Rents fell over the past year in 7 of the 23 large U.S. metro areas tracked in this ranking, while the typical U.S. asking rent still rose 2.2% to $1,965 in June 2026 [2]. Where rents fell most is clear from the Zillow Observed Rent Index data on DataPorium as of June 30, 2026: San Antonio (-1.9%), Austin (-1.7%) and Denver (-1.3%) led the declines, all of them Sun Belt and Mountain West markets that added large numbers of new apartments [1]. At the other end, San Francisco (+8.3%) and San Jose (+6.2%) posted the biggest increases, and the Bay Area was the only region where rents rose faster than 6% [1].
Where rents fell over the past year
Seven of the 23 metros recorded a lower typical rent in June 2026 than in June 2025. The common thread is construction: Texas, Arizona, Colorado and Florida permitted more multifamily units per resident than any other large states between 2021 and 2024, and those buildings are now leasing up. The metros with falling rents, and their June 2026 typical rents, were:
- San Antonio: $1,416, -1.9% from $1,443 a year earlier
- Austin: $1,616, -1.7% from $1,644 a year earlier
- Denver: $1,918, -1.3% from $1,944 a year earlier
- Tampa: $1,997, -0.7% from $2,011 a year earlier
- Houston: $1,642, -0.1% from $1,644 a year earlier
- Dallas: $1,658, -0.1% from $1,659 a year earlier
- Phoenix: $1,718, -0.1% from $1,718 a year earlier
Apartment rents fell harder than single-family rents in every one of these markets. In San Antonio, multifamily rents were down -3.4% while single-family rents were +1.3% [1]. Zillow reported that 39.7% of rental listings nationwide offered a concession such as free weeks in June, a sign that landlords are competing for tenants rather than raising prices [2].
Where rents rose the most
The largest increases were concentrated in coastal metros with very little new supply. San Francisco led at +8.3%, with the typical rent at $3,294, followed by San Jose at +6.2% ($3,727), Chicago at +5.2% ($2,204) and New York at +4.5% ($3,577) [1]. Philadelphia (+3.6%), Minneapolis (+3.4%) and Detroit (+3.2%) also beat the national pace.
Why the Bay Area leads
San Francisco and San Jose rents fell sharply in 2020 and 2021 and are still recovering that lost ground while hiring in artificial intelligence pulls workers back to the region. Both metros also permit very little new housing relative to job growth, so demand shows up in rents rather than in new buildings. The result is the opposite of Austin or Denver: no supply response, so prices adjust instead. For the metro-level and ZIP-level rent series behind this ranking, see DataPorium's housing market insights [1].
Rent changes by metro: the full June 2026 table
The table covers the 20 largest metro areas by Zillow's size ranking plus San Jose, Austin and San Antonio, which appear because they sit at the extremes of the distribution. Rents are the Zillow Observed Rent Index for all homes plus multifamily, smoothed, for June 2026 and June 2025 [1].
