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

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

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

Appendix

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

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SOURCE Realtor.com