Realtor.com®: Renters Now Spend Less than a Quarter of Their Income on Rent

Rhea-AI Summary

Realtor.com (NWSA) reports that typical U.S. households spent 23.4% of income on rent in September 2025, down from 24.9% a year earlier, marking the market's 26th consecutive annual decline. Median asking rent for 0–2 bedroom units in the 50 largest metros was $1,703, down $36 (-2.1%) year-over-year and $10 month-over-month.

Rents sit $56 (-3.2%) below the August 2022 peak but remain $241 (16.5%) above pre-pandemic levels. Coastal metros remain least affordable (Miami 37.1%, Los Angeles 37.0%, New York 36.7%).

Positive

• Rent share of income down to 23.4% (Sep 2025)
• Median asking rent $1,703 (-2.1% YoY)
• 26th straight annual decline in rents
• Top affordability improvements: Jacksonville -3.5 ppt, San Diego -3.4 ppt

Negative

• Rents still 16.5% above pre-pandemic levels ($241 higher)
• High rent burdens in major metros: Miami 37.1%, LA 37.0%, NY 36.7%
• Year-to-date rent growth muted at +0.4% (2025) versus +1.9% in 2024
• Some tech hubs saw YoY rent increases: San Jose +1.6%, San Francisco +1.0%

Insights

Housing Economist

Rents continue modest decline; affordability improves slightly but remains strained in high‑cost metros.

Median asking rent for 0–2 bedroom units in the 50 largest metros was $1,703 in September, down 2.1% year‑over‑year and 3.2% below the August 2022 peak, while a typical household spent 23.4% of income on rent versus 24.9% a year earlier. The drop reflects both small rent decreases and higher incomes, with one‑bedroom and two‑bedroom rents down 2.3% and 2.2% respectively; the data show a broad, incremental easing rather than a swift market reversal.

Affordability gains concentrate where supply rose; markets in the South and West show the largest percentage‑point improvements. High‑cost coastal metros—Miami, Los Angeles, New York, Boston, San Diego—still register rent shares above 31%, indicating persistent affordability pressure despite marginal year‑over‑year declines. Watch monthly rent trajectories and listed supply levels over the next 6–12 months to confirm whether this is a durable downtrend or seasonal easing ahead of winter; monitor the rent share metric in top metros as a concise affordability barometer.

Typical households spent 23.4% of income on rent in September, down from 24.9% a year ago, as the market posts its 26th straight annual decline and second monthly dip since March

AUSTIN, Texas, Oct. 14, 2025 /PRNewswire/ -- Rents declined again in September, according to the Realtor.com^® September Rent Report, extending a two-year stretch of easing prices and modestly improving affordability for typical households. The latest drop, the second month-over-month decline since March, reflects the market's normal cooling heading into fall.

The median asking monthly rent for 0–2 bedroom properties in the 50 largest metros was $1,703, down $36 (-2.1%) from a year ago and $10 lower than the prior month. Monthly rents now sit $56 (-3.2%) below their August 2022 peak but remain $241 (16.5%) higher than before the pandemic. Overall, rent growth has been subdued in 2025, with median asking prices up just 0.4% year to date, compared with a 1.9% increase during the same period in 2024.

"Two years of gradual rent declines have given renters a bit more breathing room," said Danielle Hale, chief economist at Realtor.com^®. "Still, even as a typical household spends a smaller share of income on rent than a year ago, affordability remains stretched in major markets, particularly along the coasts."

Affordability improves, but challenges persist
Renters earning the typical household income devoted 23.4% of their income to lease a typical home in September, down from 24.9% one year ago. This shift reflects both modest rent declines and income growth over the past year. Rents declined year-over-year across all unit sizes, led by one-bedroom units at $1,582 (-2.3%), followed by two-bedroom units at $1,885 (-2.2%), and studios at $1,426 (-1.0%).

In September, renters faced the steepest costs in Miami, where housing consumed 37.1% of the typical household income. Los Angeles (37%), New York (36.7%), Boston (32.3%), and San Diego (31.5%) rounded out the top five. Still, rent burdens in each of these markets declined slightly compared with a year ago, showing modest improvement in some of the nation's most expensive metros.

Least Affordable Rental Markets, September 2025

Rank	Metro	Sep. 2025 Median Asking Rent	Sep.2025 Rent Share of Income	Percentage Point Changes (Sep. 2025  vs. 2024)	Maximum Affordable Rent at Current HH Income	Sep. 2025 Rent vs. Max Affordable Rent (Ratio)
1	Miami-Fort Lauderdale- West Palm Beach, FL	$2,298	37.1 %	-3.3 ppt	$1,857	1.24
2	Los Angeles-Long Beach-Anaheim, CA	$2,821	37.0 %	-1.4 ppt	$2,285	1.23
3	New York-Newark- Jersey City, NY-NJ	$2,903	36.7 %	-0.9 ppt	$2,374	1.22
4	Boston-Cambridge- Newton, MA-NH	$2,944	32.3 %	-0.7 ppt	$2,732	1.08
5	San Diego-Chula Vista- Carlsbad, CA	$2,703	31.5 %	-3.4 ppt	$2,577	1.05

At the other end of the spectrum, Austin, Texas overtook Oklahoma City to become the most affordable rental market, with renters spending just 16.5% of income on a typical lease. Oklahoma City took the second most-affordable spot (16.9%), followed by Raleigh, N.C. (18.0%), Columbus, Ohio (18.1%), and Minneapolis (18.7%).

