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American renters bought some value reduction in February because the nationwide median asking hire dipped to the bottom stage in 4 years, with some metro areas seeing notable declines.
An evaluation by Realtor.com discovered that the median asking hire for 0 to 2-bedroom properties within the 50 largest metro areas declined for the thirtieth consecutive month, with the metric falling $29, or 1.7%, in comparison with a yr in the past in February.
The median asking hire in these markets was $1,667 – down 5.1% from its peak in summer season 2022 however still14.2% increased than its pre-pandemic stage. All 50 metro areas analyzed within the report had median asking rents under their peak stage.
Realtor.com discovered that there have been 15 markets that had median asking rents down a minimum of 10% from their peaks as of February 2026, as renters in these metro areas have seen probably the most vital reduction because the pandemic period.
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Austin, Texas, noticed the biggest decline in median asking hire in contrast with its pandemic peak, Realtor.com discovered. (Rick Kern/Getty Photographs)
The steepest decline within the median asking hire from the pandemic peak was in Austin, Texas, which had seen the rental value decline 18.2% from its peak and seven.1% yr over yr.
Birmingham, Alabama, ranked second with a 17.1% decline from the height, whereas the median asking hire was down 3.4% from a yr in the past.
The Memphis, Tennessee, metro space has seen a 16.1% decline, which ranked because the third deepest, whereas the hire declined 3.8% from final yr.
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Las Vegas was among the many metro areas with a double-digit decline from its pandemic peak. (Jakub Porzycki/NurPhoto through Getty Photographs)
Different cities within the Solar Belt had been amongst people who noticed the biggest decline in median asking hire, with Phoenix, Arizona, down 15.6% from its peak together with a 4.4% lower from a yr in the past.
Atlanta was down 15.2% in February from the market’s peak, with costs down 2% from final yr.
Las Vegas had related figures, with a 14.8% decline within the median asking value from its peak and 1.8% from a yr in the past.
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San Diego’s median asking hire was over 10% under its pandemic peak in February. (iStock)
San Diego has additionally seen a notable decline within the median asking hire from the pandemic peak, with it down 14.3% from its excessive and three.7% from a yr in the past.
5 metro areas have seen way more modest declines within the median asking hire compared with the pandemic-era peak.
The metro space with the smallest lower as of February was Virginia Seaside, Virginia, which was down simply 1.7% from the height – partly as a result of the median hire rose 4.5% within the final yr.
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Kansas Metropolis was down 1.8% from the height and had the median asking hire rise by 1% from a yr in the past, whereas Baltimore’s rental determine was down 2.4% from its peak and up 0.8% within the final yr.
