Realtor.com: Rents Continue to Fall in June

(Image courtesy of Josh Hild /pexels.com)

Realtor.com, Santa Clara, Calif., reported median asking rent saw its 35th straight month of year-over-year declines.

The median asking rent in the 50 largest metros was $1,692, $72 lower than the summer 2022 peak. However, that’s still $238 (or 16.4%) higher than the pre-pandemic median.

Median rent fell in all size categories. For studios, it fell to $1,422 (down $32 or 2.2% year-over-year). For 1-bedroom units, it fell to $1,579 (down $22 or 1.4% year-over-year). For 2-bedroom units it fell to $1,893 (down $27 or 1.4% year-over-year).

Realtor.com does anticipate that the median asking rent will tick up, a typical season pattern. But, the firm also forecasts modest rent relief to continue throughout the rest of the year with consistent year-over-year declines.

“This didn’t happen by accident. Builders spent years playing catch-up after the pandemic rent spike, and that supply is why rents have fallen for nearly three years straight,” said Jiayi Xu, economist at Realtor.com. “Now it comes down to geography: cities like Columbus, Ohio, and Orlando are ramping up construction and are set up for more relief, while places like New York and Boston pulled back, which may raise concerns about the affordability path ahead.”

Building continues nationally, but at a slower level than a few years ago. In 2025, 302,730 units in projects of five units or more were permitted. That’s up 1.9% from 2024 but 13.1% lower than 2019 and 34.4% lower than 2022.