Where renters have the upper hand — and where they don't

If you’re weighing a move, this rental market, on average, is offering some relief. Slower rent growth and still-common landlord perks are giving many renters more time to compare options and look for value.

Are rent prices going down?

Rents are still growing moderately in most major U.S. metros. But that growth is much slower than it was in recent years. The typical U.S. rent climbed to $1,951 in May, about $10 more than April and roughly 2% higher than a year ago. On average, renting a similar place today would cost about $38 more a month than it did last year.

That slower rent growth, relative to rising incomes, helped push the share of affordable rental listings to its highest May level in Zillow data, which goes back to 2021. Nationally, 74% of rental listings are currently considered affordable to the median-income household.

Rent specials can lower the real cost of moving

And landlords are still offering extras to attract tenants. Nationally, nearly 2 in 5 listings on Zillow offered a concession, like a free month of rent, waived fees, or reduced deposits. In many markets, deals are still relatively abundant, and prices aren't spiking. That means many renters have time to find the right place at a price that works. Check out last month’s report for four ways to navigate the market this summer. 

How are rent prices trending nationally?

That 2% annual growth is the slowest pace since 2020 and a far cry from the double-digit jumps of 2022. A big reason is a spike in apartment building completions in 2024. In markets like Austin, Denver, and Tampa, that extra supply is helping give renters more bargaining power than they've had in a long time.

“There were more apartment completions in 2024 than at any point in the last five decades,” says Zillow Senior Economist Kara Ng. “Landlords are still working through that supply.”

Even in the single-family rental space, rent growth has cooled enough for incomes to catch up in a lot of places, says Ng. 

Where are rent prices dropping the most?

Rents are not immune to inflation, and annual rent declines are still rare among big metros. That’s why even slower rent growth is still considered a positive for renters. Many of these metros were part of the wave of recent apartment construction. If you're shopping in these cities, you've got more time to compare listings, push back on price, or ask your current landlord to match new-tenant pricing before you re-sign.

Metros where the typical rent fell year over year in May 2026:

Austin, TX: -2.2% 

San Antonio, TX: -1.8% 

Denver, CO: -1.5% 

Tampa, FL: -1.0% 

Houston, TX: -0.6% 

Phoenix, AZ: -0.3%

Dallas, TX: -0.1% 

Where are rent prices rising?

In tighter, supply-constrained metros, rents kept climbing in May. As usual, big East Coast and California markets led the pack — places where building is hard and listings move fast. Come prepared: credit report in hand, references ready, and possibly even flexibility on lease length or move-in date. 

Metros with the biggest year-over-year rent increases in May 2026:

San Francisco, CA: up 7.1%

Virginia Beach, VA: up 5.8%

San Jose, CA: up 5.5%

Chicago, IL: up 5.4%

New York, NY: up 4.5%

Pittsburgh, PA: up 4.0%

Cleveland, OH: up 3.9%

Milwaukee, WI: up 3.9%

St. Louis, MO: up 3.8%

Providence, RI: up 3.7%