After years of steep rent hikes, renters across the U.S. are finally seeing some relief. Heading into 2026, rent prices in many major cities are falling, making this one of the most favorable times for renters in the past decade, according to experts.
Rent Prices Are Lowering
In November, the median (middle) asking rent in the 50 largest U.S. metro areas was $1,693, about 1% less than the year before, based on Realtor.com data.
Nationally, Apartment List reported the median rent was $1,367—down by 1.1% from a year earlier. Normally, November is a quieter month for rentals, but this year rents dropped even more from October to November than last year.
Experts believe that as more new apartments are built and become available, rent prices will likely stay lower into 2026. Michelle Griffith, a real estate broker, says, “Unless there’s a big economic shock, 2026 looks like a good time for renters.”
Why Are Rents Dropping?
Several years ago, rents shot up quickly, especially during 2021 and 2022, when prices rose by over 12% each year. This was due to high demand for places to live.
Since early 2023, however, thousands of new apartment buildings have been completed—over 600,000 in 2024, the most since the 1980s. This means more choices for renters, so landlords have to compete by lowering rents or offering deals.
In big apartment buildings, it’s common to see landlords lower their prices, have longer wait times to find tenants, or offer discounts. Higher-end homes and single-family rentals have stayed more stable in price because demand is still pretty strong for those.
Which Cities Are Seeing the Biggest Drops?
Rent prices aren’t dropping equally everywhere. The biggest decreases have been in fast-growing cities, especially in the Sun Belt and western parts of the country, where many new apartments have been built.
Here are the top 10 cities with the largest drops in median asking rent (according to Realtor.com):
- Austin–Round Rock–San Marcos, TX: −6.6%
- Denver–Aurora–Centennial, CO: −4.8%
- Birmingham, AL: −4.6%
- Jacksonville, FL: −4.2%
- Phoenix–Mesa–Chandler, AZ: −4.0%
- San Diego–Chula Vista–Carlsbad, CA: −3.5%
- Las Vegas–Henderson–North Las Vegas, NV: −3.0%
- Houston–Pasadena–The Woodlands, TX: −2.7%
- Miami–Fort Lauderdale–West Palm Beach, FL: −2.7%
- San Antonio–New Braunfels, TX: −2.7%
Even though rents are still higher than before the pandemic, the growing number of vacant apartments and continued new construction means prices will probably stay flat or rise only a little through early 2026.
Advice for Renters
Real estate experts say now is a great time to negotiate with landlords—don’t just accept the listed rent price. Landlords are more willing to offer deals, be flexible with lease terms, or lower the rent a little, compared to previous years.
Renting a new place in late winter or early spring, while there are lots of options, can help you secure a better deal before the market gets busy again.
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