Highlights
- January 2026 marks the 29th straight month of year-over-year rent decline for 0-2 bedroom properties since trend data began in 2020. Asking rents dipped by $26, or -1.5%, year over year.
- The median asking rent in the 50 largest metros registered at $1,672, $85 (-4.8%) lower than its summer 2022 peak but $221 (15.2%) higher than the pre-pandemic level.
- Median rent declined in all size categories: studio: $1,393, down $24 (-1.2%) year over year; 1-bed: $1,552, down $28 (-1.4%) year over year; 2-bed: $1,847, down $30 (-1.7%) year over year.
- The U.S rental market is relatively renter-friendly with an average rental vacancy rate of 7.6% in 2025 among the nation’s largest 50 metros, an improvement from the 7.2% in 2024.
- Among the nation’s largest 50 metros, 22 are renter-friendly, 22 are balanced and just six favored landlords.Â
- Milwaukee, WI recorded the biggest swing in renter conditions over the past year, flipping from landlord-friendly to renter-friendly as vacancies more than doubled to 10.8%.
- Seven relatively affordable, job-rich markets—such as Pittsburgh, PA and Richmond, VA—shifted away from renter-friendly conditions as rising out-of-market demand tightened the market.Â
In January 2026, U.S. median rent recorded its 29th consecutive year-over-year decline. Rent for 0–2 bedroom properties across the 50 largest metropolitan areas dropped by 1.5% compared to the previous year, with the median asking rent at $1,672— $26 lower than the prior year. The U.S. median rent was just $85 (-4.8%) less than the peak seen in August 2022, but was still $221 (15.2%) higher than the same time in January 2020 (pre-pandemic).
All unit sizes saw rent declines
In January, the median asking rent for two bedroom units dropped -1.7% year-over-year, marking the 32nd consecutive month of annual declines. The median rent for two bedrooms was $1,847 nationally, $111 (-5.7%) lower than the peak seen in July 2022. Meanwhile, larger unit rents had the highest growth rate over the past six years, up by $268 (17.0%).
The rent for one-bedroom units slipped -1.4% in January 2026 on a year-over-year basis, standing at $1,552 and was the 32nd consecutive month of annual declines. It was $105 (-6.3%) lower than the peak observed during August 2022, but still $183 (13.4%) higher than in January 2020.
In January 2026, the median asking rent for studios fell by -1.2%, marking the 29th consecutive month of annual declines. The median rent of studios was $1,393 in January, down by $86 (-5.8%) from its peak seen in October 2022. Nevertheless, the median asking rent for studios was still $128 (10.1%) higher than six years ago.Â
Table 1: National Rents by Unit Size, January 2026
| Unit Size | Median Rent | Rent YoY | Consecutive Months of Decline | Total Decline from Peak | Rent Change – 6 Years |
| Overall | $1,672 | -1.5% | 29 | -4.8% | 15.2% |
| Studio | $1,393 | -1.2% | 29 | -5.8% | 10.1% |
| 1-Bedroom | $1,552 | -1.4% | 32 | -6.3% | 13.4% |
| 2-Bedroom | $1,847 | -1.7% | 32 | -5.7% | 17.0% |
Higher Vacancy Rates Tilt Market Conditions Toward Renters
A rental vacancy rate of 5%–7% is generally considered a balanced market, where supply and demand are well aligned. At this level, renters have some choice, yet landlords can still lease units without deep discounts. Markets with vacancy below 5% generally favor landlords, while those above 7% tend to give renters the upper hand.Â
According to the Housing Vacancies and Homeownership Survey, in 2025, the average rental vacancy rate across the top 50 metros reached 7.6%, indicating a renter-friendly market where renters hold a relatively strong advantage. This is up from 7.2% in 2024 and above the pre-pandemic average of 6.9%, signaling continued improvement in conditions for today’s renters.
Among the top 50 markets, 22 are considered balanced, 22 renter-friendly, and six landlord-friendly.
Renters Take the Upper Hand in Sun Belt Markets
Among the 22 renter-friendly markets, 16 are in the Sun Belt, led by Birmingham, AL, which recorded the highest vacancy rate in 2025 at 14.3%. Other Sun Belt metros with elevated vacancy include Austin, TX (13.8%), Houston, TX (11.4%), and Tampa, FL (11.4%). High vacancy rates indicate that supply is outpacing demand, giving renters more choices and stronger negotiating power, which is reflected in softening rents. For example, the median asking rent in Austin fell to $1,358 in January 2026, down 7.3% year over year, marking 33 consecutive months of decline.
