Median asking rents in the 50 largest U.S. metro areas fell to a four-year low in February 2026, marking the 30th consecutive month of decline, according to an analysis by Realtor.com. The national median asking rent dropped by $29, or 1.7%, year over year to $1,667, which is 5.1% below the summer 2022 peak but still 14.2% above pre-pandemic levels.
Metro Areas with Largest Rent Declines
Austin, Texas, recorded the steepest fall in median asking rent, with an 18.2% decline from its pandemic peak and a 7.1% decrease compared to February 2025. Birmingham, Alabama, saw the second-largest drop, with rents down 17.1% from peak levels and 3.4% year over year. Memphis, Tennessee, ranked third with a 16.1% drop from its peak and a 3.8% annual decline.
Other significant declines occurred in Sun Belt cities: Phoenix, Arizona’s rent prices fell 15.6% from peak levels and 4.4% year over year; Atlanta, Georgia, experienced a 15.2% drop from peak rents and a 2.0% decrease since last year; Las Vegas saw a 14.8% decline from its peak and 1.8% from the prior year.
Cities with Modest Rent Changes
Some metro areas showed relatively small decreases compared to their pandemic peaks. Virginia Beach, Virginia, had the smallest decline, down 1.7% from peak rent values, while experiencing a 4.5% increase year over year. Kansas City’s median rent dropped 1.8% from its peak but rose 1.0% from the previous year. Baltimore observed a 2.4% decline from its peak but saw a 0.8% annual increase.
San Diego also reported a notable 14.3% drop from its peak and a 3.7% decrease compared to a year ago, contributing to the overall downward trend in median asking rents across major U.S. markets.
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