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Even some of the nation’s priciest markets are offering some relief to renters.
WASHINGTON — American renters welcomed good news last month as median asking rent prices fell to the lowest point in four years, a new analysis by Realtor.com revealed.
The report found that the median asking rent for 0-2 bedroom properties across the 50 largest metros was $1,667, the most budget-friendly renting market since March 2022. The dip marked the 30th consecutive year-over-year decline.
Median asking rent prices fell $29 or 1.7% compared to February 2025.
Realtor.com said the national median rent prices are expected to trend upward as spring approaches and the peak leasing season gets underway.
The analysis also found 15 markets had median asking rent down at least 10% their pandemic-era peaks.
Austin, Texas topped the list of cities with the most rent relief, having median asking rents 18.2% lower than the 2022 peak, when rent was $1,659.
Birmingham, Alabama is down 17.1% from its July 2022 peak; Memphis, Tennessee is down 16.1%; and Phoenix, Arizona has dropped 15.6%. Atlanta, Georgia and Las Vegas, Nevada have each fallen more than 14% from their respective highs.
Even some of the nation’s priciest markets are offering some relief to renters.
San Diego renters are paying 14.3% less than they were at the peak, though the median asking rent of $2,626 still reflects just how expensive the California market remains. Miami-Fort Lauderdale-West Palm Beach, Florida, where rents peaked at $2,550 in July 2022, has seen a 12.4% decline to $2,235.
The gains aren’t universal. Some markets — including Virginia Beach, Virginia; Baltimore, Maryland; and Richmond, Virginia — have seen little to no meaningful retreat from post-pandemic highs, leaving renters there still grappling with elevated costs.
Cities with the deepest rent relief
Austin-Round Rock-San Marcos, Texas: $1,357 in February 2026, down 18.2% from the September 2022 peak
Birmingham, Alabama: $1,125, down 17.1% from the July 2022 peak
Memphis, Tennessee: $1,140, down 16.1% from the July 2022 peak
Phoenix-Mesa-Chandler, Arizona: $1,427, down 15.6% from the June 2022 peak
Atlanta-Sandy Springs-Roswell, Georgia: $1,543, down 15.2% from the October 2021 peak
Las Vegas-Henderson-North Las Vegas, Nevada: $1,423, down 14.8% from the June 2022 peak
San Diego-Chula Vista-Carlsbad, California: $2,626, down 14.3% from the August 2022 peak
Nashville-Davidson-Murfreesboro-Franklin, Tennessee: $1,457, down 13.9% from the July 2023 peak
Raleigh-Cary, North Carolina: $1,437, down 13.4% from the July 2022 peak
Denver-Aurora-Centennial, Colorado: $1,720, down 13.0% from the August 2023 peak
San Antonio-New Braunfels, Texas: $1,188, down 12.6% from the December 2022 peak
Miami-Fort Lauderdale-West Palm Beach, Florida: $2,235, down 12.4% from the July 2022 peak
Jacksonville, Florida: $1,456, down 11.9% from the June 2022 peak
Seattle-Tacoma-Bellevue, Washington: $1,905, down 11.7% from the July 2022 peak
Dallas-Fort Worth-Arlington, Texas: $1,408, down 10.1% from the July 2022 peak
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