US Median Rent Hits 4-Year Low, 30th Straight Month of Decline

The Sun Belt continued to see notably lower rents, fueled by a boom in multifamily construction, Realtor.com said.

A sign is posted in front of an apartment building with available rentals in San Francisco on June 9, 2023. Justin Sullivan/Getty Images

Renters across the United States may be able to save a bit more on apartment leases this month, as rents nationwide hit a four-year low last month, marking the 30th consecutive month of declines.

In its February Rental Report issued on March 17, Realtor.com recorded that the national median rent was $1,667, with 15 major markets posting rents more than 10 percent below their pandemic-era peaks.