U.S. Rents Fall for 33rd Straight Month as Surge in New Multi-family Construction Points to Continued Renter Relief

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.

News Market Reaction – NWS

+0.89%

+0.89% Session close to close

In the May 13 session, NWS gained 0.89%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights sustained renter relief, with national median asking rent at $1,673 and...

Analysis

This announcement highlights sustained renter relief, with national median asking rent at $1,673 and down 1.7% year-over-year, alongside a strong multi-family pipeline of 684,000 units under construction and 462,000 starts in 2026Q1. For NWS, it adds another Realtor.com data point following recent housing and demographic studies. Investors may watch how regional construction trends, especially the Northeast’s 81.0% starts growth, feed into future traffic and advertising metrics reported in earnings.

Key Figures

National median rent: $1,673 Rent YoY change: -1.7% Streak of rent declines: 33 months +5 more

8 metrics

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

5 past events · Latest: May 07 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 07	Q3 2026 earnings	Positive	+1.5%	Revenue and net income grew double digits with higher Segment EBITDA and EPS.
May 07	Housing data report	Neutral	+2.0%	Realtor.com highlighted scarce, expensive urban new builds versus cheaper suburbs.
May 05	Platform collaboration	Positive	+2.9%	Zillow and Realtor.com agreed to share Preview listings across platforms nationally.
May 05	Publishing lineup	Neutral	-1.5%	William Morrow announced a slate of upcoming summer novels across genres.
May 05	Multigenerational homes study	Neutral	-1.5%	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.

Pattern Detected

Recent Realtor.com and housing-related releases have generally coincided with modestly positive price reactions, while one book-publishing promo had a small negative reaction.

Recent Company History

Over the past weeks, NWS has reported several data- and content-driven updates. On May 7, fiscal 2026 Q3 results showed revenue of $2.19 billion and net income of $121 million, with a 1.49% positive reaction. Realtor.com housing reports on May 7 and a Zillow collaboration on May 5 saw gains of 2.05% and 2.89%, respectively. Other Realtor.com research on multigenerational homes and a William Morrow summer lineup had small negative moves around -1.48%, indicating mixed but generally constructive responses to newsflow.

Key Terms

seasonally adjusted annual rate, year-over-year, median asking rent, multi-family construction

4 terms

seasonally adjusted annual rate technical

"averaged 684,000 units on a seasonally adjusted annual rate in 2026Q1"

A seasonally adjusted annual rate is a way of taking a short-term economic or financial measure (like a monthly or quarterly figure), removing predictable seasonal ups and downs (such as holiday shopping or harvest cycles), and converting the result into a full-year pace. For investors it makes it easier to compare periods and judge underlying trends—like estimating a steady yearly income from a single month after stripping out routine seasonal spikes—so performance and forecasts are less distorted by predictable timing effects.

year-over-year financial

"fell to $1,673 in April 2026, down $29, or 1.7%, year-over-year"

Year-over-year compares a number from one period with the same period one year earlier to show how things have changed over time. Investors use it to spot growth or decline while avoiding seasonal swings—like comparing this winter’s sales to last winter’s—so they can judge whether performance trends are improving, weakening, or just reflecting normal seasonal patterns.

median asking rent financial

"the national median asking monthly rent across the 50 largest metropolitan areas"

Median asking rent is the middle value of rents landlords are listing for available properties, meaning half of listings ask for more and half ask for less; it uses the midpoint rather than an average to avoid distortion by extremely high or low rents. Investors watch it as a quick snapshot of rental market pricing and demand—like checking the middle price on a shopping list—to gauge income potential, vacancy trends and pressure on rental growth.

multi-family construction technical

"the robustness of new multi-family construction signals that rental supply relief"

Multi-family construction is the building of residential properties designed to house multiple separate households in one project, such as apartment buildings, duplexes, or townhome complexes. For investors, it matters because these projects create streams of rental income, require large upfront capital and financing, and affect housing supply — much like adding several shops to a street changes foot traffic and earnings potential for the whole block. Construction costs, timelines, and local demand directly influence returns and risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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The Northeast is showing the strongest construction momentum, while the West is falling behind its own historical norms

AUSTIN, Texas, May 13, 2026 /PRNewswire/ -- The U.S. rental market continues to favor renters, and a new wave of supply may keep it that way. According to the Realtor.com^® April Rental Report, the national median asking monthly rent across the 50 largest metropolitan areas fell to $1,673 in April 2026, down $29, or 1.7%, year-over-year, marking the 33rd consecutive month of annual declines for 0-2 bedroom properties. At the same time, the robustness of new multi-family construction signals that rental supply relief could continue into the next several years.

