Renters Now Spend Less than a Quarter of Their Income on Rent

Typical households spent 23.4% of income on rent in September, down from 24.9% a year ago, as the market posts its 26th straight annual decline and second monthly dip since March Rents declined again in September, according to the Realtor.com® September Rent Report, extending a two-year stretch of easing prices and modestly improving affordability for typical households. The latest drop, the second month-over-month decline since March, reflects the market’s normal cooling heading into fall. The median asking monthly rent for 0–2 bedroom properties in the 50 largest metros was $1,703, down $36 (-2.1%) from a year ago and $10 lower than the prior month. Monthly rents now sit $56 (-3.2%) below their August 2022 peak but remain $241 (16.5%) higher than before the pandemic. Overall, rent growth has been subdued in 2025, with median asking prices up just 0.4% year to date, compared with a 1.9% increase during the same period in 2024. “Two years of gradual rent declines have given renters a bit more breathing room,” said Danielle Hale, chief economist at Realtor.com®. “Still, even as a typical household spends a smaller share of income on rent than a year ago, affordability remains stretched in major markets, particularly along the coasts.” Affordability improves, but challenges persist Renters earning the typical household income devoted 23.4% of their income to lease a typical home in September, down from 24.9% one year ago. This shift reflects both modest rent declines and income growth over the past year. Rents declined year-over-year across all unit sizes, led by one-bedroom units at $1,582 (-2.3%), followed by two-bedroom units at $1,885 (-2.2%), and studios at $1,426 (-1.0%). In September, renters faced the steepest costs in Miami, where housing consumed 37.1% of the typical household income. Los Angeles (37%), New York (36.7%), Boston (32.3%), and San Diego (31.5%) rounded out the top five. Still, rent burdens in each of these markets declined slightly compared with a year ago, showing modest improvement in some of the nation’s most expensive metros. Least Affordable Rental Markets, September 2025 Rank Metro Sep. 2025 Median Asking Rent Sep.2025 Rent Share of Income Percentage Point Changes (Sep. 2025  vs. 2024) Maximum Affordable Rent at Current HH Income Sep. 2025 Rent vs. Max Affordable Rent (Ratio) 1 Miami-Fort Lauderdale-West Palm Beach, FL $2,298 37.1% -3.3 ppt $1,857 1.24 2 Los Angeles-Long Beach-Anaheim, CA $2,821 37.0% -1.4 ppt $2,285 1.23 3 New York-Newark-Jersey City, NY-NJ $2,903 36.7% -0.9 ppt $2,374 1.22 4 Boston-Cambridge- Newton, MA-NH $2,944 32.3% -0.7 ppt $2,732 1.08 5 San Diego-Chula Vista-Carlsbad, CA $2,703 31.5% -3.4 ppt $2,577 1.05 At the other end of the spectrum, Austin, Texas overtook Oklahoma City to become the most affordable rental market, with renters spending just 16.5% of income on a typical lease. Oklahoma City took the second most-affordable spot (16.9%), followed by Raleigh, N.C. (18.0%), Columbus, Ohio (18.1%), and Minneapolis (18.7%). Most Affordable Rental Markets, September 2025 Rank Market Sep. 2025 Median Asking Rent Sep.2025 Rent Share of Income Percentage Point Changes (Sep. 2025 vs. 2024) Maximum Affordable Rent at Current HH Income Sep. 2025 Rent vs. Max Affordable Rent (Ratio) 1 Austin-Round Rock-San Marcos, TX $1,411 16.5% -2.8 ppt $2,560 0.55 2 Oklahoma City, OK $1,007 16.9% -1.0 ppt $1,788 0.56 3 Raleigh-Cary, NC $1,476 18.0% -2.3 ppt $2,453 0.60 4 Columbus, OH $1,217 18.1% -0.6 ppt $2,012 0.60 5 Minneapolis-St. Paul- Bloomington, MN-WI $1,511 18.7% -1.1 ppt $2,421 0.62 Regional supply helping to ease rent pressure Markets in the South and West, including Jacksonville, Fla., San Diego, and Miami, saw the strongest improvements in rental affordability. Increased rental supply in these regions continues to help moderate price pressures.  “More new rentals coming to market means renters have additional choices and a bit more leverage,” said Jiayi Xu, senior economist at Realtor.com®. “Greater supply is allowing some renters to find homes that better fit their budgets, though affordability challenges persist in historically high-cost markets.” Rental Markets With the Most Improved Affordability, September 2025 Rank Metros Sep. 2025 Median Asking Rent Sep. 2025 Rent Share of Income Sep. 2024 Rent Share of Income Percentage Point Changes (Sep. 2025 vs. 2024) 1 Jacksonville, FL $1,466 21.5% 25.0% -3.5 ppt 2 San Diego-Chula Vista-Carlsbad, CA $2,703 31.5% 34.9% -3.4 ppt 3 Miami-Fort Lauderdale-West Palm Beach, FL $2,298 37.1% 40.4% -3.3 ppt 4 Denver-Aurora-Centennial, CO $1,766 19.8% 23.0% -3.2 ppt 5 Austin-Round Rock-San Marcos, TX $1,411 16.5% 19.3% -2.8 ppt 6 Phoenix-Mesa-Chandler, AZ $1,448 19.8% 22.5% -2.7 ppt Appendix Market Median Asking Rent YOY Change Six Year Change Sep.2025 Rent to Income Share Sep.2024 Rent to Income Share Atlanta-Sandy Springs-Roswell, GA $1,556 -3.5% 8.3% 21.2% 23.1% Austin-Round Rock-San Marcos, TX $1,411 -7.2% 11.5% 16.5% 19.3% Baltimore-Columbia-Towson, MD $1,835 0.2% 13.3% 23.2% 23.4% Birmingham, AL $1,180 -5.6% 11.2% 19.8% 22.4% Boston-Cambridge-Newton, MA-NH $2,944 -0.9% 13.3% 32.3% 33.0% Buffalo-Cheektowaga, NY NA NA NA NA NA Charlotte-Concord-Gastonia, NC-SC $1,484 -3.5% 14.2% 21.8% 23.8% Chicago-Naperville-Elgin, IL-IN $1,841 1.1% 15.9% 25.5% 25.7% Cincinnati, OH-KY-IN $1,313 -5.5% 15.6% 19.7% 21.8% Cleveland, OH $1,235 -0.3% 26.0% 21.6% 21.9% Columbus, OH $1,217 0.0% 21.0% 18.1% 18.7% Dallas-Fort Worth-Arlington, TX $1,431 -2.9% 13.9% 19.3% 21.3% Denver-Aurora-Centennial, CO $1,766 -6.5% 6.8% 19.8% 23.0% Detroit-Warren-Dearborn, MI $1,310 -1.9% 10.9% 21.7% 22.3% Hartford-West Hartford-East Hartford, CT NA NA NA NA NA Houston-Pasadena-The Woodlands, TX $1,337 -3.0% 7.6% 20.3% 21.9% Indianapolis-Carmel-Greenwood, IN $1,300 -1.3% 32.1% 19.6% 20.6% Jacksonville, FL $1,466 -5.5% 23.0% 21.5% 25.0% Kansas City, MO-KS $1,394 2.6% 25.9% 20.9% 20.3% Las Vegas-Henderson-North Las Vegas, NV $1,428 -4.4% 17.8% 23.6% 26.0% Los Angeles-Long Beach-Anaheim, CA $2,821 -1.4% 12.6% 37.0% 38.4% Louisville/Jefferson County, KY-IN $1,247 -3.2% 22.3% 20.6% 22.2% Memphis, TN-MS-AR $1,174 -4.3% 13.2% 21.0% 23.4% Miami-Fort Lauderdale-West Palm Beach, FL $2,298 -3.0% 33.7% 37.1% 40.4% Milwaukee-Waukesha, WI $1,664 -0.7% 14.0% 26.9% 27.1% Minneapolis-St. Paul-Bloomington, MN-WI $1,511 -2.8% 3.4% 18.7% 19.8% Nashville-Davidson--Murfreesboro--Franklin, TN $1,500 -5.1% 20.0% 21.1% 23.5% New Orleans-Metairie, LA NA NA NA NA NA New York-Newark-Jersey City, NY-NJ $2,903 0.1% 24.7% 36.7% 37.6% Oklahoma City, OK $1,007 -1.6% 7.8% 16.9% 17.9% Orlando-Kissimmee-Sanford, FL $1,660 -3.2% 21.2% 26.6% 28.8% Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $1,759 -2.7% 6.7% 23.9% 25.3% Phoenix-Mesa-Chandler, AZ $1,448 -6.4% 17.1% 19.8% 22.5% Pittsburgh, PA $1,494 1.0% 37.3% 24.6% 24.7% Portland-Vancouver-Hillsboro, OR-WA $1,678 -3.4% 13.2% 21.3% 22.7% Providence-Warwick, RI-MA NA NA NA NA NA Raleigh-Cary, NC $1,476 -5.1% 23.3% 18.0% 20.3% Richmond, VA $1,506 -0.4% 26.6% 20.7% 22.2% Riverside-San Bernardino-Ontario, CA $2,092 -3.4% 14.4% 29.1% 31.1% Rochester, NY NA NA NA NA NA Sacramento-Roseville-Folsom, CA $1,877 -2.6% 25.2% 24.1% 25.3% San Antonio-New Braunfels, TX $1,209 -4.4% 18.3% 19.8% 21.0% San Diego-Chula Vista-Carlsbad, CA $2,703 -4.9% 10.4% 31.5% 34.9% San Francisco-Oakland-Fremont, CA $2,836 1.0% -2.2% 25.5% 26.3% San Jose-Sunnyvale-Santa Clara, CA $3,394 1.6% 8.1% 26.0% 26.1% Seattle-Tacoma-Bellevue, WA $1,972 -1.6% 5.6% 20.9% 21.6% St. Louis, MO-IL $1,320 -2.8% 20.9% 19.8% 21.6% Tampa-St. Petersburg-Clearwater, FL $1,702 -1.1% 36.7% 27.9% 29.7% Virginia Beach-Chesapeake-Norfolk, VA-NC $1,520 -1.6% 22.3% 22.7% 23.3% Washington-Arlington-Alexandria, DC-VA-MD-WV $2,281 -0.4% 15.1% 22.2% 23.2% Methodology Rental data as of September 2025 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.  Rental affordability analysis: The affordable monthly rent is calculated by applying the 30% rule to the estimated 2025 monthly median household income nationwide ($7,263) across the 50 largest U.S. metros, on average) and in each metro. The monthly median household income is derived from the annual median household income data sourced from Claritas.