Median rent declined across units in all size categories
Rents Decline Again, but Nationwide Rent Is 2.6% Below 2022 Peak
Rent Prices Dropping Across All Unit Sizes
Median rent declined across units in all size categories examined by realtor.com. Studio rents dropped to $1,430 per month, down $25 (-1.7%) year over year; 1-bedrooms fell to $1,593, down $35 (-2.1%) year over year; and 2-bedrooms, which experienced the highest growth rate over the past six years, registered the largest declines, landing at $1,897, down $42 (-2.2%) year over year.
Why Renters Are Ready to Move
With rents easing, more renters are exploring a move.
When rents rose in 2021–2022, nearly 80% of renters stayed put, with mobility around 20.8%. Census data shows renter mobility edged up in 2023 (21.5%) and continued to rise in 2024 (21.6%).
Data from the realtor.com Site Visitor Survey reveals renters are most often considering a move to gain more space, find a more affordable home, or try out a new neighborhood.
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Markets with the largest rental price declines from their peaks, including Las Vegas (-13.6%), Atlanta (-13.6%), and Austin, Texas (-13.4%) in particular, are creating pockets of opportunity for renters looking to make a move.
Reasons for mobility vary by age, with younger and older renters more likely to move for affordability reasons, while middle-aged renters may be looking for more space to accommodate a growing family.
“Renters focused on affordability are often willing to make compromises, like choosing a longer commute, fewer amenities or fewer on-site services,” said Jiayi Xu, economist at realtor.com, in the release.
“It shows that many households are carefully weighing costs against lifestyle, making tradeoffs to find a home that better fits their budget.”
Why are you moving into a new rental home?
Renters Remain Hopeful About Ownership, But Barriers Persist
Even as the average age of home buyers reached an all-time high of 38 in 2024 and many renters remain priced out of buying, optimism about ownership is strong.
Nearly 60% of renters surveyed said they plan to buy a home, and of those, more than half expect to do so within the next one to two years. At the same time, barriers such as saving for a down payment, limited affordable inventory, and credit constraints remain the top reasons people continue to rent.
Source: Rental Housing Journal
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