Rents are falling in these major U.S. cities heading into 2026—one of the more 'renter-friendly periods' in a decade, says expert
Falling rents and rising vacancies are giving renters more room to negotiate prices heading into early 2026.
TL;DR
- Median asking rents have declined year-over-year for 28 consecutive months.
- A surge in new apartment supply, the most since the 1980s, is driving down prices.
- Rent relief is expected to continue into early 2026, making it a renter-friendly period.
- The sharpest rent declines are observed in fast-growing Sun Belt and interior Western metros.
- Austin, Denver, and Birmingham are among the cities with the steepest year-over-year rent drops.
- Landlords are offering more concessions and flexibility due to high vacancies.
- Negotiating rent is advisable, especially during periods of elevated supply like late winter or early spring.