Nearly Every U.S. Metro Has Higher Rental Prices than Pre-Pandemic, Despite Months of Declines

Tariffs on building supplies could threaten continued price declines and damper new multi-family construction activity Markets most at risk from the impact of tariffs: Milwaukee; Oklahoma City; Memphis, Tenn.; Cleveland; Columbus, Ohio; Atlanta; Cincinnati; Birmingham, Ala.; and San Diego , /PRNewswire/ -- For the 20th consecutive month rents declined in March, and the median asking price for rent in the 50 largest metros is now $65 lower than the 2022 peak, standing at $1,694, according to the Realtor.com® March Rent Report. While rents have been declining for nearly two years due in large part to new multifamily inventory, new tariffs could have impacts on metros where multi-family permitting activity is growing the fastest, jeopardizing rent declines. "While the median asking rent is down $65 monthly or over $700 annually, in nearly every major U.S. metro rents are still considerably higher than 2019," said Joel Berner, senior economist at Realtor.com®. "We have seen declines in rents largely due to robust multi-family building and permitting adding more rental options in many metros. This tailwind is currently under threat as developers grapple with the short-term and long-term impacts of new and evolving tariffs on building materials. For renters in cities with declining rents, it might be a good time to lock in a good rate for the next year or beyond." Despite Recent Price Declines, Rents Are Still Considerably More Than Before the Pre-Pandemic This March marked the fifth anniversary of the onset of the global Covid-19 pandemic, and rents across the U.S. largely remain above pre-pandemic pricing. San Francisco remains the only market where the median asking rent is still below pre-pandemic levels. The median rent has risen 20.2%, from $1,409 in March 2019 to $1,694 in March 2025. During this period, Pittsburgh (47.9%) led the Northeast in rental growth, while Tampa, Fla. (45.7%) saw the fastest increases in the South. In the Midwest, Indianapolis (34%) emerged as the fastest growth market, and in the West, Sacramento, Calif. (30.6%) experienced the highest rent hikes. Markets with the Fastest-Growing Multi-Family Permits Face the Greatest Potential Impacts from Tariffs The recently announced tariffs on imported building materials such as steel and aluminum could potentially impact the multifamily housing supply by driving up construction costs. These rising expenses may discourage, delay or halt building and added costs could be passed to renters, pushing rental prices higher. Markets that experienced rapid growth in permitted multifamily homes are expected to see the biggest impacts as developers and builders may postpone or even cancel new projects. Markets such as Milwaukee, Oklahoma City and Memphis, Tenn., which saw the fastest growth in permitted multifamily homes, are expected to be hit the hardest by the 25% tariffs on steel and aluminum due to anticipated higher construction costs. "Even markets with declining permitting activity could see impacts as rising construction costs could further dampen new development plans, restricting supply and continuing to exert upward pressure on rental prices," said Berner. Markets with the Fastest-Growing Multi-Family Permits Markets Multifamily Units Permitted 2024 Multifamily Units Permitted vs 5-year Baseline Milwaukee-Waukesha, Wi 1,884 101.3 % Oklahoma City, Okla. 581 90.4 % Memphis, Tenn.-Miss.-Ark. 1,089 39.5 % Cleveland, Ohio 720 37.9 % Columbus, Ohio 7,195 32.7 % Atlanta-Sandy Springs-Roswell, Ga. 13,937 31.5 % Cincinnati, Ohio-Ky.-Ind. 2,534 29.9 % Birmingham, Ala. 556 22.1 % San Diego-Chula Vista-Carlsbad, Calif. 7,244 18.8 % National Rental Data – March 2025 Unit Size Median Rent Rent YoY Rent Change - 6 Years Overall $1,694 -1,2 % 20.2 % Studio $1,407 -1.2 % 16.2 % 1-Bedroom $1,577 -1.1 % 18.5 % 2-Bedroom $1,878 -1.4 % 22.1 % Market Median Asking Rent YOY Change Atlanta-Sandy Springs-Roswell, GA $1,571 -2.9 % Austin-Round Rock-San Marcos, TX $1,471 -4.5 % Baltimore-Columbia-Towson, MD $1,806 1.1 % Birmingham, AL $1,170 -4.6 % Boston-Cambridge-Newton, MA-NH $2,951 0.4 % Buffalo-Cheektowaga, NY NA NA Charlotte-Concord-Gastonia, NC-SC $1,522 -0.3 % Chicago-Naperville-Elgin, IL-IN $1,787 -2.2 % Cincinnati, OH-KY-IN $1,291 -2.5 % Cleveland, OH $1,161 -3.5 % Columbus, OH $1,204 1.3 % Dallas-Fort Worth-Arlington, TX $1,461 -2.3 % Denver-Aurora-Centennial, CO $1,767 -6.3 % Detroit-Warren-Dearborn, MI $1,311 2.4 % Hartford-West Hartford-East Hartford, CT NA NA Houston-Pasadena-The Woodlands, TX $1,357 -2.0 % Indianapolis-Carmel-Greenwood, IN $1,289 -1.8 % Jacksonville, FL $1,510 -2.8 % Kansas City, MO-KS $1,371 5.3 % Las Vegas-Henderson-North Las Vegas, NV $1,453 -2.3 % Los Angeles-Long Beach-Anaheim, CA $2,709 -2.8 % Louisville/Jefferson County, KY-IN $1,234 -1.5 % Memphis, TN-MS-AR $1,180 -3.0 % Miami-Fort Lauderdale-West Palm Beach, FL $2,326 -1.7 % Milwaukee-Waukesha, WI $1,649 0.7 % Minneapolis-St. Paul-Bloomington, MN-WI $1,491 -1.4 % Nashville-Davidson--Murfreesboro--Franklin, TN $1,525 -2.0 % New Orleans-Metairie, LA NA NA New York-Newark-Jersey City, NY-NJ $2,967 5.6 % Oklahoma City, OK $1,012 1.8 % Orlando-Kissimmee-Sanford, FL $1,679 -0.4 % Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $1,744 -1.9 % Phoenix-Mesa-Chandler, AZ $1,492 -3.7 % Pittsburgh, PA $1,452 -0.1 % Portland-Vancouver-Hillsboro, OR-WA $1,658 -3.3 % Providence-Warwick, RI-MA NA NA Raleigh-Cary, NC $1,477 -3.3 % Richmond, VA $1,489 -0.3 % Riverside-San Bernardino-Ontario, CA $2,063 -3.6 % Rochester, NY NA NA Sacramento-Roseville-Folsom, CA $1,863 -1.8 % San Antonio-New Braunfels, TX $1,239 -1.7 % San Diego-Chula Vista-Carlsbad, CA $2,667 -5.8 % San Francisco-Oakland-Fremont, CA $2,702 -2.9 % San Jose-Sunnyvale-Santa Clara, CA $3,339 2.0 % Seattle-Tacoma-Bellevue, WA $1,960 -1.2 % St. Louis, MO-IL $1,314 -0.2 % Tampa-St. Petersburg-Clearwater, FL $1,738 0.2 % Virginia Beach-Chesapeake-Norfolk, VA-NC $1,493 -0.9 % Washington-Arlington-Alexandria, DC-VA-MD-WV $2,291 2.6 % Methodology Rental data as of March 2025 for studio, 1-bedroom, or 2-bedroom units advertised as 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 top 50 largest metropolitan areas. Realtor.com began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019. 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. Media contact: Mallory Micetich, [email protected] SOURCE Realtor.com WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Nearly Every U.S. Metro Has Higher Rental Prices than Pre-Pandemic, Despite Months of Declines

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