Realtor.com® Rent Report: U.S. Median Rents Hit Four-Year Low as Market Records 30th Consecutive Month of Decline

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

News Market Reaction – NWSA

+0.58%

+0.58% Session close to close

In the Mar 17 session, NWSA gained 0.58%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights that U.S. median asking rent fell to $1,667, the lowest since March 202...

Analysis

This announcement highlights that U.S. median asking rent fell to $1,667, the lowest since March 2022, with 30 straight months of year-over-year declines and notable relief in several Sun Belt metros. For NWSA, such Realtor.com data deepens its role as a housing-information source rather than changing fundamentals alone. Investors may watch how sustained rent softness influences rental listing volumes, advertiser demand, and future housing market research outputs.

Key Figures

National median rent: $1,667 YoY rent change: -1.7% Rent vs pre‑pandemic: $207 (14.2%) higher +5 more

8 metrics

National median rent $1,667 U.S. median asking monthly rent, February 2026

YoY rent change -1.7% National median asking rent vs. February 2025

Rent vs pre‑pandemic $207 (14.2%) higher National median vs. February 2020 level

Decline from peak $90 (5.1%) lower National median vs. summer 2022 peak

Months of YoY declines 30 months Consecutive YoY drops in national median rent

Sun Belt relief metros 15 markets Metros with rents ≥10% below pandemic-era peaks

Overall unit rent $1,667 Overall median across 0–2 bedroom units, February 2026

2-bedroom median rent $1,844 National median 2-bedroom rent, February 2026

Historical Context

5 past events · Latest: Mar 14 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 14	Philanthropy partnership	Neutral	+1.6%	Realtor.com pledged up to $200,000 support for disaster housing relief.
Mar 12	Housing wealth study	Neutral	-2.7%	Report on early homebuying’s $119,000 midlife wealth advantage and advocacy launch.
Mar 10	Luxury housing data	Neutral	-2.1%	Luxury housing report on $1.21M 90th‑percentile threshold and regional affordability.
Mar 05	Monthly housing report	Neutral	+1.0%	Update on plateauing inventory, 914,860 active listings and softer list prices.
Mar 03	Supply gap analysis	Neutral	-0.7%	Housing supply gap report citing 4.03M-home deficit and regional shortages.

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 data and policy reports for NWSA often saw mixed reactions, with three of the last five news items followed by negative moves and two by modest gains, indicating no consistent directional pattern to similar informational releases.

Recent Company History

Over the last weeks, NWSA’s newsflow centered on Realtor.com data insights and initiatives. Reports covered the widening 4.03M-home supply gap, plateauing inventory with 914,860 active listings, and luxury thresholds around $1.21M. Realtor.com also launched advocacy efforts tied to generational wealth and committed up to $200,000 in disaster housing relief support. Market reactions to these largely informational and philanthropic updates alternated between modest gains and declines, suggesting investors treat them as incremental rather than transformational.

Key Terms

multifamily construction

1 terms

multifamily construction technical

"Southern and Sun Belt markets where a boom in multifamily construction has shifted the balance"

Multifamily construction is the building or major renovation of residential properties that contain multiple separate housing units under one roof or in one complex, such as apartment buildings, condominiums, or townhouse clusters. Investors care because these projects create future rental income or sale inventory and directly affect housing supply, development costs, timelines, and cash flow risk—like building an entire small neighborhood at once rather than a single house, so outcomes scale up gains and losses.

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

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National median asking monthly rent falls to $1,667; 15 major markets now see rents more than 10% below pandemic-era peaks

AUSTIN, Texas, March 17, 2026 /PRNewswire/ -- The U.S. rental market has reached its most budget-friendly level in four years. According to the Realtor.com^® February Rental Report, February marked the 30th consecutive month of year-over-year declines for 0-2 bedroom properties, bringing the national median asking monthly rent to $1,667, the lowest level recorded since March 2022.

The national median rent fell $29, or 1.7%, compared to one year ago. While monthly rents  remain $207 (14.2%) higher than pre-pandemic levels recorded in February 2020, they have now retreated $90 (5.1%) from the summer 2022 peak.

