong Northeast activity and weaker momentum in the West.
Positive
- None.
Negative
- None.
Details
News Market Reaction – NWS
On May 13, the day this news came out, NWS closed 0.89% above the previous close.
Data tracked by StockTitan Argus for the May 13 session.
Key Figures
- National median rent
- $1,673
- April 2026, 50 largest metros, 0–2 bedroom properties
- Rent YoY change
- -1.7%
- April 2026 vs April 2025, national median asking rent
- Streak of rent declines
- 33 months
- Consecutive annual declines for 0–2 bedroom properties
- Rent vs pre‑COVID
- 17.9% higher
- April 2026 median vs April 2019 pre‑pandemic level
- Units under construction
- 684,000
- U.S. multi-family, seasonally adjusted annual rate, 2026Q1
- Multi-family starts
- 462,000
- U.S. multi-family starts, seasonally adjusted annual rate, 2026Q1
- Multi-family completions
- 470,000
- U.S. multi-family completions, seasonally adjusted annual rate, 2026Q1
- Northeast starts growth
- 81.0%
- 2026Q1 vs 2025Q1 multi-family starts, Northeast region
Historical Context
-
Revenue and net income grew double digits with higher Segment EBITDA and EPS.
-
Realtor.com highlighted scarce, expensive urban new builds versus cheaper suburbs.
-
Zillow and Realtor.com agreed to share Preview listings across platforms nationally.
-
William Morrow announced a slate of upcoming summer novels across genres.
-
Realtor.com reported nearly 4M multigenerational homes and pricing/viewership premiums.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
seasonally adjusted annual rate technical
year-over-year financial
median asking rent financial
multi-family construction technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
The Northeast is showing the strongest construction momentum, while the West is falling behind its own historical norms
While the national median remains
"Many renters have experienced meaningful relief over the past nearly three years, and although completions have slowed, forward-looking indicators are renter friendly," said Danielle Hale, chief economist at Realtor.com®. "New multi-family groundbreakings jumped nearly
The National Multi-Family Pipeline Remains Strong
The national multi-family construction pipeline remains well above historical norms, even as it pulls back from its peak. The number of multi-family constructions currently being built averaged 684,000 units on a seasonally adjusted annual rate in 2026Q1, down from a peak of 971,000 in 2024Q1, but still
New construction activity picked up sharply in early 2026, with the rate of new multi-family groundbreakings jumping nearly
Rising Multi-Family Starts Signal a New Wave of Rental Supply on the Horizon
2026Q1 | 2025Q1 | Avg. Q1 of 2017- | %Change vs. | % Change vs. pre- | |
Under | 684,000 | 765,000 | 614,000 | -10.6 % | 11.4 % |
Starts | 462,000 | 386,000 | 381,000 | 19.7 % | 21.3 % |
Completions | 470,000 | 570,000 | 382,000 | -17.5 % | 23.0 % |
More Multi-Family Units Are Coming, But Not Everywhere Equally
The regional picture, however, is uneven. The Northeast saw new multi-family groundbreakings nearly double year-over-year in 2026Q1, and the number of newly completed multi-family units jumped
The West tells a more cautionary tale. New groundbreakings there fell to their lowest first-quarter level since at least 2017, and the number of newly completed multi-family units dropped
"The story isn't the same in every region, and that matters for where renters will feel relief next," said Jiayi Xu, economist at Realtor.com®. "The Northeast is already seeing new multi-family units come online and rents respond in some large markets. The West is telling a very different story. Renters there who are benefiting from lower rents today may find that window closing as fewer new multi-family units enter the market."
Northeast Sees the Highest YOY Growth in Starts and Completions
2026Q1 | 2025Q1 | Avg. Q1 of 2017- | %Change vs. | % Change vs. pre- | ||
Northeast | Under | 144,000 | 155,000 | 132,000 | -7.1 % | 9.1 % |
Northeast | Starts | 105,000 | 58,000 | 52,000 | 81.0 % | 101.9 % |
Northeast | Completions | 108,000 | 76,000 | 60,000 | 42.1 % | 80.0 % |
South | Under | 279,000 | 314,000 | 227,000 | -11.1 % | 22.9 % |
South | Starts | 230,000 | 164,000 | 180,000 | 40.2 % | 27.8 % |
South | Completions | 199,000 | 269,000 | 172,000 | -26.0 % | 15.7 % |
Midwest | Under | 87,000 | 92,000 | 72,000 | -5.4 % | 20.8 % |
Midwest | Starts | 49,000 | 56,000 | 35,000 | -12.5 % | 40.0 % |
Midwest | Completions | 63,000 | 64,000 | 41,000 | -1.6 % | 53.7 % |
West | Under Construction | 174,000 | 204,000 | 182,000 | -14.7 % | -4.4 % |
West | Starts | 77,000 | 107,000 | 114,000 | -28.0 % | -32.5 % |
West | Completions | 100,000 | 161,000 | 109,000 | -37.9 % | -8.3 % |
Looking ahead, rental stock growth is expected to be strongest in the Northeast (+
"As we move into the spring and summer leasing seasons, we expect the median asking rent to tick up modestly on a monthly basis, which is the typical seasonal pattern," said Xu. "But given the sustained level of multi-family construction relative to pre-pandemic norms, year-over-year declines are likely to continue through 2026. Modest rent relief is still the story for most renters."
Rental Data – 50 Largest Metropolitan Areas – April 2026
Market | Median Asking Rent (0-2 | YOY |
1,549 | -3.4 % | |
1,362 | -5.3 % | |
1,806 | -0.7 % | |
1,181 | -1.2 % | |
2,921 | -2.9 % | |
NA | NA | |
1,490 | -2.6 % | |
1,797 | -0.3 % | |
1,324 | 0.8 % | |
1,192 | -0.7 % | |
1,174 | -1.2 % | |
1,461 | -3.2 % | |
1,749 | -3.4 % | |
1,246 | -3.7 % | |
NA | NA | |
1,382 | -2.5 % | |
1,260 | -1.8 % | |
1,476 | -2.8 % | |
1,430 | 4.7 % | |
1,430 | -2.7 % | |
2,760 | -1.7 % | |
1,215 | -1.5 % | |
1,103 | -4.7 % | |
2,273 | -2.1 % | |
1,617 | -0.3 % | |
1,494 | -0.5 % | |
1,474 | -4.8 % | |
NA | NA | |
2,920 | 1.1 % | |
911 | -5.0 % | |
1,663 | -2.6 % | |
1,740 | -1.5 % | |
1,441 | -4.2 % | |
1,463 | 3.0 % | |
1,592 | -1.7 % | |
NA | NA | |
1,433 | -2.1 % | |
1,531 | 0.5 % | |
2,051 | -3.5 % | |
NA | NA | |
1,823 | -1.5 % | |
1,286 | -0.8 % | |
1,156 | -4.7 % | |
2,669 | -3.0 % | |
2,698 | -2.0 % | |
3,306 | 1.3 % | |
1,851 | -1.7 % | |
1,653 | -4.3 % | |
1,564 | 2.4 % | |
2,280 | -1.8 % |
Methodology
Rental data as of April 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/us-rents-fall-for-33rd-straight-month-as-surge-in-new-multi-family-construction-points-to-continued-renter-relief-302770006.html
SOURCE Realtor.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.