Most Affordable Rental Markets, September 2025

Rank	Market	Sep. 2025 Median Asking Rent	Sep.2025 Rent Share of Income	Percentage Point Changes (Sep. 2025 vs. 2024)	Maximum Affordable Rent at Current HH Income	Sep. 2025 Rent vs. Max Affordable Rent (Ratio)
1	Austin-Round Rock-San Marcos, TX	$1,411	16.5 %	-2.8 ppt	$2,560	0.55
2	Oklahoma City, OK	$1,007	16.9 %	-1.0 ppt	$1,788	0.56
3	Raleigh-Cary, NC	$1,476	18.0 %	-2.3 ppt	$2,453	0.60
4	Columbus, OH	$1,217	18.1 %	-0.6 ppt	$2,012	0.60
5	Minneapolis-St. Paul- Bloomington, MN-WI	$1,511	18.7 %	-1.1 ppt	$2,421	0.62

Regional supply helping to ease rent pressure
Markets in the South and West, including Jacksonville, Fla., San Diego, and Miami, saw the strongest improvements in rental affordability. Increased rental supply in these regions continues to help moderate price pressures.

"More new rentals coming to market means renters have additional choices and a bit more leverage," said Jiayi Xu, senior economist at Realtor.com^®. "Greater supply is allowing some renters to find homes that better fit their budgets, though affordability challenges persist in historically high-cost markets."

Rental Markets With the Most Improved Affordability, September 2025

Rank	Metros	Sep. 2025 Median Asking Rent	Sep. 2025 Rent Share of Income	Sep. 2024 Rent Share of Income	Percentage Point Changes (Sep. 2025 vs. 2024)
1	Jacksonville, FL	$1,466	21.5 %	25.0 %	-3.5 ppt
2	San Diego-Chula Vista- Carlsbad, CA	$2,703	31.5 %	34.9 %	-3.4 ppt
3	Miami-Fort Lauderdale-West Palm Beach, FL	$2,298	37.1 %	40.4 %	-3.3 ppt
4	Denver-Aurora-Centennial, CO	$1,766	19.8 %	23.0 %	-3.2 ppt
5	Austin-Round Rock-San Marcos, TX	$1,411	16.5 %	19.3 %	-2.8 ppt
6	Phoenix-Mesa-Chandler, AZ	$1,448	19.8 %	22.5 %	-2.7 ppt

