Apartment hunting this fall? Don’t sign a lease before asking for this

As of August 2026, rent prices have continued to drop for over three years, according to a new report from Realtor.com’s Monthly Rent Report. The national median asking rent fell by 0.9% year-over-year, averaging $1,699, a 3.7% decrease from summer 2022. This decline applies to various rental sizes, with studio rentals dropping by 1.2%, one-bedrooms by 0.8%, and two-bedrooms by 0.9%.

However, the average asking rent remains higher than pre-pandemic rates, with two-bedrooms being the most affected, up 17.7% from August 2019. Despite the overall decline, mortgage rates have risen to the highest level in a year, making lower monthly payments a beneficial perk for renters. Landlords are now offering more concessions to attract tenants, such as waived application fees, rent credits, and periods with no rent due.

Concessions increased by 3.1% from the previous year, with 43.5% of rental listings offering at least one concession. Areas like Denver, Austin, Las Vegas, and Nashville saw higher concession rates. Avail, a survey conducted by Realtor.com, found that higher concession rates may be due to increased vacancies and weak renter demand.

About a third of landlords facing market issues offered concessions, while 25.9% considered them, and 24.1% lowered base rent. Experts predict that despite overall rent declines, the typical seasonal slowdown in monthly rents will occur in fall, with year-over-year declines likely continuing as rental supply works through the market.