Renting Saves Over $900 a Month, But That Edge is Slipping in Most Major Metros 

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The latest Realtor.com® Rental Report for June 2025 shows that the median asking rent for 0–2 bedrooms is down 2.1% year over year to $1,711. And, even after 23 straight months of annual declines, the U.S. median rent in June was only $48 (-2.7%) below its August 2022 peak. Compared to pre-pandemic levels, rents are still up by $268 (18.6%) over June 2019. In a twist that could surprise many renters, the financial gap between renting and buying is actually closing across much of the country. 

“Even with rents leveling for nearly two years, high mortgage rates and still-elevated home prices mean renting remains the more budget-friendly option in nearly every major market,” said Danielle Hale, chief economist at Realtor.com®. “But the narrowing rent versus buy gap we’re seeing in most cities is a signal that the affordability landscape is starting to shift. Renters eyeing homeownership will want to pay close attention in the months ahead.” 

Rents Are Still More Favorable Nationally, But the Buy vs. Rent Math is Shifting
Across the nation’s 50 largest metros, median asking rents are down $36 (-2.1%) from last year and nearly $50 below the 2022 peak. All unit sizes declined: studios fell 2.3%, one bedrooms dropped 2.6%, and two bedrooms dipped 2.1%. 

Despite this softening, renting remains more affordable than buying in 49 out of 50 metros. Notably, Austin, Texas, a pandemic hotspot, offers the largest monthly savings for renters compared to buyers, where buying would cost 114.7% more than renting–more than double. However, the average monthly savings for renters now stands at $908, down $48 from $956 a year ago, a sign that buying costs are inching closer.