Overview
- Realtor.com data show median asking rent across the 50 largest U.S. metros fell just 0.4% year-over-year to $1,694, the smallest annual decline in three years.
- Asking rents remain 4.5% below their August 2022 peak but 14.5% above pre-pandemic levels, leaving many households paying more than before 2020.
- Zillow’s rental-demand index rose 19.2% year-over-year as mortgage rates stayed above 7%, a dynamic Zillow economist tied to would-be buyers staying in the rental market.
- Some metros bucked the national trend with gains: San Jose up 6% to $3,565 and San Francisco up 4.8% to $3,057, while St. Louis, Minneapolis, and Las Vegas also posted increases.
- Supply and composition shifts are changing the market: single-family rental demand rose 21.6% year-over-year versus 10.1% for multifamily, and millionaire renter households grew 229% from 2020 to 2024.