Realtor.com: September asking rents fall 0.4%, with large local differences
The October 15 report puts the median asking rent at $1,694 across the 50 largest metros. National easing does not describe every renter’s options.
By Aida Yousif · 3 min read
Median asking rent fell 0.4% from a year earlier to $1,694 in September, according to Realtor.com’s October 15 rent report. It was the 38th consecutive month of annual declines, but the smallest annual drop in three years.
For renters weighing a move or a home purchase, the important point is that the national decline is modest and uneven. This report measures asking rents for studios and one- and two-bedroom properties in the 50 largest metropolitan areas. It is not a measure of every existing tenant’s rent or the terms of every signed lease.
The national figure conceals different markets
San Jose’s median asking rent rose 6.0% from a year earlier to $3,565, while San Francisco’s rose 4.8% to $3,057, according to the report. Those increases sit alongside a national median that remains slightly below its year-earlier level.
Realtor.com connects strength in some technology markets with AI-related economic activity. That is the report’s interpretation, not proof that one factor caused every rent increase. Local supply, property mix and demand can differ substantially.
The national median was $214, or 14.5%, above its pre-pandemic level. A small annual decline therefore does not mean rents have returned to what households paid before the pandemic.
Concessions need a closer look
The report says 43.9% of listings offered a concession, up 1.3 percentage points from a year earlier. A concession can change the effective cost of a lease without changing the advertised monthly rent.
Before comparing offers, renters should ask what the concession includes, which months it applies to and whether the quoted price assumes that incentive. Recurring fees and the lease length also matter. An advertised discount is not necessarily a permanent reduction at renewal.
Using the data in a rent-or-buy conversation
This release is useful context for a conversation, not a verdict that buying or renting is better for a particular household. A national median cannot substitute for current local listings and an actual mortgage estimate.
Loan officers can help borrowers keep the comparison consistent: the rent for a genuinely comparable property on one side, and the full estimated ownership payment on the other, including taxes, insurance and any mortgage insurance or association charges. Maintenance and upfront costs deserve separate attention.
The practical takeaway is to start with the household’s real alternatives. September’s report shows modest national easing alongside increases in some expensive markets. It does not support assuming that every renter has gained bargaining power or that a mortgage payment will move in line with asking rents.
Watch: September asking rents in 15 seconds
Transcript (on-screen text, no narration; original instrumental music): REALTOR.COM · SEPTEMBER 2026 RENT REPORT. September rents: slowest slide in three years. Studio to two-bedroom listings · 50 largest metros · Released Oct. 15, 2026. MEDIAN ASKING RENT · 50 LARGEST METROS. $1,694 , Median asking rent, September 2026. ▼ 0.4% year over year. ANNUAL DECLINE STREAK. 38th straight month of year-over-year decline. Slowest decline in three years. +$214 above pre-pandemic · 14.5% higher. 43.9% of listings offered a concession. METRO SPOTLIGHT · SAN JOSE. $3,565 , Median asking rent, San Jose metro. ▲ 6.0% year over year. Asking rents, not signed leases. $1,694 median asking rent (▼ 0.4% YoY) · 38 months of annual decline · +$214 (14.5%) vs. pre-pandemic · 43.9% offered a concession · San Jose $3,565 (▲ 6.0% YoY).
Cover: Realtor.com logo, via Wikimedia Commons (public domain). Realtor.com trademark, shown for identification only.
