The rental market is becoming slightly more affordable after years of sharp increases, especially during the COVID-19 pandemic. According to data from Realtor.com, September 2025 marks the 26th straight month in which rental prices decreased compared to the same month the previous year.
Asking rents fell by $36, or 2.1%, year over year. However, even though rents have declined for more than two years, they are still 16.5% higher than pre-pandemic levels. Across the 50 largest metro areas, the median asking rent is $1,703. That figure is $56, or 3.2%, lower than the peak in August 2022.
In September 2024, renters with a typical household income spent 24.9% of their income on rent. In September 2025, that figure dropped to 23.4%.
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Affordability varies widely by region
According to the real estate website, five major metro areas had rent burdens above 30%, meaning residents spent more than 30% of their income on rent. Those five metro areas include Miami, Florida, which ranked the least affordable, followed by Los Angeles, California; New York City; Boston, Massachusetts; and San Diego, California. In Miami, the actual median rent is 20% higher than what is considered affordable.
Austin, Texas, is now the most affordable big city for rent in the U.S., with rental prices for a studio to a two-bedroom unit taking up only 16.5% of a typical household’s income. Other affordable rental markets include Oklahoma City, Oklahoma; Raleigh, North Carolina; Columbus, Ohio; and Minneapolis, Minnesota.
Supply growth eases prices in South and West
Rent is also becoming more affordable in the South and West, especially in cities like Jacksonville, San Diego and Miami, primarily because more rental housing is being built. This increase in supply is helping to slow down or reduce rent prices. The South is expected to see the biggest growth in new rental units by fall 2025, followed by the West.
Kansas City is the only metro getting less affordable for renters. Currently, rental prices in Kansas City take up a bigger share of household income than they did a year ago. In September 2025, renters in Kansas City with a typical income spent 20.9% of their income on rent, which is an increase of 0.6 percentage points from last year. Rent is still affordable by standard guidelines; however, the rising trend is a concern for future affordability, according to Realtor.com.
