Highlights
- February 2026 marks a four-year low for national median asking rents—the 30th consecutive month of year-over-year decline for 0-2 bedroom properties across the 50 largest metros. The national median asking rent fell $29, or 1.7%, compared to a year ago.
- The median asking rent in the 50 largest metros registered at $1,667, $90 (-5.1%) lower than its summer 2022 peak but $207 (14.2%) higher than the pre-pandemic level.
- Median rent declined in all size categories: studio: $1,393, down $6 (-0.4%) year over year; 1-bed: $1,548, down $28 (-1.5%) year over year; 2-bed: $1,844, down $35 (-1.9%) year over year.
- In February 2026, the median asking rents in all 50 metros were below their peak levels:
- Fifteen markets saw median asking rents at least 10% below their peaks in February 2026, led by Austin, TX (-18.2%), Birmingham, AL (-17.1%), and Memphis, TN (-16.1%)—representing the deepest cumulative rent relief since the COVID-19 pandemic era.
- Five markets—Virginia Beach, VA (-1.7%), Kansas City, MO (-1.8%), Baltimore, MD (-2.4%), San Jose, CA (-2.5%), and Richmond, VA (-2.7%)—saw median asking rents within 3% of their peaks in February 2026, with mounting evidence suggesting a rebound is on the horizon.
In February 2026, the U.S. median rent recorded its 30th consecutive year-over-year decline. Rent for 0-2 bedroom properties across the 50 largest metropolitan areas dropped by 1.7% compared to the previous year, with the median asking rent at $1,667—$29 lower than the prior year.
In fact, the median asking rent has now fallen to its lowest level in four years—the most budget-friendly renting environment since March 2022. This is a result of both a prolonged year-over-year downtrend and February’s seasonal softness. Looking ahead, as the market transitions into spring, month-over-month change is expected to turn positive, bringing modest price increases typical of the peak leasing season.
While the median asking rent remains $207 (14.2%) above pre-pandemic levels recorded in February 2020, it has fallen $90 (5.1%) from its August 2022 peak. The persistent softness is increasingly translating into real savings for renters navigating a market that once felt out of reach.
All unit sizes saw rent declines
In February 2026, the median asking rent for two-bedroom units dropped -1.9% year over year, marking the 33rd consecutive month of annual declines. At $1,844, the national median for two-bedroom units now sits $114 (-5.8%) below its July 2022 peak, reaching a four-year low. Despite this extended period of softness, two-bedroom rents remain $253 (15.9%) above their level six years ago.
The rent for one-bedroom units slipped 1.5% year over year in February 2026, standing at $1,548. This was the 33rd consecutive month of annual declines. Rent was $109 (-6.6%) lower than the peak observed during August 2022, but still $169 (12.3%) higher than in February 2020.
In February 2026, the median asking rent for studios fell 0.4%, marking the 30th consecutive month of annual declines. The median rent for studios was $1,393 in February, down $86 (-5.8%) from its peak in October 2022. Nevertheless, the median asking rent for studios was still $114 (8.9%) higher than it was six years ago.
Table 1: 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%
Rent relief reaches all 50 markets, but the story varies
At the metro level, median asking rents across all 50 markets are currently below their local peaks—a broadly encouraging sign for renters. However, the degree of relief varies significantly from market to market. This report focuses on two distinct groups. The first encompasses markets where rents have fallen at least 10% below their previous peak, reflecting deep and sustained relief for renters. The second covers markets where rents remain within 3% of their peak, signaling a potential rebound on the horizon. Beyond the distance from peak, the nature of that relief tells an equally important story: In some markets, the decline reflects a prolonged post-pandemic relief driven by booms in multifamily construction, while in others, it is purely temporary—a seasonal winter softness in markets that have already surpassed their pandemic-era highs and appear to be poised for a new record high later this year.
The markets where renters have seen the deepest cumulative relief
Among the 50 largest U.S. markets, 15 saw median asking rents at least 10% below their pandemic-era peaks as of February 2026—all of which reached those highs between late 2021 and mid-2023, at the height of the pandemic rental surge.
