Realtor.com: U.S. Median Asking Rent Hits Low
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Realtor.com, Santa Clara, Calif., found that national median asking rent hit a four-year low in February. It fell $29, or 1.7% compared with a year ago.
This marked the 30th consecutive month of year-over-year declines for 0-2 bedroom properties across the 50 largest metros in the U.S. Realtor.com noted February is traditionally soft.
“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 median U.S. asking rent is currently $1,667, which is $90 lower than the peak hit in summer 2022 but $207 more than pre-pandemic February 2020.
Median rent fell for every type of unit year-over-year–studios fell $6 to $1,393, 1-bedroom units fell $28 to $1,548 and 2-bedroom units fell $35, to $1,844.
Rent relief varies significantly by market, however. In Austin-Round Rock-San Marcos, Texas, median asking rent is $1,357, down 18.2% from its September 2022 peak of $1,659. Birmingham is down 17.1% from its July 2022 peak, and Memphis, Tenn.-Miss.-Ark., is down 16.1% from its July 2022 peak. Pheonix-Mesa-Chandler, Ariz., and Atlanta-Sandy Springs-Roswell, Ga., round out the top five largest decreases in median asking rent from the peak.
In contrast, some markets have seen only slight decreases from the peak. Leading those is Virginia Beach-Chesapeake-Norfolk, Va.-N.C., at a current median of $1,620, down just 1.7% from its August 2022 peak.
Kansas City, Mo.-Kan, is down only 1.8% from its June 2025 peak, followed by Baltimore-Columbia-Towson, Md., down only 2.4% from its August 2022 peak. San Jose-Sunnyvale-Santa Clara, Calif., and Richmond and Va., close out the bottom five.
