White House Takes Credit for Lower Rents, But Experts Say Trend Began Under Biden

Housing experts say the decline in rents across the country is not tied to federal policy under the Trump administration.

Feb. 4, 2026 at 3:55pm by Ben Kaplan

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The White House is claiming credit for lowering rents across the country, but housing experts say the trend began when Joe Biden was president and is not tied to federal policy. New data shows rents were down 1.4% in January over the previous year, with the median national rent falling 6.2% from its August 2022 peak. However, experts say the reasons for the drop are nuanced and have nothing to do with the Trump administration's policies.

Why it matters

This case highlights the political debate over housing affordability and the role of federal policy in impacting rent prices. While the White House is attempting to take credit for the rent declines, housing experts argue the trend started before the current administration and is more tied to market forces like increased housing supply rather than any specific federal actions.

The details

Housing data shows rents were down nationwide, with the biggest drops in Sunbelt cities like Austin and Phoenix that saw a surge of new apartment construction. However, rents continued to rise in some areas like the San Francisco metro, where the AI boom has attracted more high-paid workers. Experts say the drop in rents is largely due to a surge of new apartment construction that began in 2021, as well as weakening demand as inflation and a softening job market make people less likely to move out on their own.

  • Rents began their downward trend in mid-2022.
  • Construction nationwide peaked in 2024 but remains higher than historical levels.

The players

Donald Trump

The current President of the United States who is claiming credit for lowering rents across the country.

Joe Biden

The previous President of the United States, during whose administration the trend of declining rents began.

Rob Warnock

The lead economic researcher at Apartment List, which provides housing data and analysis.

David Garcia

The policy director at the Terner Center for Housing Innovation at UC Berkeley.

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What they’re saying

“Today's declining rents, and the forces precipitating them, have been in motion since well before the current administration. I think it's important to reiterate that rents began their downward turn in mid-2022.”

— Rob Warnock, Lead Economic Researcher, Apartment List

“I can't point to a single federal policy that supports those claims. And markets don't respond immediately. It's highly unlikely we'd be seeing decreases in rents already because of recent regulatory reforms.”

— David Garcia, Policy Director, Terner Center for Housing Innovation at UC Berkeley

The takeaway

This case highlights the ongoing political debate over housing affordability and the role of federal policy, with the White House attempting to take credit for rent declines that experts say are more tied to market forces like increased housing supply rather than any specific actions by the current administration.