Realtor.com® Reports National Rents Fall for 37th Consecutive Month Amid Rising Concessions
The national median asking rent in the largest U.S. metropolitan areas fell to $1,699 in August 2026, marking a year-over-year decline of 0.9% and continuing a streak of 37 consecutive months of annual declines. While rents remain elevated compared to pre-pandemic levels—up by 15.4% from August 2019—they are now $65 below their peak in summer 2022, offering renters more negotiating power. The decline is consistent across all unit sizes: studio (-3.4%), one-bedroom (-4.5%), and two-bedroom (-3.7%) rents have each fallen year over year for multiple months. The report also highlights a growing trend of rental concessions, with 43.5% of listings offering incentives such as waived fees or free rent periods—up from 40.4% in August 2025. High vacancy rates are cited as the primary driver behind these concessions and continued rent declines. Realtor.com forecasts a further decline of about 1.2% for rents in 2026, contingent on rental supply continuing to outpace demand.
Topics: concessions market trends rental prices vacancy rates