Median Rent Prices Drop to 4-Year Low Nationwide

Renters see relief as rents decline in many major U.S. markets

Mar. 17, 2026 at 11:05pm

Got story updates? Submit your updates here. ›

The national median asking rent for 0-2 bedroom properties across the 50 largest metros fell to $1,667 in February 2026, the lowest level in four years. The dip marked the 30th consecutive year-over-year decline, with rents down $29 or 1.7% compared to February 2025. Several major markets, including Austin, Birmingham, Memphis, and Phoenix, saw median rents drop more than 15% from their pandemic-era peaks.

Why it matters

The decline in rent prices provides some much-needed relief for renters, especially in high-cost markets like San Diego and Miami. However, rents are still elevated in many areas, and the market is expected to tighten again as the peak leasing season approaches, underscoring the ongoing affordability challenges facing many American households.

The details

The Realtor.com analysis found that 15 markets had median asking rents down at least 10% from their pandemic-era peaks. Austin, Texas topped the list with an 18.2% decline from its 2022 peak, followed by Birmingham, Alabama (-17.1%), Memphis, Tennessee (-16.1%), and Phoenix, Arizona (-15.6%). Other cities with significant rent relief included Atlanta, Georgia; Las Vegas, Nevada; San Diego, California; and Miami-Fort Lauderdale-West Palm Beach, Florida.

  • The national median rent price was $1,667 in February 2026, the lowest level in four years.
  • Rents have declined for 30 consecutive years compared to the same month the prior year.
  • Rents were down $29 or 1.7% in February 2026 compared to February 2025.

The players

Realtor.com

A real estate listing and information website that conducted the analysis on median rent prices across the 50 largest U.S. metro areas.

Got photos? Submit your photos here. ›

What’s next

Realtor.com expects national median rent prices to trend upward as the spring leasing season gets underway, underscoring the ongoing volatility in the rental market.

The takeaway

While the decline in rents provides some relief for renters, especially in high-cost markets, affordability remains a significant challenge for many households. The rental market is expected to tighten again as seasonal factors come into play, highlighting the need for long-term solutions to address the nation's housing affordability crisis.