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- August 2025 marks the 25th straight month of year-over-year rent decline for 0-2 bedroom properties since trend data began in 2020. Asking rents dipped by $38, or -2.2%, year over year.
- The median asking rent in the 50 largest metros registered at $1,713, $46 (-2.6%) lower than its August 2022 peak but $249 (17.0%) higher than the pre-pandemic level.
- Median rent declined in all size categories: studio: $1,430, down $25 (-1.7%) year over year; 1-bed: $1,593, down $35 (-2.1%) year over year; 2-bed: $1,897, down $42 (-2.2%) year over year.
- With rents declining for more than two years, renter mobility rebounded in 2023 and 2024.
- The Realtor.com Site Visitor Survey found the top reasons renters are searching for new rental homes are 1) wanting a larger space, 2) seeking a more affordable home, and 3) exploring a new neighborhood vibe.
- At the same time, renters remain optimistic about ownership—nearly 60% plan to buy a home, and over half of those expect to do so within the next one to two years.
In August 2025, U.S. median rent recorded its 25th consecutive year-over-year decline. Rent for 0–2 bedroom properties across the 50 largest metropolitan areas dropped by 2.2% compared to the previous year, with the median asking rent at $1,713—just $5 lower than the prior month.
This is the first month-over-month decline since March 2025, signaling the start of the rental market’s seasonal slowdown. Overall, 2025 has been a softer year for rents, with the median asking rent up just 1.0% year to date—well below the 2.6% increase recorded over the same period in 2024. Nevertheless, the U.S. median rent was just $46 (-2.6%) less than the peak seen three years ago in August 2022. Notably, it was still $249 (17.0%) higher than the same time in 2019 (pre-pandemic), but this increase is actually somewhat lower than what has occurred in overall consumer prices (up 26.3% in the 6 years ending August 2025) and pales in comparison to the 51.3% increase in median price-per-square-foot of for-sale home listings in the 6 years ending August 2025.
Figure 1: Rents Decline Again, but Nationwide Rent Is 2.6% Below 2022 Peak
Make Money Online All unit sizes saw rent declines
In August, the median asking rent for two bedroom units dropped -2.2% year-over-year, marking the 27th consecutive month of annual declines. The median rent for two bedrooms was $1,897 nationally, $60 (-3.1%) lower than the peak seen in August 2022. Meanwhile, larger unit rents had the highest growth rate over the past six years, up by $298 (18.6%).
The rent for one-bedroom units slipped -2.1% in August 2025 on a year-over-year basis, standing at $1,593 and was the 27th consecutive month of annual declines. It was $67 (-4.0%) lower than the peak observed during August 2022, but still $207 (14.9%) higher than in August 2019.
In August 2025, the median asking rent for studios fell by -1.7%, marking the 24th consecutive month of annual declines. The median rent of studios was $1,430 in August, down by $51 (-3.4%) from its peak seen in October 2022. Nevertheless, the median asking rent for studios was still $168 (13.3%) higher than six years ago.
Figure 2: All Unit Sizes Saw Rent Declines
Table 1: National Rents by Unit Size, August 2025
| Unit Size | Median Rent | Rent YoY | Consecutive Months of Decline | Total Decline from Peak | Rent Change – 6 Years |
| Overall | $1,713 | -2.2% | 25 | -2.6% | 17.0% |
| Studio | $1,430 | -1.7% | 24 | -3.4% | 13.3% |
| 1-Bedroom | $1,593 | -2.1% | 27 | -4.0% | 14.9% |
| 2-Bedroom | $1,897 | -2.2% | 27 | -3.1% | 18.6% |
Make Money Online Declining rents encourage people to move for affordability
High rental prices have been a major factor keeping many renters in place, leading to lower mobility. According to ACS data, during 2021 and 2022—when rents were rising—nearly 80% of renters stayed in the same rental units as the previous year, implying a mobility rate of only about 20.8%. By comparison, the average renter mobility rate between 2017 and 2019 was around 23.7%. The low mobility in 2021–2022 likely reflects the fact that, amid rising rents, renewing a lease was more affordable than moving, discouraging renters from relocating.
However, with asking rents declining over the past two years, renters now have greater incentives to relocate rather than stay put. Meanwhile, recent census data shows a rebound in renter mobility, rising to 21.5% in 2023 and reaching 21.6% in 2024.