Table 2: Markets With the Deepest Rent Relief: 10% or More Below Peak
Metro
Median Asking Rent
YoY
Peak Month
Peak Rent
% From Peak
$ From Peak
Consecutive Months of Year-Over-Year Decline as of Feb 2026
Austin-Round Rock-San Marcos, TX
$1,357
-7.10%
September 2022
$1,659
-18.2%
-$302
34
Birmingham, AL
$1,125
-3.40%
July 2022
$1,357
-17.1%
-$232
32
Memphis, TN-MS-AR
$1,140
-3.80%
July 2022
$1,359
-16.1%
-$219
34
Phoenix-Mesa-Chandler, AZ
$1,427
-4.40%
June 2022
$1,690
-15.6%
-$263
41
Atlanta-Sandy Springs-Roswell, GA
$1,543
-2.00%
October 2021
$1,820
-15.2%
-$277
42
Las Vegas-Henderson-North Las Vegas, NV
$1,423
-1.80%
June 2022
$1,671
-14.8%
-$248
41
San Diego-Chula Vista-Carlsbad, CA
$2,626
-3.70%
August 2022
$3,064
-14.3%
-$438
23
Nashville-Davidson–Murfreesboro–Franklin, TN
$1,457
-4.50%
July 2023
$1,693
-13.9%
-$236
31
Raleigh-Cary, NC
$1,437
-1.50%
July 2022
$1,659
-13.4%
-$222
34
Denver-Aurora-Centennial, CO
$1,720
-4.20%
August 2023
$1,978
-13.0%
-$258
24
San Antonio-New Braunfels, TX
$1,188
-4.00%
December 2022
$1,359
-12.6%
-$171
30
Miami-Fort Lauderdale-West Palm Beach, FL
$2,235
-3.30%
July 2022
$2,550
-12.4%
-$315
33
Jacksonville, FL
$1,456
-3.40%
June 2022
$1,653
-11.9%
-$197
16
Seattle-Tacoma-Bellevue, WA
$1,905
-1.90%
July 2022
$2,158
-11.7%
-$253
34
Dallas-Fort Worth-Arlington, TX
$1,408
-3.70%
July 2022
$1,566
-10.1%
-$158
35
In fact, all 15 markets have experienced persistent year-over-year declines since those peaks, with Atlanta, GA, leading at 42 consecutive months of decreases, followed by Phoenix, AZ, and Las Vegas, NV, at 41 months each. Far from a brief softness, these declines have proven remarkably sustained—particularly across Sun Belt and Southern markets, where a boom in multifamily construction has tipped the supply-demand balance in renters’ favor.
As a result, the pricing relief has now shown up directly in what renters pay. In Austin, TX, median asking rents are 18.2% below their 2022 peak—a difference of $302 per month. Birmingham, AL, follows at 17.1% below peak, translating to $232 in monthly savings, and Memphis, TN, at 16.1%, or $219 per month below its 2022 high.
Markets where rents are no more than 3% below peak
Not every renter is catching a break. While national rents have tumbled to a four-year low, five markets are bucking the trend—with median asking rents within 3% of their peaks and renters already paying more than they were a year ago. Among these, Virginia Beach, VA, Baltimore, MD, and Richmond, VA, are rapidly closing in on their 2022 peaks, driven by demand that is increasingly outpacing supply. Meanwhile, Kansas City and San Jose have already surpassed their pandemic-era highs—their current dip below peak reflects typical winter seasonal softness, and as the spring leasing season approaches, a new all-time high appears well within reach for all six markets.
Table 3: Markets Where Rent Relief Is Within 3% of Peak and a New All-time High Is on the Horizon
Market
Median Asking Rent
YoY
Peak Month
Peak Rent
% From Peak
$ From Peak
Virginia Beach-Chesapeake-Norfolk, VA-NC
$1,620
4.50%
August 2022
$1,648
-1.7%
-$28
Kansas City, MO-KS
$1,387
1.00%
June 2025
$1,412
-1.8%
-$25
Baltimore-Columbia-Towson, MD
$1,810
0.80%
August 2022
$1,855
-2.4%
-$45
San Jose-Sunnyvale-Santa Clara, CA
$3,331
1.80%
August 2025
$3,417
-2.5%
-$86
Richmond, VA
$1,507
2.00%
July 2023
$1,549
-2.7%
-$42
Markets where rents are no more than 3% below peak: Cumulative rent relief since the pandemic era is fading rapidly in 3 markets
The post-pandemic relief in Virginia Beach, VA, Baltimore, MD, and Richmond, VA, has been real, but the window of affordability is rapidly closing.