Appendix

Market	Median Asking Rent	YOY Change	Six Year Change	Sep.2025 Rent to Income Share	Sep.2024 Rent to Income Share
Atlanta-Sandy Springs-Roswell, GA	$1,556	-3.5 %	8.3 %	21.2 %	23.1 %
Austin-Round Rock-San Marcos, TX	$1,411	-7.2 %	11.5 %	16.5 %	19.3 %
Baltimore-Columbia-Towson, MD	$1,835	0.2 %	13.3 %	23.2 %	23.4 %
Birmingham, AL	$1,180	-5.6 %	11.2 %	19.8 %	22.4 %
Boston-Cambridge-Newton, MA-NH	$2,944	-0.9 %	13.3 %	32.3 %	33.0 %
Buffalo-Cheektowaga, NY	NA	NA	NA	NA	NA
Charlotte-Concord-Gastonia, NC-SC	$1,484	-3.5 %	14.2 %	21.8 %	23.8 %
Chicago-Naperville-Elgin, IL-IN	$1,841	1.1 %	15.9 %	25.5 %	25.7 %
Cincinnati, OH-KY-IN	$1,313	-5.5 %	15.6 %	19.7 %	21.8 %
Cleveland, OH	$1,235	-0.3 %	26.0 %	21.6 %	21.9 %
Columbus, OH	$1,217	0.0 %	21.0 %	18.1 %	18.7 %
Dallas-Fort Worth-Arlington, TX	$1,431	-2.9 %	13.9 %	19.3 %	21.3 %
Denver-Aurora-Centennial, CO	$1,766	-6.5 %	6.8 %	19.8 %	23.0 %
Detroit-Warren-Dearborn, MI	$1,310	-1.9 %	10.9 %	21.7 %	22.3 %
Hartford-West Hartford-East Hartford, CT	NA	NA	NA	NA	NA
Houston-Pasadena-The Woodlands, TX	$1,337	-3.0 %	7.6 %	20.3 %	21.9 %
Indianapolis-Carmel-Greenwood, IN	$1,300	-1.3 %	32.1 %	19.6 %	20.6 %
Jacksonville, FL	$1,466	-5.5 %	23.0 %	21.5 %	25.0 %
Kansas City, MO-KS	$1,394	2.6 %	25.9 %	20.9 %	20.3 %
Las Vegas-Henderson-North Las Vegas, NV	$1,428	-4.4 %	17.8 %	23.6 %	26.0 %
Los Angeles-Long Beach-Anaheim, CA	$2,821	-1.4 %	12.6 %	37.0 %	38.4 %
Louisville/Jefferson County, KY-IN	$1,247	-3.2 %	22.3 %	20.6 %	22.2 %
Memphis, TN-MS-AR	$1,174	-4.3 %	13.2 %	21.0 %	23.4 %
Miami-Fort Lauderdale-West Palm Beach, FL	$2,298	-3.0 %	33.7 %	37.1 %	40.4 %
Milwaukee-Waukesha, WI	$1,664	-0.7 %	14.0 %	26.9 %	27.1 %
Minneapolis-St. Paul-Bloomington, MN-WI	$1,511	-2.8 %	3.4 %	18.7 %	19.8 %
Nashville-Davidson--Murfreesboro--Franklin, TN	$1,500	-5.1 %	20.0 %	21.1 %	23.5 %
New Orleans-Metairie, LA	NA	NA	NA	NA	NA
New York-Newark-Jersey City, NY-NJ	$2,903	0.1 %	24.7 %	36.7 %	37.6 %
Oklahoma City, OK	$1,007	-1.6 %	7.8 %	16.9 %	17.9 %
Orlando-Kissimmee-Sanford, FL	$1,660	-3.2 %	21.2 %	26.6 %	28.8 %
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	$1,759	-2.7 %	6.7 %	23.9 %	25.3 %
Phoenix-Mesa-Chandler, AZ	$1,448	-6.4 %	17.1 %	19.8 %	22.5 %
Pittsburgh, PA	$1,494	1.0 %	37.3 %	24.6 %	24.7 %
Portland-Vancouver-Hillsboro, OR-WA	$1,678	-3.4 %	13.2 %	21.3 %	22.7 %
Providence-Warwick, RI-MA	NA	NA	NA	NA	NA
Raleigh-Cary, NC	$1,476	-5.1 %	23.3 %	18.0 %	20.3 %
Richmond, VA	$1,506	-0.4 %	26.6 %	20.7 %	22.2 %
Riverside-San Bernardino-Ontario, CA	$2,092	-3.4 %	14.4 %	29.1 %	31.1 %
Rochester, NY	NA	NA	NA	NA	NA
Sacramento-Roseville-Folsom, CA	$1,877	-2.6 %	25.2 %	24.1 %	25.3 %
San Antonio-New Braunfels, TX	$1,209	-4.4 %	18.3 %	19.8 %	21.0 %
San Diego-Chula Vista-Carlsbad, CA	$2,703	-4.9 %	10.4 %	31.5 %	34.9 %
San Francisco-Oakland-Fremont, CA	$2,836	1.0 %	-2.2 %	25.5 %	26.3 %
San Jose-Sunnyvale-Santa Clara, CA	$3,394	1.6 %	8.1 %	26.0 %	26.1 %
Seattle-Tacoma-Bellevue, WA	$1,972	-1.6 %	5.6 %	20.9 %	21.6 %
St. Louis, MO-IL	$1,320	-2.8 %	20.9 %	19.8 %	21.6 %
Tampa-St. Petersburg-Clearwater, FL	$1,702	-1.1 %	36.7 %	27.9 %	29.7 %
Virginia Beach-Chesapeake-Norfolk, VA-NC	$1,520	-1.6 %	22.3 %	22.7 %	23.3 %
Washington-Arlington-Alexandria, DC-VA-MD-WV	$2,281	-0.4 %	15.1 %	22.2 %	23.2 %

Methodology
Rental data as of September 2025 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 affordability analysis: The affordable monthly rent is calculated by applying the 30% rule to the estimated 2025 monthly median household income nationwide ($7,263) across the 50 largest U.S. metros, on average) and in each metro. The monthly median household income is derived from the annual median household income data sourced from Claritas.

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: press@realtor.com

 

View original content:https://www.prnewswire.com/news-releases/realtorcom-renters-now-spend-less-than-a-quarter-of-their-income-on-rent-302582798.html

SOURCE Realtor.com

FAQ

What is the typical U.S. household rent share of income in September 2025 for NWSA data?

Typical households spent 23.4% of income on rent in September 2025, down from 24.9% a year earlier.

What was the median asking rent across the 50 largest metros in September 2025 (NWSA)?

The median asking monthly rent for 0–2 bedroom units was $1,703 in September 2025, down $36 (-2.1%) YoY.

Which U.S. metro was least affordable for renters in September 2025 according to NWSA?

Miami was least affordable at a rent share of 37.1% of typical household income in September 2025.

How far are current rents from the August 2022 peak per the September 2025 report?

Median asking rents are $56 (‑3.2%) below the August 2022 peak.

Which markets showed the largest improvement in rental affordability in September 2025?

Largest improvements: Jacksonville (-3.5 ppt), San Diego (-3.4 ppt), Miami (-3.3 ppt).

How does 2025 year-to-date rent growth compare with 2024 in the NWSA report?

2025 year-to-date median asking prices were up 0.4%, compared with 1.9% over the same period in 2024.