As people resume moving, Realtor.com surveyed renters about their reasons for seeking new rental properties. The top three reasons are: 1) wanting a larger space, 2) seeking a more affordable home, and 3) exploring a new neighborhood vibe. After more than two years of rent declines and a surge in new supply, many renters now have a unique chance to achieve their goals—exploring new neighborhoods, securing more affordable housing, or upgrading to larger or better-located units. In particular, rents in Las Vegas, NV (-13.6%), Atlanta, GA (-13.6%) and Austin, TX (-13.4%) are seeing the largest declines from their peaks , highlighting prime opportunities in these markets.
Figure 3: Why are you moving into a new rental home?
Moreover, reasons for moving differ by age. Younger and older renters are more likely to prioritize affordability. Younger renters often do so because of lower starting incomes and student debt, while older renters focus on cost as they navigate fixed retirement incomes. Middle-aged renters, by contrast, are primarily motivated by the need for larger spaces as they start or grow their families. Across all age groups, however, the search for a more affordable home remains one of the top reasons for moving.
Figure 4: Looking for affordability is one of the top move reasons for all age groups
For renters prioritizing affordability, the tradeoffs they are most willing to make include accepting lower on-site services, longer commute distances, and fewer amenities. This suggests that cost-conscious renters are balancing financial considerations with lifestyle compromises to secure more affordable housing.
Figure 5: What tradeoffs are you willing to make in exchange for affordability?
Make Money Online Renters feel optimistic about becoming homeowners
When asked why they rent instead of buy, people most often cite 1) insufficient savings for a down payment, 2) limited affordable inventory, and 3) low credit scores—suggesting that renters are constrained by structural barriers rather than personal preference. In fact, the average age of first-time home buyers has reached an all-time high of 38 years old in 2024, according to the National Association of Realtors.
Figure 6: Do you have plans to become a homeowner in the future?
Nevertheless, many renters remain optimistic about homeownership: nearly 60% reported plans to buy a home, and among these potential buyers, about 52% expect to do so within the next one to two years. Expectations, however, vary by age. Renters aged 18–24 are the least likely to anticipate buying within the next 1-2 years, with only about one in five reporting purchase plans. Nearly 30% of renters aged 25–34 expect to buy in that period. Among those aged 35–44, 45–54, and 55–64, the share rises further, with roughly 36% planning to purchase within the next 1-2 years. Meanwhile, just 26% of renters 65 and older plan to purchase. In fact, renters 65 and older are the most likely to express no interest in homeownership (30%), often citing fixed incomes and a preference for moving into senior-friendly housing without long-term commitments—pointing to potential growing demand for senior living communities.
Appendix: Rental Data–50 Largest Metropolitan Areas–August 2025
| Market | Median Asking Rent | YOY Change | Six Year Changes |
| Atlanta-Sandy Springs-Roswell, GA | $1,572 | -4.1% | 9.0% |
| Austin-Round Rock-San Marcos, TX | $1,436 | -6.5% | 12.9% |
| Baltimore-Columbia-Towson, MD | $1,827 | -0.9% | 13.9% |
| Birmingham, AL | $1,201 | -3.2% | 12.6% |
| Boston-Cambridge-Newton, MA-NH | $2,979 | -1.2% | 12.2% |
| Buffalo-Cheektowaga, NY | NA | NA | NA |
| Charlotte-Concord-Gastonia, NC-SC | $1,504 | -2.3% | 15.4% |
| Chicago-Naperville-Elgin, IL-IN | $1,844 | 0.7% | 15.1% |
