Realtor.com® Monthly Rent Report: Rents Fall for 37th Straight Month as Concessions Give Renters More Leverage

Median asking rent in the largest 50 metros drops to $1,699, while 43.5% of rental listings offer concessions; new Avail survey finds high vacancy is the strongest catalyst for landlord incentives

AUSTIN, Texas, Sept. 17, 2026 /PRNewswire/ -- Rents continued to soften in August, giving renters more room to negotiate as the market moves into the fall season. The national median asking rent for studio, one- and two-bedroom properties across the 50 largest U.S. metropolitan areas fell 0.9% year over year to $1,699, according to the Realtor.com^® August Rental Report. This marks the 37th consecutive month of annual declines.

The median asking rent is now $65, or 3.7%, below its summer 2022 peak, though it remains $227, or 15.4%, above August 2019 levels. The continued decline is translating into meaningful savings for renters compared with the market's recent peak, even as renting costs remain elevated compared with before the pandemic.

"Renters are entering the fall with more choices and more negotiating power than they had at the height of the rental market," said Jiayi Xu, senior economist at Realtor.com^®. "Rents are still above pre-pandemic levels, but the combination of continued year-over-year declines, new supply and a growing share of listings with concessions is creating more opportunities for renters to find better deals. We expect the typical seasonal slowdown in monthly rents this fall, with year-over-year declines likely to continue as rental supply works through the market."

Rents declined across every unit size
In August 2026, all three unit categories tracked in the report posted annual declines. Two-bedroom rents remain the furthest above their pre-pandemic level, up 17.7% from August 2019. One-bedroom rents are 14.4% higher than seven years ago, while studio rents are 13.1% higher.

The outlook for continued rent relief is supported by the rental supply pipeline. Realtor.com's April 2026 Rental Report found that multifamily starts and units under construction remained above pre-pandemic norms, suggesting that new units would continue reaching the market. The 2026 Housing Market Forecast Midyear Update projects that rents will decline 1.2% in 2026, while noting that the persistence of renter relief will depend on whether rental supply keeps outpacing demand.

Concessions reach a new high as renters gain leverage
Rent concessions, such as waived application fees, rent credits or a period of free rent, can reduce a renter's total cost without changing a property's advertised rent. In August, 43.5% of studio, one- and two-bedroom rental listings across the 50 largest metros offered a concession, up 3.1 percentage points from 40.4% a year earlier.

The highest concession rates were recorded in Denver (71.9%), Austin, Texas (70.7%), Las Vegas (69.6%), Nashville, Tenn. (69.0%) and San Antonio (67.9%). Concession rates increased year over year in 39 of the 50 metros, led by Houston, Cincinnati and New Orleans.

Metros with 50%+ of Listings Offering Concessions

By contrast, concession rates declined most sharply in San Jose, Calif., and San Francisco, where rents rose 4.7% and 4.5%, respectively. Those markets may be seeing stronger rental demand alongside the AI-driven housing trends identified in Realtor.com research.

Avail survey: Vacancy is the strongest catalyst for concessions
New findings from a survey of independent landlords by Avail, part of the Realtor.com^® network, show that concessions are not always a response to market pressure, but high vacancy and weak renter demand are the strongest triggers for action. Among landlords facing those conditions, 33.3% actively offered concessions, 25.9% considered them and 24.1% lowered base rent instead.

Landlords also favored some incentives over others. Among those who offered or considered concessions, 37.9% chose reduced or waived fees, 30.7% upgraded amenities, 25.0% offered free rent and 6.4% offered gift cards or moving assistance. Yet 65.7% said they would not waive the security deposit.

That guardrail is reflected in broader rental-market data: no-deposit concessions appeared in fewer than 1% of listings managed by institutional landlords, while 30.6% of studio, one- and two-bedroom listings offered a period of free rent in August. Together, the findings suggest concessions are becoming a more important competitive tool, but landlords are using them selectively, giving renters more flexibility while preserving advertised rents and core protections.

Rental Market Snapshot: 50 Largest Metros, August 2026

Methodology
Rental data as of August 2026 for studio, 1-bedroom, or 2-bedroom units advertised for rent on Realtor.com^®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the 50 largest metropolitan areas. Realtor.com^® began publishing regular monthly rental trends reports in October 2020, with data history extending to March 2019. Concession rates are calculated based on all studio, one-bedroom and two-bedroom rental listings on Realtor.com^®.

About Realtor.com^®
For over 30 years, Realtor.com^® has connected buyers, sellers, and renters with trusted insights, professional guidance, and powerful tools to help them find their perfect home. Recognized as the No. 1 real estate site REALTOR^® agents recommend, Realtor.com^® delivers consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Janice McDill, [email protected]

SOURCE Realtor.com