Virginia Beach, VA, stands out as the market closest to its 2022 peak, with rents now only 1.7% ($28) below their all-time high. In addition, February’s 4.5% year-over-year rent increase led all markets, and the trend has proven durable. Following a post-pandemic relief that saw year-over-year growth slide to as low as -7.1% in October 2023, the market staged a tentative recovery, then briefly dipping back into slightly negative territory in summer 2025—for a short pause of only three months. Starting in October 2025, growth has decisively rebounded, holding firmly above 4% year over year for four consecutive months, signaling persistent and strengthening demand to outperform supply in the Virginia Beach market. Further supporting this view, the rental vacancy rate tightened sharply from 9.1% in 2024 to 7.5% in 2025, indicating that supply is struggling to keep pace with demand.
Similarly, Baltimore, MD, and Richmond, VA, are closing in on their respective peaks, with median asking rents now only 2.4% ($45) and 2.7% ($42) below their 2022 and 2023 highs. Both markets have sustained positive year-over-year rent growth in recent months, while rental vacancy rates have tightened significantly—Baltimore’s dropping from 8.2% to 5.2% and Richmond’s from 6% to 5.3%—suggesting that demand is outpacing supply and setting the stage for further potential price increases ahead.
Markets where rents are no more than 3% below peak: Markets with temporary relief driven by winter pauses
While renters across all markets are currently paying below their local peaks, the nature of that relief varies significantly. In some markets, the reprieve is purely seasonal—rents have already surpassed their pre-pandemic levels and set new all-time highs in recent years, with the current dip driven entirely by typical winter softness. As the spring leasing season approaches, these markets are poised to resume their upward trajectory and push to new all-time highs once again.
San Jose, CA, stands out as one of the most resilient rental markets in the country. While the nation has recorded 30 consecutive months of year-over-year rent declines, San Jose has maintained positive growth for 28 consecutive months—and has already set new all-time rent highs in both the summer of 2024 and 2025, reaching a recent peak of $3,417 in August 2025. Any post-pandemic relief renters experienced here was short-lived and quickly absorbed by surging demand. The current rent of $3,331 reflects seasonal winter softness rather than a fundamental shift—rents remain 1.8% above year-ago levels and sit just 2.5% ($86) below the August 2025 peak. As the spring leasing season approaches, San Jose looks poised to test new highs once again.
Unlike most markets, Kansas City, MO, never experienced a pandemic-era rent relief—instead setting a new all-time high every summer. The market has sustained 23 consecutive months of year-over-year rent growth as of February 2026, with the most recent peak reaching $1,412 in June 2025. This summer-to-winter rhythm reflects a market where seasonal softness is temporary and demand consistently reasserts itself. In February 2026, the median asking rent stood at $1,387, just $25 or 1.8% below the most recent peak. With the vacancy rate continuing to tighten—dropping from 9.2% to 8.9% over the past year—the market appears well positioned to set yet another new high when the spring leasing season arrives.
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.