| Cincinnati, OH-KY-IN | $1,318 | -4.1% | 15.7% |
| Cleveland, OH | $1,241 | -0.9% | 25.1% |
| Columbus, OH | $1,222 | -0.7% | 21.4% |
| Dallas-Fort Worth-Arlington, TX | $1,447 | -2.7% | 15.1% |
| Denver-Aurora-Centennial, CO | $1,785 | -7.0% | 7.2% |
| Detroit-Warren-Dearborn, MI | $1,310 | -1.5% | 11.9% |
| Hartford-West Hartford-East Hartford, CT | NA | NA | NA |
| Houston-Pasadena-The Woodlands, TX | $1,350 | -3.1% | 8.3% |
| Indianapolis-Carmel-Greenwood, IN | $1,299 | -1.8% | 32.3% |
| Jacksonville, FL | $1,482 | -4.9% | 24.6% |
| Kansas City, MO-KS | $1,398 | 2.9% | 26.3% |
| Las Vegas-Henderson-North Las Vegas, NV | $1,443 | -4.6% | 19.8% |
| Los Angeles-Long Beach-Anaheim, CA | $2,818 | -1.3% | 12.8% |
| Louisville/Jefferson County, KY-IN | $1,242 | -4.2% | 21.2% |
| Memphis, TN-MS-AR | $1,184 | -3.7% | 12.9% |
| Miami-Fort Lauderdale-West Palm Beach, FL | $2,305 | -3.6% | 34.7% |
| Milwaukee-Waukesha, WI | $1,666 | -1.1% | 16.7% |
| Minneapolis-St. Paul-Bloomington, MN-WI | $1,511 | -3.1% | 2.9% |
| Nashville-Davidson–Murfreesboro–Franklin, TN | $1,515 | -5.1% | 21.0% |
| New Orleans-Metairie, LA | NA | NA | NA |
| New York-Newark-Jersey City, NY-NJ | $2,946 | 0.5% | 26.3% |
| Oklahoma City, OK | $1,002 | -2.2% | 8.7% |
| Orlando-Kissimmee-Sanford, FL | $1,677 | -2.9% | 20.6% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | $1,775 | -2.1% | 8.4% |
| Phoenix-Mesa-Chandler, AZ | $1,471 | -6.2% | 19.6% |
| Pittsburgh, PA | $1,463 | -0.5% | 39.9% |
| Portland-Vancouver-Hillsboro, OR-WA | $1,684 | -4.1% | 14.7% |
| Providence-Warwick, RI-MA | NA | NA | NA |
| Raleigh-Cary, NC | $1,471 | -5.9% | 22.0% |
| Richmond, VA | $1,525 | -0.5% | 26.7% |
| Riverside-San Bernardino-Ontario, CA | $2,089 | -4.8% | 15.5% |
| Rochester, NY | NA | NA | NA |
| Sacramento-Roseville-Folsom, CA | $1,878 | -4.2% | 25.0% |
| St. Louis, MO-IL | $1,339 | -1.8% | 20.2% |
| San Antonio-New Braunfels, TX | $1,222 | -4.1% | 19.6% |
| San Diego-Chula Vista-Carlsbad, CA | $2,720 | -4.9% | 11.5% |
| San Francisco-Oakland-Fremont, CA | $2,831 | -0.1% | -3.2% |
| San Jose-Sunnyvale-Santa Clara, CA | $3,413 | 1.6% | 6.6% |
| Seattle-Tacoma-Bellevue, WA | $1,974 | -2.3% | 4.9% |
| Tampa-St. Petersburg-Clearwater, FL | $1,730 | -0.3% | 39.1% |
| Virginia Beach-Chesapeake-Norfolk, VA-NC | $1,521 | -1.7% | 21.5% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | $2,304 | -0.5% | 16.2% |
Methodology
Rental data as of August 2025 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 stretching to March 2019. With the release of its August 2025 rent report, Realtor.com incorporated a new and improved methodology for capturing and reporting more comprehensive rental listing trends and metrics.
The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters.
Site visitor survey: To better understand the sentiment and experiences of buyers, sellers, and renters currently on the market for homes, the Realtor.com economics team conducts a randomized survey of visitors to listing detail pages on the site, the Site Visitors Survey. Respondents are asked about the reasons they’re visiting the site, how they’ve been engaged with the housing market, and how they feel that current market conditions are affecting their behavior. The survey was first launched in the fourth quarter of 2019, and this report focuses on results reported from Summer 2023 to Summer 2025.
Surveys are administered randomly to visitors on Realtor.com. For this report, we consider only respondents who indicate that they are looking for new rental homes on Realtor.com. Weights are calculated by computing the share of survey respondents falling into categories based on age and adjusting these proportions to match the share of all visitors to Realtor.com and similar online real estate marketplaces segmented by age.