Where Landlords Still Call the Shots
While renters have gained more leverage in some markets, six metros remain landlord-friendly, with rental vacancy rates below 5%: Boston, MA (3.2%), Riverside, CA (3.3%), San Jose, CA (3.5%), Providence, RI (3.7%), Los Angeles, CA (4.4%) and New York, NY (4.6%). Among them, Boston recorded the lowest vacancy rate in 2025 at 3.2%. However, Boston’s vacancy rate has increased slightly compared with a year ago (3.0% in 2024), offering modest relief for renters and aligning with the ongoing year-over-year rent decline of 2.6% as of January 2026. Meanwhile, in addition to the low vacancy rate in San Jose and New York, the continued year-over-year rent growth of 1.9% in San Jose and 0.8% in New York suggests these markets are currently in very tight conditions.
Markets See Rising Supply Strengthen Renter Conditions
In 2025, 27 markets recorded higher rental vacancy rates than a year earlier, signaling improved conditions for renters. Specifically, seven markets crossed into more renter-friendly territory, largely driven by a strong pipeline of new multifamily construction. Two markets, Milwaukee, WI, and Portland, OR, became newly renter-friendly. Milwaukee experienced the most notable shift, with its rental vacancy rate rising from 4.9% in 2024 to 10.8% in 2025, moving the market from landlord-friendly to renter-friendly. This change reflects a surge in multifamily supply, with permits increasing from 700 units in 2019 to 1,249 in 2022, 1,154 in 2023, and 2,016 in 2024. Similarly, Portland, where median asking rent declined 3.1% year-over-year, shifted from a balanced market to renter-friendly as vacancy rose from 5.7% to 7.4% over the year. In addition, five other markets — Denver, CO; Hartford, CT; Rochester, NY; Sacramento, CA; and Washington, DC — moved from landlord-friendly to balanced, giving renters more choices and stronger bargaining power.
Markets Seeing a Setback for Renters
In 2025, 22 markets saw lower rental vacancy rates than a year ago. Among them, seven markets shifted from renter-friendly to balanced conditions over the past year, as vacancy rates declined from above 7% into the 5%–7% range. These markets— such as Pittsburgh, PA and Richmond, VA — are generally affordable and offer strong job opportunities which helps attract significant out-of-market renter demand. As a result, vacancy rates fell from 8.7% in 2024 to 6.9% in 2025 in Pittsburgh and from 8.2% to 5.2% in Richmond, while median asking rents increased 0.9% and 1.9% year-over-year, respectively.
Appendix-Median Asking Rent, January 2026
| Metro | Median Asking Rent | YOY | Rental Vacancy Rate, 2024 | Renter Conditions, 2024 | Rental Vacancy Rate, 2025 | Renter Conditions, 2025 |
| Atlanta-Sandy Springs-Roswell, GA | $1,544 | -1.6% | 9.3% | renter-friendly | 7.0% | balanced |
| Austin-Round Rock-San Marcos, TX | $1,358 | -7.3% | 8.2% | renter-friendly | 13.8% | renter-friendly |
| Baltimore-Columbia-Towson, MD | $1,816 | 1.7% | 6.0% | balanced | 5.3% | balanced |
| Birmingham, AL | $1,147 | -4.7% | 14.9% | renter-friendly | 14.3% | renter-friendly |
| Boston-Cambridge-Newton, MA-NH | $2,851 | -2.6% | 3.0% | landlord-friendly | 3.2% | landlord-friendly |
| Buffalo-Cheektowaga, NY | $1,164 | 1.7% | 10.4% | renter-friendly | 12.5% | renter-friendly |
| Charlotte-Concord-Gastonia, NC-SC | $1,485 | -2.4% | 6.7% | balanced | 6.4% | balanced |
| Chicago-Naperville-Elgin, IL-IN-WI | $1,794 | 0.1% | 5.1% | balanced | 5.4% | balanced |
| Cincinnati, OH-KY-IN | $1,279 | -3.7% | 6.2% | balanced | 5.4% | balanced |
| Cleveland-Elyria, OH | $1,221 | 0.1% | 5.7% | balanced | 6.4% | balanced |
| Columbus, OH | $1,187 | 0.3% | 7.3% | renter-friendly | 5.7% | balanced |
| Dallas-Fort Worth-Arlington, TX | $1,410 | -2.5% | 8.9% | renter-friendly | 10.5% | renter-friendly |
| Denver-Aurora-Centennial, CO | $1,729 | -4.9% | 4.7% | landlord-friendly | 6.5% | balanced |
