The median asking monthly rent across the 50 largest metros during June was $1,692, down by 1.5%, or $25, from one year ago.
According to data from Realtor.com, June marked the 35th straight month of year-over-year declines. The median asking monthly rent is now $72 (-4.1%) below its 2022 peak, though still $238 (+16.4%) above pre-pandemic levels.
Realtor.com attributed this decline to multifamily construction outpacing demand. Nationally, 302,730 multifamily units were permitted in 2025, up 1.9% from 2024 although also 13.1% below 2019 and 34.4% below the 2022 peak.
“This didn’t happen by accident. Builders spent years playing catch-up after the pandemic rent spike, and that supply is why rents have fallen for nearly three years straight,” said Jiayi Xu, economist at Realtor.com. “Now it comes down to geography: cities like Columbus, Ohio and Orlando are ramping up construction and are set up for more relief, while places like New York and Boston pulled back, which may raise concerns about the affordability path ahead.”
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