Rents declined again in September, marking the second month-over-month decline since March, according to Realtor.com’s latest rent report. This extends a two-year stretch of easing rents and modestly improving affordability for typical households; it also reflects the market’s seasonal cooling heading into fall.
For studios to two-bedroom units, the median asking monthly rent in the 50 largest metros was $1,703, down $36 year over year and $10 lower than in August. Realtor.com noted that monthly rents sit $56 below their August 2022 peaks but remain $241 higher than pre-pandemic. Year to date, rent growth has been subdued, with median asking prices up 0.4% compared with a 1.9% increase during the same period last year.
“Two years of gradual rent declines have given renters a bit more breathing room,” said chief economist Danielle Hale. “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.”
Typical households devoted 23.4% of their income to lease a home in September, down from 24.9% in 2024. According to Realtor.com, this shift reflects both modest rent decreases and income growth over the past year.
Rents also dropped year over year across all unit sizes. One-bedrooms saw the biggest decrease, -2.3%, at $1,582, followed by two-bedrooms, -2.2%, at $1,885, and studios, -1%, at $1,426.
Metros in the South and West, including Florida’s Jacksonville and Miami and California’s San Diego, saw strong improvements in rental affordability in September. Realtor.com attributed moderating price pressures to the increased rental supply seen in the regions.
“More new rentals coming to market means renters have additional choices and a bit more leverage,” added senior economist Jiayi Xu. “Greater supply is allowing some renters to find homes that better fit their budgets, though affordability challenges persist in historically high-cost markets.”
Renters in Miami faced the steepest costs last month, with housing consuming 37.1% of the typical household income. Rounding out the top five for the least affordable markets were Los Angeles, with households spending 37% of their income on housing costs; New York, 36.7%; Boston, 32.3%; and San Diego, 31.5%.
Austin, Texas, overtook Oklahoma City to become the most affordable rental market, with households spending just 16.5% of their income on housing costs. Oklahoma City took the second spot, with the rent share per household income at 16.9%, followed by Raleigh, North Carolina, 18%; Columbus, Ohio, 18.1%; and Minneapolis, 18.7%.