| Detroit-Warren-Dearborn, MI | $1,284 | -3.4% | 8.6% | renter-friendly | 9.6% | renter-friendly |
| Hartford-West Hartford-East Hartford, CT | NA | NA | 3.1% | landlord-friendly | 5.0% | balanced |
| Houston-Pasadena-The Woodlands, TX | $1,345 | -2.3% | 9.8% | renter-friendly | 11.4% | renter-friendly |
| Indianapolis-Carmel-Anderson, IN | $1,277 | -0.1% | 9.1% | renter-friendly | 6.6% | balanced |
| Jacksonville, FL | $1,458 | -3.3% | 8.6% | renter-friendly | 10.1% | renter-friendly |
| Kansas City, MO-KS | $1,388 | 2.4% | 9.2% | renter-friendly | 8.9% | renter-friendly |
| Las Vegas-Henderson-Paradise, NV | $1,429 | -2.0% | 8.3% | renter-friendly | 6.4% | balanced |
| Los Angeles-Long Beach-Anaheim, CA | $2,730 | -1.9% | 4.8% | landlord-friendly | 4.4% | landlord-friendly |
| Louisville/Jefferson County, KY-IN | $1,219 | -2.8% | 7.2% | renter-friendly | 6.7% | balanced |
| Memphis, TN-MS-AR | $1,148 | -2.5% | 12.4% | renter-friendly | 10.6% | renter-friendly |
| Miami-Fort Lauderdale-West Palm Beach, FL | $2,236 | -3.7% | 9.6% | renter-friendly | 8.1% | renter-friendly |
| Milwaukee-Waukesha, WI | $1,630 | 1.2% | 4.9% | landlord-friendly | 10.8% | renter-friendly |
| Minneapolis-St. Paul-Bloomington, MN-WI | $1,487 | -1.4% | 5.2% | balanced | 5.5% | balanced |
| Nashville-Davidson–Murfreesboro–Franklin, TN | $1,471 | -4.5% | 8.5% | renter-friendly | 11.1% | renter-friendly |
| New Orleans-Metairie, LA | NA | NA | 9.0% | renter-friendly | 10.6% | renter-friendly |
| New York-Newark-Jersey City, NY-NJ-PA | $2,882 | 0.8% | 4.7% | landlord-friendly | 4.6% | landlord-friendly |
| Oklahoma City, OK | $986 | -1.1% | 9.0% | renter-friendly | 9.0% | renter-friendly |
| Orlando-Kissimmee-Sanford, FL | $1,640 | -2.0% | 9.2% | renter-friendly | 9.0% | renter-friendly |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | $1,722 | -2.2% | 6.3% | balanced | 6.9% | balanced |
| Phoenix-Mesa-Scottsdale, AZ | $1,431 | -4.0% | 7.9% | renter-friendly | 8.4% | renter-friendly |
| Pittsburgh, PA | $1,427 | 0.9% | 8.7% | renter-friendly | 6.9% | balanced |
| Portland-Vancouver-Hillsboro, OR-WA | $1,627 | -2.3% | 5.7% | balanced | 7.4% | renter-friendly |
| Providence-Warwick, RI-MA | $1,967 | -3.1% | 3.1% | landlord-friendly | 3.7% | landlord-friendly |
| Raleigh, NC | $1,447 | -2.6% | 9.0% | renter-friendly | 7.4% | renter-friendly |
| Richmond, VA | $1,509 | 1.9% | 8.2% | renter-friendly | 5.2% | balanced |
| Riverside-San Bernardino-Ontario, CA | $2,067 | -2.7% | 3.7% | landlord-friendly | 3.3% | landlord-friendly |
| Rochester, NY | $1,330 | 0.5% | 4.9% | landlord-friendly | 6.6% | balanced |
| Sacramento-Roseville-Folsom, CA | $1,818 | -2.3% | 3.8% | landlord-friendly | 6.9% | balanced |
| San Antonio-New Braunfels, TX | $1,191 | -3.6% | 10.1% | renter-friendly | 10.9% | renter-friendly |
| San Diego-Chula Vista-Carlsbad, CA | $2,639 | -4.6% | 5.2% | balanced | 5.8% | balanced |
| San Francisco-Oakland-Fremont, CA | $2,785 | 0.4% | 6.4% | balanced | 6.0% | balanced |
| San Jose-Sunnyvale-Santa Clara, CA | $3,319 | 1.9% | 3.4% | landlord-friendly | 3.5% | landlord-friendly |
| Seattle-Tacoma-Bellevue, WA | $1,910 | -2.3% | 6.5% | balanced | 5.4% | balanced |
| St. Louis, MO-IL | $1,283 | -2.5% | 8.0% | renter-friendly | 8.3% | renter-friendly |
| Tampa-St. Petersburg-Clearwater, FL | $1,667 | -2.7% | 8.7% | renter-friendly | 11.4% | renter-friendly |
| Virginia Beach-Chesapeake-Norfolk, VA-NC | $1,624 | 4.0% | 9.1% | renter-friendly | 7.5% | renter-friendly |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | $2,253 | 0.4% | 4.7% | landlord-friendly | 6.3% | balanced |
Methodology
Rental data as of January 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.
With the release of its January rent report, Realtor.com® incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since February 2026 will not be directly comparable with previous releases and Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology.
