Are Rent Prices Going Down?

Rent prices are not going down nationally as of July 2026. The typical U.S. rent reached $1,962, up 0.3% from June and 2.3% from a year earlier. That works out to about $44 more a month for a similar rental than a year ago. 

Summer is usually the most competitive time of year for renters. Out of the summer months, July is typically near the end of the hot rental season. Seasonal relief for rent is likely ahead in many markets. July data shows rents are still gaining ground nationally, even as deals remain common, but conditions vary widely by metro.

We'll show you where rent prices are going down and rising, and when you can expect less competition, better deals, and more concessions.

When will rent prices go down?

Asking rents usually peak in August or September. Rents commonly decline from September to October as renter demand cools. If you start your search for a rental in September or October, you may find less competition and more room to negotiate your rent price in the fall.

That doesn’t mean every renter should expect a lower asking rent. In July, rent growth remained fastest in a handful of supply-constrained metros, particularly in California and the Northeast. Elsewhere, like Denver, Charlotte, and parts of Texas, large pipelines of newly built apartments are still giving renters more choices.

"Renters in those markets have benefited from one of the most favorable supply surges in decades," says Zillow Chief Economist Mischa Fisher. "Nationally, rents are still rising — but the calendar is about to work in renters' favor. Competition eases once the summer moving season ends, and renters who can time their search for the fall will likely find landlords more willing to make a deal."

How to get cheaper rent

Even where asking rents are rising, landlords are still competing for tenants. Nearly 2 in 5 Zillow rental listings (39.8%) offered a concession in July, up from 36% a year earlier. Rent concessions are deals for renters like free rent, waived fees, or a reduced deposit.

For renters, that means the number on the listing may not be the full story. Ask about move-in specials, parking, application fees, and renewal terms before signing. Concessions often become more widespread as the market slows into fall and winter. December is usually the peak month for rental concessions, with January and February close behind.

How are rent prices trending nationally?

July’s 2.3% annual growth is moderate by recent standards, but it marks a continued rise after a long stretch of cooling. The typical renter household in July spent 26.8% of its income on a new lease, essentially unchanged from the previous month and slightly less than a year ago. A household needs about $78,488 in annual income to comfortably afford the typical rental.

A key reason growth remains relatively contained: the apartment construction boom. More rental supply has kept pressure on landlords to price competitively and offer incentives. But supply is not evenly distributed, which is why conditions can feel very different from one metro to the next.

Where are rent prices dropping the most?

Year-over-year rent declines remain concentrated in markets with ample supply of apartments for rent. San Antonio, TX; Austin, TX; Denver, CO; and Tampa, FL are the large metros where the typical rent was lower in July than it was a year earlier. These markets also tend to offer plentiful concessions, giving renters more time to compare options, negotiate a renewal or ask a landlord to match new-tenant pricing.

Where are rent prices rising?

Some markets are heading into fall with much less slack. In tighter markets, like San Francisco, CA and San Jose, CA, come prepared with your credit information, references, and flexibility on lease length or move-in date. Waiting until fall can still reduce competition, but it may not translate into a lower rent everywhere. In July, the largest year-over-year rent increases were in these metros:

Which cities are raising and dropping rent prices?

Curious where your city ranks on the list of metros with rent drops and increases? Here are the 50 largest metros ranked from lowest to highest for July year-over-year growth in the typical rent.