"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 U.S. markets, 15 saw median asking rents at least 10% below their pandemic-era peaks. These declines have proven remarkably sustained, particularly in Southern and Sun Belt markets where a boom in multifamily construction has shifted the balance in favor of tenants. In fact, Atlanta, Ga. has now recorded 42 consecutive months of year-over-year decreases, followed closely by Phoenix, Ariz. and Las Vegas, Nev. at 41 months each.

Markets with the Deepest Rent Relief: 10% or More Below Peak

Metro	Median Asking Rent	YY	Peak Month	Peak Rent	% from Peak	$ from Peak	Consecutive Months of Year- Over-Year Decline as of Feb.2026
Austin-Round Rock-San Marcos, Texas	$1,357	-7.1 %	September 2022	$1,659	-18.2 %	-$302	34
Birmingham, Ala.	$1,125	-3.4 %	July 2022	$1,357	-17.1 %	-$232	32
Memphis, Tenn.-Miss-Ark.	$1,140	-3.8 %	July 2022	$1,359	-16.1 %	-$219	34
Phoenix-Mesa-Chandler, Ariz.	$1,427	-4.4 %	June 2022	$1,690	-15.6 %	-$263	41
Atlanta-Sandy Springs-Roswell, Ga.	$1,543	-2.0 %	October 2021	$1,820	-15.2 %	-$277	42
Las Vegas-Henderson-North Las Vegas, Nev.	$1,423	-1.8 %	June 2022	$1,671	-14.8 %	-$248	41
San Diego-Chula Vista-Carlsbad, Calif.	$2,626	-3.7 %	August 2022	$3,064	-14.3 %	-$438	23
Nashville-Davidson--Murfreesboro--Franklin, Tenn.	$1,457	-4.5 %	July 2023	$1,693	-13.9 %	-$236	31
Raleigh-Cary, N.C.	$1,437	-1.5 %	July 2022	$1,659	-13.4 %	-$222	34
Denver-Aurora-Centennial, Colo.	$1,720	-4.2 %	August 2023	$1,978	-13.0 %	-$258	24
San Antonio-New Braunfels, Texas	$1,188	-4.0 %	December 2022	$1,359	-12.6 %	-$171	30
Miami-Fort Lauderdale-West Palm Beach, Fla.	$2,235	-3.3 %	July 2022	$2,550	-12.4 %	-$315	33
Jacksonville, Fla.	$1,456	-3.4 %	June 2022	$1,653	-11.9 %	-$197	16
Seattle-Tacoma-Bellevue, Wash.	$1,905	-1.9 %	July 2022	$2,158	-11.7 %	-$253	34
Dallas-Fort Worth-Arlington, Texas	$1,408	-3.7 %	July 2022	$1,566	-10.1 %	-$158	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 3% below their all-time highs — and with renters already paying more than last year, new record highs could be right around the corner. In Virginia Beach, Va., Baltimore, Md., and Richmond, Va., falling vacancy rates and rising rents signal that the window of affordability is closing fast.

"We are seeing two different stories across the country," said Jiayi Xu, economist at Realtor.com^®. "In markets like Austin and Phoenix, renters are benefiting from deep post-pandemic rent relief, driven by a wave of new supply. But that relief isn't universal. In places like Virginia Beach, the window is closing fast. And in markets like Kansas City, there was never any real relief to begin with— what looks like a dip is nothing more than a seasonal pause. As the spring season approaches, these markets are poised to resume an upward trajectory and push toward new all-time highs."

San Jose, Calif. remains one of the nation's most resilient hubs, maintaining positive year-over-year growth for 28 consecutive months. Despite the national downturn, San Jose rents are 1.8% higher than last year and sit just 2.5% below their August 2025 peak.

Markets Where Rent Relief Is Within 3% of Peak and A New All-time High is On the Horizon

Market	Median Asking Rent	YY	Peak Month	Peak Rent	% from peak	$ from peak
Virginia Beach-Chesapeake-Norfolk, Va.-N.C.	$1,620	4.5 %	August 2022	$1,648	-1.7 %	-$28
Kansas City, Mo.-Kan.	$1,387	1.0 %	June 2025	$1,412	-1.8 %	-$25
Baltimore-Columbia-Towson, Md.	$1,810	0.8 %	August 2022	$1,855	-2.4 %	-$45
San Jose-Sunnyvale-Santa Clara, Calif.	$3,331	1.8 %	August 2025	$3,417	-2.5 %	-$86
Richmond, Va.	$1,507	2.0 %	July 2023	$1,549	-2.7 %	-$42

