U.S. Rents Fall for 33rd Straight Month as Surge in New Multi-family Construction Points to Continued Renter Relief
The Northeast is showing the strongest construction momentum, while the West is falling behind its own historical norms
AUSTIN, Texas, May 13, 2026 /PRNewswire/ -- The U.S. rental market continues to favor renters, and a new wave of supply may keep it that way. According to the Realtor.com® April Rental Report, the national median asking monthly rent across the 50 largest metropolitan areas fell to $1,673 in April 2026, down $29, or 1.7%, year-over-year, marking the 33rd consecutive month of annual declines for 0-2 bedroom properties. At the same time, the robustness of new multi-family construction signals that rental supply relief could continue into the next several years.
While the national median remains $254 (17.9%) above pre-pandemic levels recorded in April 2019, it has fallen $92 (-5.2%) from its August 2022 peak. The multi-family construction pipeline, though pulling back from its historic peak, remains 11.4% above pre-pandemic norms, and a fresh surge in new groundbreakings suggests the downward pressure on rents is not over.
"Many renters have experienced meaningful relief over the past nearly three years, and although completions have slowed, forward-looking indicators are renter friendly," said Danielle Hale, chief economist at Realtor.com®. "New multi-family groundbreakings jumped nearly 20% in the first quarter of 2026, and units that break ground today typically reach the market within 12 to 24 months — so the pipeline points to continued downward pressure on rents well into 2027."
The National Multi-Family Pipeline Remains Strong
The national multi-family construction pipeline remains well above historical norms, even as it pulls back from its peak. The number of multi-family constructions currently being built averaged 684,000 units on a seasonally adjusted annual rate in 2026Q1, down from a peak of 971,000 in 2024Q1, but still 11.4% above the pre-pandemic average of 614,000.
New construction activity picked up sharply in early 2026, with the rate of new multi-family groundbreakings jumping nearly 20% compared to a year ago and running 21.3% above pre-pandemic levels. While the annual completion rate of 470,000 trail behind a year ago, it is still 23% above the pre-pandemic norm. If that pace holds, the total U.S. rental housing stock is on track to grow to over 50.5 million units by 2027Q1, a level 8.5% higher than before the pandemic.
Rising Multi-Family Starts Signal a New Wave of Rental Supply on the Horizon
2026Q1 | 2025Q1 | Avg. Q1 of 2017- | %Change vs. | % Change vs. pre- | |
Under | 684,000 | 765,000 | 614,000 | -10.6 % | 11.4 % |
Starts | 462,000 | 386,000 | 381,000 | 19.7 % | 21.3 % |
Completions | 470,000 | 570,000 | 382,000 | -17.5 % | 23.0 % |
More Multi-Family Units Are Coming, But Not Everywhere Equally
The regional picture, however, is uneven. The Northeast saw new multi-family groundbreakings nearly double year-over-year in 2026Q1, and the number of newly completed multi-family units jumped 42.1%, the strongest growth of any region. That supply is already showing up in rent data: Boston, Mass. fell 2.9% and Philadelphia, Pa. fell 1.5% year-over-year in April. New York, N.Y. remains an exception, with rents still edging up 1.1% amid persistently tight conditions.
The West tells a more cautionary tale. New groundbreakings there fell to their lowest first-quarter level since at least 2017, and the number of newly completed multi-family units dropped 37.9% year-over-year, the only region where completions have fallen below pre-pandemic norms. Renters in Los Angeles, Calif. (-1.7%), Denver, Colo. (-3.4%), and Phoenix, Ariz. (-4.2%) are still seeing some relief today, but the slowdown in construction raises the risk that the trend reverses in the years ahead.
"The story isn't the same in every region, and that matters for where renters will feel relief next," said Jiayi Xu, economist at Realtor.com®. "The Northeast is already seeing new multi-family units come online and rents respond in some large markets. The West is telling a very different story. Renters there who are benefiting from lower rents today may find that window closing as fewer new multi-family units enter the market."
Northeast Sees the Highest YOY Growth in Starts and Completions
2026Q1 | 2025Q1 | Avg. Q1 of 2017- | %Change vs. | % Change vs. pre- | ||
Northeast | Under | 144,000 | 155,000 | 132,000 | -7.1 % | 9.1 % |
Northeast | Starts | 105,000 | 58,000 | 52,000 | 81.0 % | 101.9 % |
Northeast | Completions | 108,000 | 76,000 | 60,000 | 42.1 % | 80.0 % |
South | Under | 279,000 | 314,000 | 227,000 | -11.1 % | 22.9 % |
South | Starts | 230,000 | 164,000 | 180,000 | 40.2 % | 27.8 % |
South | Completions | 199,000 | 269,000 | 172,000 | -26.0 % | 15.7 % |
Midwest | Under | 87,000 | 92,000 | 72,000 | -5.4 % | 20.8 % |
Midwest | Starts | 49,000 | 56,000 | 35,000 | -12.5 % | 40.0 % |
Midwest | Completions | 63,000 | 64,000 | 41,000 | -1.6 % | 53.7 % |
West | Under Construction | 174,000 | 204,000 | 182,000 | -14.7 % | -4.4 % |
West | Starts | 77,000 | 107,000 | 114,000 | -28.0 % | -32.5 % |
West | Completions | 100,000 | 161,000 | 109,000 | -37.9 % | -8.3 % |
Looking ahead, rental stock growth is expected to be strongest in the Northeast (+1.1%) by 2027Q1, followed by the South (+0.9%), and the Midwest and West (both +0.7%).