| Metro | June 2026 rent | June 2025 rent | 1-year change | Single-family | Multifamily |
|---|---|---|---|---|---|
| San Francisco | $3,294 | $3,043 | +8.3% | +4.9% | +8.5% |
| San Jose | $3,727 | $3,510 | +6.2% | +5.9% | +6.0% |
| Chicago | $2,204 | $2,094 | +5.2% | +4.7% | +5.1% |
| New York | $3,577 | $3,423 | +4.5% | +4.2% | +4.4% |
| Philadelphia | $1,896 | $1,831 | +3.6% | +4.0% | +2.8% |
| Minneapolis | $1,711 | $1,654 | +3.4% | +3.8% | +2.9% |
| Detroit | $1,512 | $1,465 | +3.2% | +3.5% | +2.5% |
| Boston | $3,099 | $3,022 | +2.6% | +3.9% | +2.2% |
| Riverside | $2,531 | $2,474 | +2.3% | +3.1% | +1.3% |
| Baltimore | $1,930 | $1,889 | +2.2% | +2.7% | +1.3% |
| Atlanta | $1,839 | $1,806 | +1.8% | +2.5% | +0.9% |
| San Diego | $2,976 | $2,927 | +1.7% | +3.0% | +0.9% |
| Los Angeles | $2,933 | $2,888 | +1.5% | +2.3% | +0.9% |
| Seattle | $2,261 | $2,231 | +1.3% | +3.0% | +0.6% |
| Miami | $2,654 | $2,624 | +1.2% | +2.0% | +0.5% |
| Washington | $2,420 | $2,418 | +0.1% | +2.8% | -1.3% |
| Phoenix | $1,718 | $1,718 | -0.1% | +1.2% | -1.0% |
| Dallas | $1,658 | $1,659 | -0.1% | +1.3% | -1.0% |
| Houston | $1,642 | $1,644 | -0.1% | +0.9% | -0.9% |
| Tampa | $1,997 | $2,011 | -0.7% | +1.1% | -1.9% |
| Denver | $1,918 | $1,944 | -1.3% | +1.0% | -2.4% |
| Austin | $1,616 | $1,644 | -1.7% | +0.6% | -2.9% |
| San Antonio | $1,416 | $1,443 | -1.9% | +1.3% | -3.4% |
Single-family rents versus apartment rents
Single-family rents rose in every metro on the list, even where apartment rents fell [1]. Builders delivered a record number of apartments in 2024 and 2025 but relatively few rental houses, and households with children still favor houses with yards. In Austin, for example, single-family rents rose +0.6% while multifamily rents fell -2.9%; in Denver the split was +1.0% against -2.4% [1]. For investors, the gap means that the rent softness of 2026 is concentrated in one product type, and gross yields on houses have held up better than yields on units.
Rents fell only where builders were allowed to add supply, and rose fastest where they were not.
What falling rents mean for the housing market
Lower rents in the Sun Belt reduce the pressure to buy. With the 30-year mortgage rate at 6.58% in the week of July 23, 2026, the monthly cost of owning the typical home exceeds the typical rent in most of these metros, so falling rents widen the gap and keep some would-be buyers renting [3]. That is one reason home values in Texas, Florida and Colorado have also slipped over the past year. The counterpoint is that rent declines of 1% to 2% are small next to the 20% to 30% increases of 2021 and 2022, so affordability has improved only slightly. The broader lesson is that permitting is the most effective rent control: metros that let developers build saw rents flatten within three years, while metros that restrict building continue to see rents climb faster than wages.
Key takeaways
- Rents fell over the past year in 7 of 23 large metros as of June 30, 2026, led by San Antonio (-1.9%), Austin (-1.7%) and Denver (-1.3%) [1].
- San Francisco (+8.3%) and San Jose (+6.2%) had the largest rent increases; Chicago was third at +5.2% [1].
- The typical U.S. rent was $1,965 in June 2026, up 2.2% year over year, and 39.7% of listings offered a concession [2].
- Single-family rents rose in all 23 metros; the declines were concentrated in apartments [1].
- The 30-year mortgage rate was 6.58% in the week of July 23, 2026, keeping ownership costs above rents in most metros [3].
Frequently asked questions
Which cities have falling rents in 2026?
As of June 30, 2026, rents were lower than a year earlier in San Antonio (-1.9%), Austin (-1.7%), Denver (-1.3%), Tampa (-0.7%), Houston, Dallas and Phoenix, according to Zillow rent data on DataPorium [1].
Where are rents rising the fastest?
San Francisco (+8.3%), San Jose (+6.2%), Chicago (+5.2%) and New York (+4.5%) had the fastest rent growth among large metros in the year to June 2026 [1].
What is the average rent in the United States in 2026?
Zillow put the typical U.S. asking rent at $1,965 in June 2026, 2.2% higher than a year earlier and 0.4% higher than in May [2].
Why are apartment rents falling while house rents rise?
A record wave of apartment completions in 2024 and 2025 added supply in Sun Belt metros, while very few single-family rentals were built, so houses kept their pricing power [1].
