The nation’s rental market has reached its most budget-friendly level in four years, according to the Realtor.com February Rental Report.
The report noted that February marked the 30th consecutive month of year-over-year declines for 0-2 bedroom properties, bringing the national median asking monthly rent to $1,667. That’s the lowest level recorded since March 2022.
Realtor.com said that the national median rent fell $29, or 1.7%, compared to one year ago. While monthly rents remain $207 (14.2%) higher than pre-pandemic levels recorded in February 2020, they have now retreated $90 (5.1%) from the summer 2022 peak.
Prolonged Downward Trend
“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,” Realtor.com Chief Economist Danielle Hale said. “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.”
All 50 markets remain below their all-time highs, and the report revealed a notable divide in the depth and durability of renter relief across the country.
Among the 50 largest U.S. markets, 15 had median asking rents at least 10% below their pandemic-era peaks, Realtor.com noted.
Those declines have proven remarkably sustained, Realtor.com said, particularly in Southern and Sun Belt markets where a boom in multifamily construction has shifted the balance in favor of tenants. Atlanta, Georgia now has recorded 42 consecutive months of year-over-year decreases, followed closely by Phoenix, Arizona, and Las Vegas, Nevada, at 41 months each.
Realtor.com said that not every market is feeling the relief and that in five metros, rents are just 3% below their all-time highs. With renters already paying more than last year, new record highs could be right around the corner, Realtor.com said.
Window Closing Fast
“We are seeing two different stories across the country,” said Jiayi Xu, Economist at Realtor.com. “In markets like Austin and Phoenix, renters are benefiting from deep post-pandemic rent relief, driven by a wave of new supply. But that relief isn’t universal. In places like Virginia Beach, the window is closing fast. And in markets like Kansas City, there was never any real relief to begin with— what looks like a dip is nothing more than a seasonal pause. As the spring season approaches, these markets are poised to resume an upward trajectory and push toward new all-time highs.”
Realtor.com noted that San Jose, California, remains one of the nation’s most resilient places, maintaining positive year-over-year growth for 28 consecutive months. Despite the national downturn, San Jose rents are 1.8% higher than last year and sit just 2.5% below their August 2025 peak, Realtor.com noted.
