Rent Declines Continue: Landlords Offer More Concessions as Vacancies Rise

The national median asking rent in the United States has experienced a sustained decline, marking the 37th consecutive month of falling rents as of August 2026. This trend, detailed in Realtor.com’s Monthly Rent Report, shows a 0.9% year-over-year decrease across the 50 largest metropolitan areas, bringing the average asking rent to $1,699. This figure represents a 3.7% reduction, or $65 less, than the average observed in the summer of 2022. The downward price pressure is not confined to specific apartment sizes; studio rentals saw a 1.2% decrease, one-bedroom units declined by 0.8%, and two-bedroom units fell by 0.9%. Despite this prolonged period of declining rents, the current average asking rates remain notably higher than pre-pandemic levels. Specifically, two-bedroom apartments are still 17.7% above their August 2019 averages, one-bedroom rents are 14.4% higher, and studio rents are 13.1% higher. Cumulatively, overall rents are 15.4% higher than the average recorded in August 2019. This softening rental market coincides with a challenging housing market for potential buyers, as mortgage rates have recently climbed to their highest point in a year. For renters, the decrease in monthly payments offers a welcome financial relief. Beyond falling base rents, landlords are actively employing a range of concessions to attract and retain tenants. These incentives, which have seen a 3.1% increase from the previous year, include waived application fees, rent credits, and periods of rent-free occupancy. Currently, 43.5% of studio, one, and two-bedroom rental listings are offering at least one concession. Certain metropolitan areas are exhibiting particularly high rates of landlord incentives. Denver leads with 71.9% of listings offering concessions, followed closely by Austin (70.7%), Las Vegas (69.6%), and Nashville (69.0%). Data from a survey of independent landlords conducted by Avail, an entity within Realtor.com’s network, suggests that this surge in concessions is a direct strategic response to an increase in property vacancies and a weakening demand from renters. Approximately 33.3% of landlords experiencing these market conditions reported an uptick in the concessions they are offering. This indicates a significant shift in the rental market dynamics, where landlords are becoming more flexible and accommodating to secure occupancy in the face of a prolonged period of decreasing rental prices and a less accessible homeownership market due to elevated borrowing costs.