Appendix
Market
Median Asking Rent
YoY
% 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, TX
$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, AL
$1,125
-3.40%
3.97%
-17.1%
-$232
July 2022
Boston-Cambridge-Newton, MA-NH
$2,841
-3.30%
11.24%
-6.4%
-$193
July 2024
Buffalo-Cheektowaga, NY
NA
NA
NA
NA
NA
NA
Charlotte-Concord-Gastonia, NC-SC
$1,479
-2.80%
14.12%
-8.4%
-$136
July 2022
Chicago-Naperville-Elgin, IL-IN-WI
$1,794
-0.20%
11.57%
-4.3%
-$80
August 2023
Cincinnati, OH-KY-IN
$1,268
-2.00%
5.67%
-8.9%
-$124
October 2024
Cleveland-Elyria, OH
$1,209
-0.70%
23.24%
-3.8%
-$48
July 2024
Columbus, OH
$1,190
-0.50%
17.59%
-3.4%
-$42
July 2024
Dallas-Fort Worth-Arlington, TX
$1,408
-3.70%
11.92%
-10.1%
-$158
July 2022
Denver-Aurora-Centennial, CO
$1,720
-4.20%
3.99%
-13.0%
-$258
August 2023
Detroit-Warren-Dearborn, MI
$1,277
-3.50%
8.04%
-6.0%
-$81
September 2022
Hartford-West Hartford-East Hartford, CT
NA
NA
NA
NA
NA
NA
Houston-Pasadena-The Woodlands, TX
$1,344
-2.40%
9.18%
-6.3%
-$90
August 2023
Indianapolis-Carmel-Anderson, IN
$1,281
-0.20%
27.97%
-4.4%
-$59
June 2024
Jacksonville, FL
$1,456
-3.40%
21.84%
-11.9%
-$197
June 2022
Kansas City, MO-KS
$1,387
1.00%
24.06%
-1.8%
-$25
June 2025
Las Vegas-Henderson-Paradise, NV
$1,423
-1.80%
17.60%
-14.8%
-$248
June 2022
Los Angeles-Long Beach-Anaheim, CA
$2,709
-1.90%
9.85%
-6.3%
-$182
September 2023
Louisville/Jefferson County, KY-IN
$1,210
-2.20%
17.70%
-7.0%
-$91
July 2024
Memphis, TN-MS-AR
$1,140
-3.80%
11.44%
-16.1%
-$219
July 2022
Miami-Fort Lauderdale-West Palm Beach, FL
$2,235
-3.30%
32.80%
-12.4%
-$315
July 2022
Milwaukee-Waukesha, WI
$1,639
-0.10%
12.26%
-3.0%
-$50
June 2024
Minneapolis-St. Paul-Bloomington, MN-WI
$1,482
-1.20%
1.30%
-4.9%
-$77
August 2024
Nashville-Davidson–Murfreesboro–Franklin, TN
$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, NY-NJ-PA
$2,894
0.80%
25.01%
-1.7%
-$51
June 2024
Oklahoma City, OK
$983
-1.20%
4.57%
-6.8%
-$72
February 2023
Orlando-Kissimmee-Sanford, FL
$1,636
-2.20%
19.94%
-8.7%
-$155
July 2022
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
$1,713
-2.60%
6.40%
-6.4%
-$118
August 2023
Phoenix-Mesa-Scottsdale, AZ
$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, OR-WA
$1,629
-1.20%
11.96%
-8.1%
-$144
July 2024
Providence-Warwick, RI-MA
$1,966
-2.60%
23.18%
-6.6%
-$139
July 2024
Raleigh, NC
$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, CA
$2,059
-3.30%
15.09%
-8.8%
-$199
October 2022
Rochester, NY
$1,334
1.50%
22.50%
NA
NA
NA
Sacramento-Roseville-Folsom, CA
$1,823
-1.90%
21.21%
-7.0%
-$137
August 2024
San Antonio-New Braunfels, TX
$1,188
-4.00%
14.89%
-12.6%
-$171
December 2022
San Diego-Chula Vista-Carlsbad, CA
$2,626
-3.70%
9.74%
-14.3%
-$438
August 2022
San Francisco-Oakland-Fremont, CA
$2,768
0.90%
-3.96%
-7.4%
-$221
July 2022
San Jose-Sunnyvale-Santa Clara, CA
$3,331
1.80%
4.06%
-2.5%
-$86
August 2025
Seattle-Tacoma-Bellevue, WA
$1,905
-1.90%
1.82%
-11.7%
-$253
July 2022
St. Louis, MO-IL
$1,280
-1.80%
21.44%
-6.2%
-$84
August 2024
Tampa-St. Petersburg-Clearwater, FL
$1,675
-3.70%
34.75%
-7.9%
-$144
June 2022
Virginia Beach-Chesapeake-Norfolk, VA-NC
$1,620
4.50%
31.28%
-1.7%
-$28
August 2022
Washington-Arlington-Alexandria, DC-VA-MD-WV
2,266
-0.70%
15.61%
-3.0%
-$70
June 2025