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 Months of Decline	Total Decline from Peak	Rent Change - 6 Years
Overall	$1,667	-1.7 %	30	-5.1 %	14.2 %
Studio	$1,393	-0.4 %	30	-5.8 %	8.9 %
1-Bedroom	$1,548	-1.5 %	33	-6.6 %	12.3 %
2-Bedroom	$1,844	-1.9 %	33	-5.8 %	15.9 %

Appendix

Market	Median Asking Rent	YY	% from pre- pandemic	% from peak	$ from peak	Peak Month
Atlanta-Sandy Springs-Roswell, Ga.	$1,543	-2.00 %	7.23 %	-15.2 %	-$277	October 2021
Austin-Round Rock-San Marcos, Texas	$1,357	-7.10 %	6.26 %	-18.2 %	-$302	September 2022
Baltimore-Columbia-Towson, Md.	$1,810	0.80 %	12.49 %	-2.4 %	-$45	August 2022
Birmingham, Ala.	$1,125	-3.40 %	3.97 %	-17.1 %	-$232	July 2022
Boston-Cambridge-Newton, Mass.-N.H.	$2,841	-3.30 %	11.24 %	-6.4 %	-$193	July 2024
Buffalo-Cheektowaga, N.Y.	NA	NA	NA	NA	NA	NA
Charlotte-Concord-Gastonia, N.C.-S.C.	$1,479	-2.80 %	14.12 %	-8.4 %	-$136	July 2022
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.	$1,794	-0.20 %	11.57 %	-4.3 %	-$80	August 2023
Cincinnati, Ohio-Ky.-Ind.	$1,268	-2.00 %	5.67 %	-8.9 %	-$124	October 2024
Cleveland-Elyria, Ohio	$1,209	-0.70 %	23.24 %	-3.8 %	-$48	July 2024
Columbus, Ohio	$1,190	-0.50 %	17.59 %	-3.4 %	-$42	July 2024
Dallas-Fort Worth-Arlington, Texas	$1,408	-3.70 %	11.92 %	-10.1 %	-$158	July 2022
Denver-Aurora-Centennial, Colo.	$1,720	-4.20 %	3.99 %	-13.0 %	-$258	August 2023
Detroit-Warren-Dearborn, Mich.	$1,277	-3.50 %	8.04 %	-6.0 %	-$81	September 2022
Hartford-West Hartford-East Hartford, Conn.	NA	NA	NA	NA	NA	NA
Houston-Pasadena-The Woodlands, Texas	$1,344	-2.40 %	9.18 %	-6.3 %	-$90	August 2023
Indianapolis-Carmel-Anderson, Ind.	$1,281	-0.20 %	27.97 %	-4.4 %	-$59	June 2024
Jacksonville, Fla.	$1,456	-3.40 %	21.84 %	-11.9 %	-$197	June 2022
Kansas City, Mo.-Kan.	$1,387	1.00 %	24.06 %	-1.8 %	-$25	June 2025
Las Vegas-Henderson-Paradise, Nev.	$1,423	-1.80 %	17.60 %	-14.8 %	-$248	June 2022
Los Angeles-Long Beach-Anaheim, Calif.	$2,709	-1.90 %	9.85 %	-6.3 %	-$182	September 2023
Louisville/Jefferson County, Ky.-Ind.	$1,210	-2.20 %	17.70 %	-7.0 %	-$91	July 2024
Memphis, Tenn.-Miss.-Ark.	$1,140	-3.80 %	11.44 %	-16.1 %	-$219	July 2022
Miami-Fort Lauderdale-West Palm Beach, Fla.	$2,235	-3.30 %	32.80 %	-12.4 %	-$315	July 2022
Milwaukee-Waukesha, Wis.	$1,639	-0.10 %	12.26 %	-3.0 %	-$50	June 2024
Minneapolis-St. Paul-Bloomington, Minn.-Wis.	$1,482	-1.20 %	1.30 %	-4.9 %	-$77	August 2024
Nashville-Davidson–Murfreesboro–Franklin, Tenn.	$1,457	-4.50 %	14.63 %	-13.9 %	-$236	July 2023
New Orleans-Metairie, La.	$1,191	-4.50 %	9.37 %	NA	NA	NA
New York-Newark-Jersey City, N.Y.-N.J.-Pa.	$2,894	0.80 %	25.01 %	-1.7 %	-$51	June 2024
Oklahoma City, Okla.	$983	-1.20 %	4.57 %	-6.8 %	-$72	February 2023
Orlando-Kissimmee-Sanford, Fla.	$1,636	-2.20 %	19.94 %	-8.7 %	-$155	July 2022
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	$1,713	-2.60 %	6.40 %	-6.4 %	-$118	August 2023
Phoenix-Mesa-Scottsdale, Ariz.	$1,427	-4.40 %	13.43 %	-15.6 %	-$263	June 2022
Pittsburgh, Pa.	$1,426	0.40 %	31.07 %	-4.6 %	-$69	September 2025
Portland-Vancouver-Hillsboro, Ore.-Wash.	$1,629	-1.20 %	11.96 %	-8.1 %	-$144	July 2024
Providence-Warwick, R.I.-Mass.	$1,966	-2.60 %	23.18 %	-6.6 %	-$139	July 2024
Raleigh, N.C.	$1,437	-1.50 %	19.45 %	-13.4 %	-$222	July 2022
Richmond, Va.	$1,507	2.00 %	24.65 %	-2.7 %	-$42	July 2023
Riverside-San Bernardino-Ontario, Calif.	$2,059	-3.30 %	15.09 %	-8.8 %	-$199	October 2022
Rochester, N.Y.	$1,334	1.50 %	22.50 %	NA	NA	NA
Sacramento-Roseville-Folsom, Calif.	$1,823	-1.90 %	21.21 %	-7.0 %	-$137	August 2024
San Antonio-New Braunfels, Texas	$1,188	-4.00 %	14.89 %	-12.6 %	-$171	December 2022
San Diego-Chula Vista-Carlsbad, Calif.	$2,626	-3.70 %	9.74 %	-14.3 %	-$438	August 2022
San Francisco-Oakland-Fremont, Calif.	$2,768	0.90 %	-3.96 %	-7.4 %	-$221	July 2022
San Jose-Sunnyvale-Santa Clara, Calif.	$3,331	1.80 %	4.06 %	-2.5 %	-$86	August 2025
Seattle-Tacoma-Bellevue, Wash.	$1,905	-1.90 %	1.82 %	-11.7 %	-$253	July 2022
St. Louis, Miss.-Ill.	$1,280	-1.80 %	21.44 %	-6.2 %	-$84	August 2024
Tampa-St. Petersburg-Clearwater, Fla.	$1,675	-3.70 %	34.75 %	-7.9 %	-$144	June 2022
Virginia Beach-Chesapeake-Norfolk, Va.-N.C.	$1,620	4.50 %	31.28 %	-1.7 %	-$28	August 2022
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W. Va.	2,266	-0.70 %	15.61 %	-3.0 %	-$70	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

