The rental market is normalizing, but normal still depends on where you live

"After years of volatility, the U.S. rental market is settling into something closer to equilibrium. Nationally, rent growth has slowed to near zero, vacancy has risen, and the intense competition of the pandemic era has eased. But normalization does not mean uniform relief, and it certainly does not mean the rental market has turned easy. As of late 2025, the national median asking rent is roughly $1,980, according to Apartment List, down about 1 percent year over year."

"National averages, however, hide sharp regional differences. In several high supply Sun Belt metros, including Austin, Phoenix, and parts of Florida, rents have declined between 3 and 6 percent year over year. These declines are largely driven by a surge of multifamily deliveries that began construction during the height of the pandemic boom. Vacancy rates in these markets have climbed above 8 percent, forcing landlords to rely more heavily on concessions and flexible lease terms."

"That same regional split is visible in renter behavior. RentSpree application data shows while rental listings in constrained coastal markets attract more than one applicant on average, Sun Belt markets are seeing fewer renters than listings. Many supply-constrained markets remain tight. In New York, Los Angeles, and parts of the Northeast, rents are flat to modestly higher year over year, and vacancy remains below pre-pandemic averages."

Nationally, rent growth has slowed to near zero and vacancy has risen, with national median asking rent roughly $1,980, down about 1 percent year over year. Several Sun Belt metros, including Austin, Phoenix, and parts of Florida, have seen rents decline 3–6 percent due to a surge of multifamily deliveries begun during the pandemic boom. Vacancy rates in those markets have climbed above 8 percent, prompting concessions and flexible lease terms. Supply-constrained coastal markets like New York and Los Angeles remain tight, with rents flat to modestly higher year over year.

Read at www.housingwire.com