Rent prices have softened in a handful of major U.S. markets, but overall asking rents remain much higher now than before the pandemic.

Key points:

  • In August, the median asking rent in the 50 largest U.S. metros was $1,713 per month, or 2.6% lower than three years earlier, according to Realtor.com data.
  • Among those 50 metro areas, San Francisco was the only major city to post negative rent growth over the past six years.
  • With rents softening, more than 30% of renters surveyed by Realtor.com signaled that they have plans to become a homeowner in the next one to two years.

While the for-sale housing market seeks stable footing with buyers slowly but surely gaining more leverage, a slew of recent rental reports offer a more mixed outlook on the national apartment market. 

Year-over-year data shows a declining trend

When looking at the bigger picture, the national median rent for 0-2 bedroom properties has dropped over the past couple of years. According to Realtor.com researchers, August marked the 25th consecutive month of year-over-year declines.

Even so, the overall national median rent price is higher now than it was before the pandemic. In August, the median asking rent in the 50 largest U.S. metros was $1,713 — a drop of $38 from the same period a year ago and $46 lower from the peak in August 2022, according to Realtor.com data.

Despite these recent drops, the median asking rent price in August 2025 was still $249 — or 17% — higher than in August 2019.

Markets seeing the most rental price growth 

When comparing current rents to the pre-pandemic market six years ago, 27 of the nation’s 50 largest metros have seen median rent prices increase by 15% or more. Pittsburgh and Tampa have seen apartment prices rise over 39% while Miami rents have risen nearly 35%. Kansas City, New York City and Richmond have all reported rent increases over 26%.

San Francisco is the only major city to post a negative rent growth (down 3.2%) over the past six years. 

Rents are growing where apartment construction is slowing

A pair of other recent reports — including one from Redfin and another from RentCafe — highlight slowing apartment construction and the impact on local economies and housing markets. Chicago has seen the biggest drop in new apartment construction over the past year, RentCafe researchers found, which is contributing to Chicago seeing nearly 11% year-over-year rent growth, Redfin reported.

“Apartment construction boomed during the pandemic, but many of those projects have since wrapped up and fewer new ones are breaking ground,” Redfin Senior Economist Sheharyar Bokhari said in the September report. “Builders are pumping the brakes due to high financing costs, elevated construction expenses and weaker investor appetite.”

Renters seek to seize the moment

Persistently increasing rent prices had caused many renters to stay put, Realtor.com researchers noted. But there may be a window opening for renters who have been ready to make a move — particularly those living in Las Vegas, Atlanta and Austin, where rents have dropped over 13% from their peak in each market.

Many renters still feel optimistic about homeownership, researchers found. Over 30% of renters surveyed by Realtor.com signaled that they have plans to become a homeowner in the next one to two years, while another 13% of respondents said they plan to do so in the next two to three years.

Over 25% of renters surveyed signaled uncertainty about future homeownership, while just under 15% said they do not have any homeownership plans for the coming years.