Overview
- The nationwide median asking rent in February was roughly $1,357–$1,400, down about 1.5% from a year earlier yet still about 20% above pre‑pandemic levels, according to Apartment List and Realtor.com.
- Across 216 metros, 57% posted year‑over‑year declines, with steep drops in Austin (about 6%–7%), San Antonio, New Orleans and Denver (around 5%), and Phoenix and Tampa (near 4%), per Apartment List.
- By contrast, tighter markets saw gains, including Virginia Beach and the Bay Area (about 5% year over year), Chicago (4%) and St. Louis (3%), reflecting local supply constraints.
- Manhattan rental inventory fell for the 24th straight month to 11,670 listings in February, and the median rent hit a record $5,000, with StreetEasy also reporting a $4,700 median asking rent up 6.9% year over year.
- Harvard researchers report a record 22.7 million cost‑burdened renter households, while recent coverage notes high construction costs, a luxury tilt in new supply and seasonal forces that could limit further relief.