February 2026 Rental Report: National Median Asking Rents Hit Four-Year Low

Highlights

• February 2026 marks a four-year low for national median asking rents—the 30th consecutive month of year-over-year decline for 0-2 bedroom properties across the 50 largest metros. The national median asking rent fell $29, or 1.7%, compared to a year ago.
  
  
• The median asking rent in the 50 largest metros registered at $1,667, $90 (-5.1%) lower than its summer 2022 peak but $207 (14.2%) higher than the pre-pandemic level.
  
  
• Median rent declined in all size categories: studio: $1,393, down $6 (-0.4%) year over year; 1-bed: $1,548, down $28 (-1.5%) year over year; 2-bed: $1,844, down $35 (-1.9%) year over year.
  
  
• In February 2026, the median asking rents in all 50 metros were below their peak levels: 
  
  
  • Fifteen markets saw median asking rents at least 10% below their peaks in February 2026, led by Austin, TX (-18.2%), Birmingham, AL (-17.1%), and Memphis, TN (-16.1%)—representing the deepest cumulative rent relief since the COVID-19 pandemic era.
    
    
  • Five markets—Virginia Beach, VA (-1.7%), Kansas City, MO (-1.8%), Baltimore, MD (-2.4%), San Jose, CA (-2.5%), and Richmond, VA (-2.7%)—saw median asking rents within 3% of their peaks in February 2026, with mounting evidence suggesting a rebound is on the horizon.

In February 2026, the U.S. median rent recorded its 30th consecutive year-over-year decline. Rent for 0-2 bedroom properties across the 50 largest metropolitan areas dropped by 1.7% compared to the previous year, with the median asking rent at $1,667—$29 lower than the prior year.