Rents decreased in most places. Here's where it was steepest.

A construction boom has increased available apartments, driving prices lower for some lucky tenants.

A construction boom over the past several years has increased the number of apartments for rent across the United States, driving prices lower for some lucky tenants.

The nationwide median asking rent in February 2026 was $1,357, 1.5% lower than the same time last year. Among 216 metro areas, 57% had lower rents in February than last year, according to data from Apartment List.

Realtor.com’s February Rental Report, released March 17, found the same trend, although with slightly different details. "National median rents have hit a 30-month streak of declines, falling to their lowest point since March 2022," Realtor’s economists wrote in a report.

It’s important to note that compared to February 2019, before the pandemic distorted housing markets across the country, national rents are more than 20% higher. And while Apartment List data shows that 153 million people live in a metro where the rent decreased for the year in February, roughly 100 million lived in areas where it went up.

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