Here’s where rents are falling the most as US prices hit a four-year low

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A sign advertising units for rent is displayed outside of a Manhattan building on April 11, 2024 in New York City. (Photo by Spencer Platt/Getty Images)

American renters caught a bit of a break in February, as the national median asking rent fell to its lowest point in four years, with several major metro areas experiencing significant drops.

By the numbers:

A new analysis from Realtor.com found that the median asking rent for studios through two-bedroom units across the 50 largest metro areas fell for the 30th straight month. In February, rents were down $29, or 1.7%, compared with the same time last year.

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The median asking rent in those markets stood at $1,667—about 5.1% below its peak in the summer of 2022, yet still 14.2% higher than pre-pandemic levels. Every one of the 50 metro areas included in the report has now seen rents drop below their peak.

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Where rent is dropping

Dig deeper:

Realtor.com reported that 15 metro areas had median asking rents at least 10% below their pandemic-era peaks as of February 2026, offering some of the most meaningful relief for renters since that period.

Austin, Texas, saw the sharpest drop, with rents down 18.2% from their peak and 7.1% compared with a year earlier.

Birmingham, Alabama, followed with a 17.1% decline from its peak, alongside a 3.4% year-over-year decrease.

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Memphis, Tennessee, ranked third, with rents falling 16.1% from their peak and 3.8% from last year.

Several Sun Belt cities also posted sizable declines. Phoenix, Arizona, saw rents drop 15.6% from their peak, including a 4.4% decrease year over year. Atlanta recorded a 15.2% decline from its high, with rents down 2% from a year ago, while Las Vegas followed closely with a 14.8% drop from its peak and a 1.8% annual decline. In San Diego, rents were down 14.3% from their peak and 3.7% compared with last year.

By contrast, five metro areas have experienced only modest declines from their pandemic-era highs.

Virginia Beach, Virginia, saw the smallest decrease, with rents down just 1.7% from their peak, partly reflecting a 4.5% increase over the past year. 

Kansas City posted a 1.8% decline from its peak, even as rents rose 1% year over year, while Baltimore saw rents dip 2.4% from their peak but edge up 0.8% over the same period.