While homebuyers continue to struggle, there’s good news for renters: Nationwide, rents have either stayed flat or decreased for the third month in a row, according to a new report from Zumper.
In September 2025, the median price for a one-bedroom rental remained stable at $1,517, while the cost of a two-bedroom unit dropped by 0.2% to $1,894. Overall, rents have fallen 1% year-over-year.
That’s a stark contrast from the first half of 2023, when inflation drove rents up as much as 8% year-over-year. Rents were still climbing between 1% and 2% at the start of 2025, before the tide turned in June.
It’s also a different story than what buyers are facing: Median home prices rose 2% to $422,600 in September, the 26th consecutive month of year-over-year increases.
Housing expert Crystal Chen, who co-authored the Zumper report, says the downward trend in rentals is due to three chief factors: a sluggish labor market, people’s concerns about the economy and a massive supply surplus following last year’s record-breaking boom in apartment construction.
Looking ahead, Chen thinks renters will continue to benefit.
“I don’t expect the cooling to last forever, but it should persist at least through the winter,” she told CNBC Select.
Making sense of pricing patterns
Rents have remained flat or declined in more than 70 of the 100 cities Zumper reviewed, but the impact has been more dramatic in certain areas. In Knoxville, Tennessee, average prices for one bedrooms dipped nearly 18%, while Cleveland, Detroit and Des Moines, Iowa, all saw declines of over 12%.
Markets with the biggest influx of new apartments tended to post the largest price declines, according to Chen. Nationwide, new apartment construction is set to top 500,000 by the end of 2025.
“The Mountain region saw a ton of new supply this year,” Chen said, including Salt Lake City and Denver. “The Sunbelt also had a lot of new supply — in Texas and in Florida, particularly.
In Miami, which is expected to deliver 15,666 new units by January, “we’re seeing rents down by almost 10% year-over-year,” Chen added.
If you’re apartment-hunting in San Francisco, however, you’d be hard-pressed to score a deal: One-bedrooms in the City by the Bay rent for an average of $3,510, surpassing the pre-pandemic benchmark of $3,500 set in February 2020. (Rents for two-bedrooms crossed the $5,000 threshold this month for the first time since Zumper began collecting data.)
Some East Coast cities have seen significant jumps, as well: The largest increase in the country was in Newark, New Jersey, where one-bedroom rents spiked 16% year-over-year to $1,800. In Buffalo, New York, prices have risen more than 12% since last September.
Despite these variances, many renters are doing the math and realizing they’re coming out ahead. An analysis of Zillow data in April found that it was cheaper to rent than to buy in more than 315 U.S. cities.
4 key considerations if you’re apartment-hunting
- Winter is good to renters: While there is no crystal ball for housing costs, trying to sign a new lease during the upcoming off-peak time can be a good move. “Rents normally cool off in the winter before picking up again in the spring,” Chen said.
- It’s who you know: Instead of scouring rental websites, start your search with your network of local friends and family. Chen lives in New York City and says the key to finding a one-bedroom for under $2,000 in the most expensive rental market in the country is working your contacts. “A friend who lives in an older building in Williamsburg refers people to the landlord,” she said. “When something opens up, those units don’t even get listed. It’s a crazy market here.”
- Don’t be afraid to bargain: As leasing agents work to fill vacant units, many are willing to offer perks to get you to sign, including Amazon gift cards and up to two months free. “I’ve seen waived parking and no security deposit if you sign an 18-month lease,” Chen said.
- Budget for additional expenses: While rent prices may look appealing, there are other costs to consider — including security deposits, moving expenses and renters insurance, which more landlords are requiring tenants to purchase.
The good news is that policies are not expensive. While homeowners insurance is closing in on $3,000 a year, renters typically pay less than $200 annually.
Another reason to love not owning your home.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.