FAQ

What did NWS report on March 17, 2026 about the national median rent?

The national median asking rent was $1,667 in February 2026, a four-year low. According to Realtor.com, this marks 30 consecutive months of year-over-year declines for 0–2 bedroom listings and is $207 above pre-pandemic February 2020 levels.

Which U.S. metros did Realtor.com say were most below pandemic-era peaks in February 2026 (NWS)?

Fifteen of the 50 largest metros were at least 10% below their pandemic-era peaks in Feb 2026. According to Realtor.com, Austin (-18.2%), Phoenix (-15.6%), and Atlanta (-15.2%) are among the deepest declines.

How long has the year-over-year rent decline run according to Realtor.com and what does it mean for renters (NWS)?

Realtor.com reported a 30-month streak of YoY declines for 0–2 bedroom units through February 2026. According to Realtor.com, this sustained softness has translated into measurable savings for renters, especially in Sun Belt markets with heavy new supply.

Are any markets close to new rent highs according to the Realtor.com Feb 2026 report (NWS)?

Yes; five metros were within about 3% of all-time highs in Feb 2026. According to Realtor.com, Virginia Beach, Baltimore, Richmond, Kansas City, and San Jose could reach new record rents during the spring leasing season.

How have rents changed by unit size in February 2026 per Realtor.com (NWS)?

Median rents fell across unit sizes, with two-bedroom units down the most. According to Realtor.com, two-bedroom rent was $1,844 (‑1.9% YoY) and overall median rent was $1,667.