U.S. rents decline as affordability improves

Rents declined again in September, according to the Realtor.com® September Rent Report, extending a two-year stretch of easing prices and modestly improving affordability for typical households. The latest drop, the second month-over-month decline since March, reflects the market’s normal cooling heading into fall. 

The median asking monthly rent for 0–2 bedroom properties in the 50 largest metros was $1,703, down $36 (-2.1%) from a year ago and $10 lower than the prior month. Monthly rents now sit $56 (-3.2%) below their August 2022 peak but remain $241 (16.5%) higher than before the pandemic. Overall, rent growth has been subdued in 2025, with median asking prices up just 0.4% year to date, compared with a 1.9% increase during the same period in 2024. 

“Two years of gradual rent declines have given renters a bit more breathing room,” said Danielle Hale, chief economist at Realtor.com®. “Still, even as a typical household spends a smaller share of income on rent than a year ago, affordability remains stretched in major markets, particularly along the coasts.” 

Affordability improves, but challenges persist
Renters earning the typical household income devoted 23.4% of their income to lease a typical home in September, down from 24.9% one year ago. This shift reflects both modest rent declines and income growth over the past year. Rents declined year-over-year across all unit sizes, led by one-bedroom units at $1,582 (-2.3%), followed by two-bedroom units at $1,885 (-2.2%), and studios at $1,426 (-1.0%). 

In September, renters faced the steepest costs in Miami, where housing consumed 37.1% of the typical household income. Los Angeles (37%), New York (36.7%), Boston (32.3%), and San Diego (31.5%) rounded out the top five. Still, rent burdens in each of these markets declined slightly compared with a year ago, showing modest improvement in some of the nation’s most expensive metros. 

At the other end of the spectrum, Austin, Texas overtook Oklahoma City to become the most affordable rental market, with renters spending just 16.5% of income on a typical lease. Oklahoma City took the second most-affordable spot (16.9%), followed by Raleigh, N.C. (18.0%), Columbus, Ohio (18.1%), and Minneapolis (18.7%). 

Regional supply helping to ease rent pressure
Markets in the South and West, including Jacksonville, Fla., San Diego, and Miami, saw the strongest improvements in rental affordability. Increased rental supply in these regions continues to help moderate price pressures. 

“More new rentals coming to market means renters have additional choices and a bit more leverage,” said Jiayi Xu, senior economist at Realtor.com®. “Greater supply is allowing some renters to find homes that better fit their budgets, though affordability challenges persist in historically high-cost markets.”