The median asking rent for 0–2 bedroom units fell for the 28th consecutive month on a year-over-year basis during November, according to the Realtor.com November Rental Report.
The national median is now at $1,693, down $17 (or 1.0%) from last November. However, it is also 17.2% higher than in pre-pandemic November 2019.
“Two years of sustained rent declines have offered modest financial relief to renters nationwide, and as we approach the new year state-level minimum wage increases will help to improve affordability for the most burdened households,” said Danielle Hale, chief economist at Realtor.com. “While the challenge remains immense, particularly in high-cost areas, the number of metros where two minimum wage earners can afford a typical rental without working overtime will grow in 2026, a positive sign. In other markets, especially in states with scheduled minimum wage hikes, the amount of overtime hours needed to afford a rental will decline, potentially freeing that income for other budget priorities.”
The new report also warned that rental affordability for minimum wage earners remains a challenge. If a two-earner household where both individuals earn the metro’s minimum wage and adhere to the 30% rent-to-income rule, only five of the top 50 metros are currently affordable without requiring overtime, according to Realtor.com, which added the median rent in these five markets is below the national average and the minimum wage is higher than the federal $7.25.
“While our analysis is based on statutory minimum wages, the reality is that market forces often push starting pay higher, even in states defaulting to the $7.25 federal minimum,” said Joel Berner, senior economist at Realtor.com. “In several high-cost-of-living areas, however, even a higher market-driven wage or a state-mandated increase, such as the one scheduled for San Jose, does not close the affordability gap. It’s a clear signal that housing costs continue to pose a massive hurdle for those at the bottom of the pay scale.”
