Realtor.com®: 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 Sep.2025 Percentage Maximum Sep. 2025 Median Rent Share Point Affordable Rent vs. Asking of Income Changes Rent at Max Rent (Sep. 2025 Current HH Affordable vs. 2024) Income Rent (Ratio)1 Miami-Fort Lauderdale- $2,298 37.1% -3.3 ppt $1,857 1.24 West Palm Beach, FL2 Los Angeles-Long $2,821 37.0% -1.4 ppt $2,285 1.23 Beach-Anaheim, CA3 New York-Newark- $2,903 36.7% -0.9 ppt $2,374 1.22 Jersey City, NY-NJ4 Boston-Cambridge- $2,944 32.3% -0.7 ppt $2,732 1.08 Newton, MA-NH5 San Diego-Chula Vista- $2,703 31.5% -3.4 ppt $2,577 1.05 Carlsbad, CA

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 Sep.2025 Percentage Maximum Sep. 2025 Median Rent Share Point Affordable Rent vs. Max Asking Rent of Income Changes Rent at Affordable (Sep. 2025 Current HH Rent (Ratio) vs.2024) Income1 Austin-Round Rock-San $1,411 16.5% -2.8 ppt $2,560 0.55 Marcos, TX2 Oklahoma City, OK $1,007 16.9% -1.0 ppt $1,788 0.563 Raleigh-Cary, NC $1,476 18.0% -2.3 ppt $2,453 0.604 Columbus, OH $1,217 18.1% -0.6 ppt $2,012 0.605 Minneapolis-St. Paul- $1,511 18.7% -1.1 ppt $2,421 0.62 Bloomington, MN-WI

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 Sep. 2025 Rent Sep. 2024 Rent Percentage Median Share of Share of Income Point Changes Asking Rent Income (Sep. 2025 vs. 2024)1 Jacksonville, FL $1,466 21.5% 25.0% -3.5 ppt2 San Diego-Chula Vista- $2,703 31.5% 34.9% -3.4 ppt Carlsbad, CA3 Miami-Fort Lauderdale-West $2,298 37.1% 40.4% -3.3 ppt Palm Beach, FL4 Denver-Aurora-Centennial, $1,766 19.8% 23.0% -3.2 ppt CO5 Austin-Round Rock-San $1,411 16.5% 19.3% -2.8 ppt Marcos, TX6 Phoenix-Mesa-Chandler, AZ $1,448 19.8% 22.5% -2.7 ppt

Appendix

Market Median YOY Six Year Sep.2025 Sep.2024 Asking Change Change Rent to Rent to Rent Income Income Share ShareAtlanta-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 NACharlotte-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 NAHouston-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 NANew 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 NARaleigh-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 NASacramento-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%

MethodologyRental 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.

About Realtor.com®Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

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