While the national median remains $254 (17.9%) above pre-pandemic levels recorded in April 2019, it has fallen $92 (-5.2%) from its August 2022 peak. The multi-family construction pipeline, though pulling back from its historic peak, remains 11.4% above pre-pandemic norms, and a fresh surge in new groundbreakings suggests the downward pressure on rents is not over.

"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 20% in the first quarter of 2026, and units that break ground today typically reach the market within 12 to 24 months — so the pipeline points to continued downward pressure on rents well into 2027."

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 11.4% above the pre-pandemic average of 614,000.

New construction activity picked up sharply in early 2026, with the rate of new multi-family groundbreakings jumping nearly 20% compared to a year ago and running 21.3% above pre-pandemic levels. While the annual completion rate of 470,000 trail behind a year ago, it is still 23% above the pre-pandemic norm. If that pace holds, the total U.S. rental housing stock is on track to grow to over 50.5 million units by 2027Q1, a level 8.5% higher than before the pandemic.

Rising Multi-Family Starts Signal a New Wave of Rental Supply on the Horizon

	2026Q1	2025Q1	Avg. Q1 of 2017- 2019	%Change vs. 2025Q1	% Change vs. pre- pandemic
Under Construction	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 42.1%, the strongest growth of any region. That supply is already showing up in rent data: Boston, Mass. fell 2.9% and Philadelphia, Pa. fell 1.5% year-over-year in April. New York, N.Y. remains an exception, with rents still edging up 1.1% amid persistently tight conditions.

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 37.9% year-over-year, the only region where completions have fallen below pre-pandemic norms. Renters in Los Angeles, Calif. (-1.7%), Denver, Colo. (-3.4%), and Phoenix, Ariz. (-4.2%) are still seeing some relief today, but the slowdown in construction raises the risk that the trend reverses in the years ahead.

"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- 2019	%Change vs. 2025Q1	% Change vs. pre- pandemic
Northeast	Under Construction	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 Construction	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 Construction	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 (+1.1%) by 2027Q1, followed by the South (+0.9%), and the Midwest and West (both +0.7%).

