One of the most renter-friendly markets in recent memory is about to welcome the class of 2026. By combining early-career income, rent affordability, and the frequency with which rental consumers may come across listings offering sweeteners, Zillow’s rating of the top markets for recent college grads determines the metro areas where the tailwind is strongest.
For the second year in a row, the popular and rapidly-growing metro of Austin, Texas, leads the top 10, which is dominated by Sun Belt and Western metro areas. The list includes five Sun Belt cities: Austin, Texas, Dallas, Charlotte, NC, San Antonio, and Phoenix. Due to rising concession rates and high graduation wages, Denver, Portland, and Seattle have joined them as markets on the list. Dayton, Ohio, does well in terms of affordability, whereas Washington, D.C. is on the list mostly due to high early-career wages.
| Rank | Metro | Typical rent (ZORI) | Estimated grad income | Share of listings with a concession |
|---|---|---|---|---|
| 1 | Austin, Texas | $1,604 | $74,800 | 63.8% |
| 2 | Denver | $1,887 | $81,100 | 68.3% |
| 3 | Portland, OR | $1,789 | $80,700 | 49.0% |
| 4 | Seattle, WA | $2,208 | $93,900 | 54.2% |
| 5 | Charlotte, NC | $1,733 | $71,700 | 66.6% |
| 6 | Dallas | $1,660 | $72,500 | 64.2% |
| 7 | Washington, DC | $2,375 | $83,900 | 57.9% |
| 8 | Dayton, Ohio | $1,331 | $72,400 | 26.9% |
| 9 | San Antonio | $1,398 | $66,300 | 55.6% |
| 10 | Phoenix | $1,741 | $69,800 | 59.9% |
Rent affordability, the percentage of Zillow rental listings that offer a concession, salary for recent college graduates, job vacancies, and the percentage of inhabitants in their 20s are all factors that are important to recent graduates negotiating the shift from campus to the workplace.
No. 1: Austin, Texas
Austin has won the title for the second year in a row because to a rental market that has become much more renter-friendly and robust early-career income. As of spring 2026, about 64% of Austin rental listings on Zillow featured a concession, providing recent graduates significant leverage to bargain over cost, benefits, and lease terms. Austin maintains its top spot due to its sizable 20-something population, strong tech and professional services employment sector, and ongoing affordability in comparison to its coastal counterparts.
No. 2: Denver — “The Mile High City”
Denver rose to No. 2 thanks to a strong predicted early-career income of $81,100 and the highest concession rate in the top 10 (68.3% of rental listings offered a deal as of spring 2026). The cost of moving in is reduced by the widespread availability of concessions and the mild rent burden in relation to income. The Mile High City is an attractive destination for recent grads because of its outdoor facilities and developing tech industry.
No. 3: Portland, OR
Portland ranks third thanks on the list to a rental market that has significantly softened and solid expected graduation wages of $80,700, which are among the highest in the top 10. One of the more advantageous rent burdens in the rankings results from typical rent being well within what those salaries can sustain. Recent graduates have a wide selection of options to choose from thanks to Portland’s concentration of jobs in the technology and outdoor and athletic clothing industries.
No. 4: Seattle, WA — “The Emerald City”
In spite of its higher average rent of $2,208, Seattle’s No. 4 rating reflects the highest predicted early-career income of any location in the top 10, at $93,900. Even in a cutthroat market, grads have leverage because almost half of Seattle’s rental listings on Zillow offered a concession. Recent graduates in technical subjects are in high demand due to Seattle’s dense concentration of technology businesses.
No. 5: Charlotte, NC
With the second-highest concession rate in the top ten, Charlotte completes the top five; almost two out of every three Zillow rental listings have a good deal. For a new graduate, the rent burden is about 29%. Charlotte has been one of the fastest-growing metropolitan areas in the South, and this momentum is evident in its neighborhoods, employment market, and allure to recent grads seeking a developing metropolis.
To read the full report, click here.