"As we move into the spring and summer leasing seasons, we expect the median asking rent to tick up modestly on a monthly basis, which is the typical seasonal pattern," said Xu. "But given the sustained level of multi-family construction relative to pre-pandemic norms, year-over-year declines are likely to continue through 2026. Modest rent relief is still the story for most renters."
Rental Data – 50 Largest Metropolitan Areas – April 2026
Market | Median Asking Rent (0-2 | YOY |
Atlanta-Sandy Springs-Roswell, Ga. | 1,549 | -3.4 % |
Austin-Round Rock-San Marcos, Texas | 1,362 | -5.3 % |
Baltimore-Columbia-Towson, Md. | 1,806 | -0.7 % |
Birmingham, Ala. | 1,181 | -1.2 % |
Boston-Cambridge-Newton, Mass.-N.H. | 2,921 | -2.9 % |
Buffalo-Cheektowaga, N.Y. | NA | NA |
Charlotte-Concord-Gastonia, N.C-S.C. | 1,490 | -2.6 % |
Chicago-Naperville-Elgin, Ill.-Ind. | 1,797 | -0.3 % |
Cincinnati, Ohio-Ky.-Ind. | 1,324 | 0.8 % |
Cleveland, Ohio | 1,192 | -0.7 % |
Columbus, Ohio | 1,174 | -1.2 % |
Dallas-Fort Worth-Arlington, Texas | 1,461 | -3.2 % |
Denver-Aurora-Centennial, Colo. | 1,749 | -3.4 % |
Detroit-Warren-Dearborn, Mich. | 1,246 | -3.7 % |
Hartford-West Hartford-East Hartford, Conn. | NA | NA |
Houston-Pasadena-The Woodlands, Texas | 1,382 | -2.5 % |
Indianapolis-Carmel-Greenwood, Ind. | 1,260 | -1.8 % |
Jacksonville, Fla. | 1,476 | -2.8 % |
Kansas City, Mo.-Kan. | 1,430 | 4.7 % |
Las Vegas-Henderson-North Las Vegas, Nev. | 1,430 | -2.7 % |
Los Angeles-Long Beach-Anaheim, Calif. | 2,760 | -1.7 % |
Louisville/Jefferson County, Ky.-Ind. | 1,215 | -1.5 % |
Memphis, Tenn.-Miss.-Ark. | 1,103 | -4.7 % |
Miami-Fort Lauderdale-West Palm Beach, Fla. | 2,273 | -2.1 % |
Milwaukee-Waukesha, Wis. | 1,617 | -0.3 % |
Minneapolis-St. Paul-Bloomington, Minn.-Wis. | 1,494 | -0.5 % |
Nashville-Davidson--Murfreesboro--Franklin, Tenn. | 1,474 | -4.8 % |
New Orleans-Metairie, La. | NA | NA |
New York-Newark-Jersey City, N.Y.-N.J. | 2,920 | 1.1 % |
Oklahoma City, Okla. | 911 | -5.0 % |
Orlando-Kissimmee-Sanford, Fla. | 1,663 | -2.6 % |
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | 1,740 | -1.5 % |
Phoenix-Mesa-Chandler, Ariz. | 1,441 | -4.2 % |
Pittsburgh, Pa. | 1,463 | 3.0 % |
Portland-Vancouver-Hillsboro, Ore.-Wash. | 1,592 | -1.7 % |
Providence-Warwick, R.I.-Mass. | NA | NA |
Raleigh-Cary, N.C. | 1,433 | -2.1 % |
Richmond, Va. | 1,531 | 0.5 % |
Riverside-San Bernardino-Ontario, Calif. | 2,051 | -3.5 % |
Rochester, N.Y. | NA | NA |
Sacramento-Roseville-Folsom, Calif. | 1,823 | -1.5 % |
St. Louis, Mo.-Ill. | 1,286 | -0.8 % |
San Antonio-New Braunfels, Texas | 1,156 | -4.7 % |
San Diego-Chula Vista-Carlsbad, Calif. | 2,669 | -3.0 % |
San Francisco-Oakland-Fremont, Calif. | 2,698 | -2.0 % |
San Jose-Sunnyvale-Santa Clara, Calif. | 3,306 | 1.3 % |
Seattle-Tacoma-Bellevue, Wash. | 1,851 | -1.7 % |
Tampa-St. Petersburg-Clearwater, Fla. | 1,653 | -4.3 % |
Virginia Beach-Chesapeake-Norfolk, Va.-N.C. | 1,564 | 2.4 % |
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. | 2,280 | -1.8 % |
Methodology
Rental data as of April 2026 for studio, 1-bedroom, or 2-bedroom units advertised for rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching to March 2019.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp (NASDAQ:NWS, NWSA]) [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media contact: Emily Do, press@realtor.com
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