Realtor.com®: Two Years of Declining Rents Have Renters Ready to Make a Move
Rhea-AI Summary
Realtor.com (NASDAQ:NWSA) reports that median rents declined for the 25th consecutive month in August 2025, falling 2.2% year-over-year with a $38 decrease. The median asking rent for 0-2 bedroom units in the 50 largest metros dropped to $1,713, marking a 2.6% decline from August 2022's peak, while remaining 17.0% above pre-pandemic levels.
The report reveals declining rents across all unit sizes, with studios down 1.7% to $1,430, 1-bedrooms falling 2.1% to $1,593, and 2-bedrooms showing the largest decline of 2.2% to $1,897. Markets like Las Vegas, Atlanta, and Austin experienced the most significant drops from their peaks, all exceeding 13%. The sustained rent decreases have led to increased renter mobility, rising from 20.8% in 2021-2022 to 21.6% in 2024.
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News Market Reaction
On the day this news was published, NWSA declined 0.54%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Median rents fell year over year for the 25th straight month in August as data show increased renter mobility
In August, asking monthly rents dipped by
"Rental declines across the majority of markets in various-sized homes are providing new options for renters, who have been squeezed by significant increases since the pandemic," said Danielle Hale, chief economist at Realtor.com®. "As rents remain significantly higher than pre-pandemic levels, our Site Visitor Survey shows that the search for a more affordable home remains one of the top reasons to move across all age groups. This is likely a reason why we're starting to see a modest uptick in renter mobility."
Rent Prices Dropping Across All Unit Sizes
Median rent declined across units in all size categories examined by Realtor.com®. Studio rents dropped to
National Rents by Unit Size, August 2025
Unit Size | Median Rent | Rent YoY | Consecutive | Total Decline | Rent Change - 6 |
Overall | -2.2 % | 25 | -2.6 % | 17.0 % | |
Studio | -1.7 % | 24 | -3.4 % | 13.3 % | |
1-Bedroom | -2.1 % | 27 | -4.0 % | 14.9 % | |
2-Bedroom | -2.2 % | 27 | -3.1 % | 18.6 % |
Greater Mobility as Rent Pressures Ease
Despite consistent year-over-year declines, median rents still remain
With rents easing, more renters are exploring a move. When rents rose in 2021–2022, nearly
Data from the Realtor.com® Site Visitor Survey reveals renters are most often considering a move to gain more space, find a more affordable home, or try out a new neighborhood. Markets with the largest rental price declines from their peaks, including
Reasons for mobility vary by age, with younger and older renters more likely to move for affordability reasons, while middle-aged renters may be looking for more space to accommodate a growing family.
"Renters focused on affordability are often willing to make compromises, like choosing a longer commute, fewer amenities or fewer on-site services," said Jiayi Xu, economist at Realtor.com®. "It shows that many households are carefully weighing costs against lifestyle, making tradeoffs to find a home that better fits their budget."
Renters Remain Hopeful About Ownership, But Barriers Persist
Even as the average age of home buyers reached an all-time high of 38 years old in 2024 and many renters remain priced out of buying, optimism about ownership is strong. Nearly
Market | Median Asking | YOY Change | Six Year Change |
-4.1 % | 9.0 % | ||
-6.5 % | 12.9 % | ||
-0.9 % | 13.9 % | ||
-3.2 % | 12.6 % | ||
-1.2 % | 12.2 % | ||
NA | NA | NA | |
-2.3 % | 15.4 % | ||
0.7 % | 15.1 % | ||
-4.1 % | 15.7 % | ||
-0.9 % | 25.1 % | ||
-0.7 % | 21.4 % | ||
-2.7 % | 15.1 % | ||
-7.0 % | 7.2 % | ||
-1.5 % | 11.9 % | ||
NA | NA | NA | |
-3.1 % | 8.3 % | ||
-1.8 % | 32.3 % | ||
-4.9 % | 24.6 % | ||
2.9 % | 26.3 % | ||
-4.6 % | 19.8 % | ||
-1.3 % | 12.8 % | ||
-4.2 % | 21.2 % | ||
-3.7 % | 12.9 % | ||
-3.6 % | 34.7 % | ||
-1.1 % | 16.7 % | ||
-3.1 % | 2.9 % | ||
-5.1 % | 21.0 % | ||
NA | NA | NA | |
0.5 % | 26.3 % | ||
-2.2 % | 8.7 % | ||
-2.9 % | 20.6 % | ||
-2.1 % | 8.4 % | ||
-6.2 % | 19.6 % | ||
-0.5 % | 39.9 % | ||
-4.1 % | 14.7 % | ||
NA | NA | NA | |
-5.9 % | 22.0 % | ||
-0.5 % | 26.7 % | ||
-4.8 % | 15.5 % | ||
NA | NA | NA | |
-4.2 % | 25.0 % | ||
-1.8 % | 20.2 % | ||
-4.1 % | 19.6 % | ||
-4.9 % | 11.5 % | ||
-0.1 % | -3.2 % | ||
1.6 % | 6.6 % | ||
-2.3 % | 4.9 % | ||
-0.3 % | 39.1 % | ||
-1.7 % | 21.5 % | ||
-0.5 % | 16.2 % |
Methodology
Rental data as of August 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. With the release of its August 2025 rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters.
Site visitor survey: To better understand the sentiment and experiences of buyers, sellers, and renters currently on the market for homes, the Realtor.com® economics team conducts a randomized survey of visitors to listing detail pages on the site, the Site Visitors Survey. Respondents are asked about the reasons they're visiting the site, how they've been engaged with the housing market, and how they feel that current market conditions are affecting their behavior. The survey was first launched in the fourth quarter of 2019, and this report focuses on results reported from Summer 2023 to Summer 2025.
Surveys are administered randomly to visitors on Realtor.com®. For this report, we consider only respondents who indicate that they are looking for new rental homes on Realtor.com®. Weights are calculated by computing the share of survey respondents falling into categories based on age and adjusting these proportions to match the share of all visitors to Realtor.com® and similar online real estate marketplaces segmented by age.
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-two-years-of-declining-rents-have-renters-ready-to-make-a-move-302557072.html
SOURCE Realtor.com
