Key facts
- National median rent increased 0.5% month-over-month in May.
- National median rent is down 1.7% year-over-year.
- The national median rent has fallen 4.4% from its 2022 peak.
- The national multifamily vacancy rate is 7.2%, down from its February peak.
- Vacancy rates are decreasing for the first time in over four years.
Asking rents have shown a year-over-year decline for 33 consecutive months, according to Realtor.com. While May saw a 0.5% month-over-month increase in the national median rent to $1,379, it remains 1.7% lower than a year ago. This trend follows a surge in household formation in 2020-2021, which led to increased rental demand and subsequent construction. However, delayed supply chain completions meant new units entered the market as demand softened. Recent immigration policy changes, with increased deportations and decreased legal immigration, are also likely contributing to downward pressure on rents this year, suggesting soft rents may continue into 2026.