Renting remains more economical than buying a home, as a surge in new supply continues to drive prices down across the country.
“Rent continues to fall in many of the major metros across the United States for a variety of reasons,” explains Joel Berner, a senior economist at Realtor.com®. “The biggest one is that rent is still correcting itself from the dramatic run-up of 2021 and 2022, when several years’ worth of rent gains were seen over the span of a few months.”
“As we approach summer, we expect the median asking rent to tick up monthly—a typical seasonal pattern,” adds Realtor.com economist Jiayi Xu.
“However, given the surge in multifamily construction over the past few years, we anticipate continued year-over-year declines. In other words, modest rent relief is likely to continue in 2026.”
Why is renting cheaper than buying?
May 2026 marks the 34th consecutive month of year-over-year price declines for properties with up to two bedrooms.
The national median asking rent across the 50 largest metro areas fell to $1,686, which is $78 (-4.4%) lower than its summer 2022 peak but $248 (17.2%) higher than the pre-pandemic level.
This persistent softness in the rental market is providing real savings for tenants. While the cost to buy a home is often influenced by fluctuating mortgage rates, renters are benefiting from a massive wave of multifamily construction. The rental housing stock is expected to increase to over 50.5 million units by early 2027, a level significantly higher than the pre-pandemic era.
National median asking rent by unit size
Every unit size saw a decrease in price this month. Two-bedroom units experienced a 1.5% year-over-year drop, bringing the median rent down $28 to $1,885. This price point is $107 below the 2022 peak for this size category.
One-bedroom units also saw a decline of 1.5%, with the median rent sliding to $1,573. Meanwhile, studio apartments saw a 1.9% decrease, bringing the median cost to $1,422. This marks nearly three years of consistent annual declines for larger units and over 2.5 years of declines for studios.
Mortgage vs. rent calculator
If you’re still renting but looking to buy a home, a good place to start evaluating your finances is by using a mortgage vs. rent calculator.
The tool will allow you to compare your current rent versus what you have saved for a down payment and what your mortgage payments would be.
“By offering personalized insights, the calculator empowers consumers to evaluate not only the best option for their current situation but also how the decision could impact their finances in the years to come,” says Realtor.com economist Jiayi Xu.
U.S. monthly rental reports 2026
Dina Sartore-Bodo is the senior advice editor at Realtor.com covering real estate news, personal finance trends, and interior design. She previously served as the managing editor at HollywoodLife.com, the executive editor at PerezHilton.com, and the managing editor at The Hollywood Gossip. Her work has also appeared on MSN, Yahoo News, and BlogHer. She is a proud graduate of Emerson College in Boston and is originally from New Jersey.