"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 Bedrooms)	YOY Changes
Atlanta-Sandy Springs-Roswell, Ga.	1,549	-3.4 %
Austin-Round Rock-San Marcos, Texas	1,362	-5.3 %
Baltimore-Columbia-Towson, Md.	1,806	-0.7 %
Birmingham, Ala.	1,181	-1.2 %
Boston-Cambridge-Newton, Mass.-N.H.	2,921	-2.9 %
Buffalo-Cheektowaga, N.Y.	NA	NA
Charlotte-Concord-Gastonia, N.C-S.C.	1,490	-2.6 %
Chicago-Naperville-Elgin, Ill.-Ind.	1,797	-0.3 %
Cincinnati, Ohio-Ky.-Ind.	1,324	0.8 %
Cleveland, Ohio	1,192	-0.7 %
Columbus, Ohio	1,174	-1.2 %
Dallas-Fort Worth-Arlington, Texas	1,461	-3.2 %
Denver-Aurora-Centennial, Colo.	1,749	-3.4 %
Detroit-Warren-Dearborn, Mich.	1,246	-3.7 %
Hartford-West Hartford-East Hartford, Conn.	NA	NA
Houston-Pasadena-The Woodlands, Texas	1,382	-2.5 %
Indianapolis-Carmel-Greenwood, Ind.	1,260	-1.8 %
Jacksonville, Fla.	1,476	-2.8 %
Kansas City, Mo.-Kan.	1,430	4.7 %
Las Vegas-Henderson-North Las Vegas, Nev.	1,430	-2.7 %
Los Angeles-Long Beach-Anaheim, Calif.	2,760	-1.7 %
Louisville/Jefferson County, Ky.-Ind.	1,215	-1.5 %
Memphis, Tenn.-Miss.-Ark.	1,103	-4.7 %
Miami-Fort Lauderdale-West Palm Beach, Fla.	2,273	-2.1 %
Milwaukee-Waukesha, Wis.	1,617	-0.3 %
Minneapolis-St. Paul-Bloomington, Minn.-Wis.	1,494	-0.5 %
Nashville-Davidson--Murfreesboro--Franklin, Tenn.	1,474	-4.8 %
New Orleans-Metairie, La.	NA	NA
New York-Newark-Jersey City, N.Y.-N.J.	2,920	1.1 %
Oklahoma City, Okla.	911	-5.0 %
Orlando-Kissimmee-Sanford, Fla.	1,663	-2.6 %
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	1,740	-1.5 %
Phoenix-Mesa-Chandler, Ariz.	1,441	-4.2 %
Pittsburgh, Pa.	1,463	3.0 %
Portland-Vancouver-Hillsboro, Ore.-Wash.	1,592	-1.7 %
Providence-Warwick, R.I.-Mass.	NA	NA
Raleigh-Cary, N.C.	1,433	-2.1 %
Richmond, Va.	1,531	0.5 %
Riverside-San Bernardino-Ontario, Calif.	2,051	-3.5 %
Rochester, N.Y.	NA	NA
Sacramento-Roseville-Folsom, Calif.	1,823	-1.5 %
St. Louis, Mo.-Ill.	1,286	-0.8 %
San Antonio-New Braunfels, Texas	1,156	-4.7 %
San Diego-Chula Vista-Carlsbad, Calif.	2,669	-3.0 %
San Francisco-Oakland-Fremont, Calif.	2,698	-2.0 %
San Jose-Sunnyvale-Santa Clara, Calif.	3,306	1.3 %
Seattle-Tacoma-Bellevue, Wash.	1,851	-1.7 %
Tampa-St. Petersburg-Clearwater, Fla.	1,653	-4.3 %
Virginia Beach-Chesapeake-Norfolk, Va.-N.C.	1,564	2.4 %
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.	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

How much did the U.S. median asking rent change in April 2026 according to Realtor.com and NWS?

U.S. median asking rent was $1,673 in April 2026, down 1.7% year-over-year. According to Realtor.com, this marks the 33rd consecutive month of annual declines for 0–2 bedroom units across the 50 largest metropolitan areas, offering ongoing relief for many renters.

What does the April 2026 Realtor.com rental report mean for renters in NWS-covered markets?

The April 2026 report indicates continued modest rent relief, with national median asking rent 5.2% below the August 2022 peak. According to Realtor.com, strong multi-family construction suggests additional rental supply will reach markets through 2027, helping keep year-over-year rent growth contained.

How strong is the U.S. multi-family construction pipeline in 2026 Q1, based on Realtor.com data?

In 2026 Q1, an estimated 684,000 multi-family units were under construction, 11.4% above pre-pandemic norms. According to Realtor.com, starts reached 462,000, about 19.7% higher than a year earlier, pointing to continued growth in rental housing stock over the next one to two years.

Which U.S. regions show the fastest rental supply growth in the April 2026 Realtor.com report?

The Northeast shows the fastest rental supply growth, with starts up 81% and completions up 42.1% year-over-year in 2026 Q1. According to Realtor.com, this is already influencing rents in markets like Boston and Philadelphia, while the West faces falling starts and completions.

How are major metro rents like New York, Los Angeles, and Phoenix trending in April 2026?

In April 2026, New York’s median asking rent rose 1.1%, while Los Angeles fell 1.7% and Phoenix dropped 4.2% year-over-year. According to Realtor.com, many large metros still show declining rents, though some high-demand cities remain tight or are edging higher.

What does Realtor.com expect for U.S. rent trends through 2026 and into 2027?

Realtor.com expects modest month-to-month rent increases during peak leasing seasons but continued year-over-year declines through 2026. According to the company, elevated multi-family construction and strong pipelines mean rental stock could exceed 50.5 million units by 2027 Q1, easing pressure on renters.