The rental market is becoming slightly more affordable after years of sharp increases, especially during the COVID-19 pandemic. According to data from Realtor.com, September 2025 marks the 26th straight month in which rental prices decreased compared to the same month the previous year.
Asking rents fell by $36, or 2.1%, year over year. However, even though rents have declined for more than two years, they are still 16.5% higher than pre-pandemic levels. Across the 50 largest metro areas, the median asking rent is $1,703. That figure is $56, or 3.2%, lower than the peak in August 2022.
In September 2024, renters with a typical household income spent 24.9% of their income on rent. In September 2025, that figure dropped to 23.4%.
Affordability varies widely by region
According to the real estate website, five major metro areas had rent burdens above 30%, meaning residents spent more than 30% of their income on rent. Those five metro areas include Miami, Florida, which ranked the least affordable, followed by Los Angeles, California; New York City; Boston, Massachusetts; and San Diego, California. In Miami, the actual median rent is 20% higher than what is considered affordable…