Realtor.com® Reports Renters Spend Less of Their Income on Rent in September 2025

Declining Rent and Improved Affordability

According to the September 2025 Rent Report by Realtor.com®, the trend of declining rents has continued, marking another significant moment for renters across the U.S. In September, typical households allocated just 23.4% of their income towards rent, a favorable reduction from 24.9% a year prior. This marks the 26th consecutive annual decline in rental prices and signifies a broader trend toward more manageable housing costs for many Americans.

Market Insights

The median asking rent for properties with zero to two bedrooms in the 50 largest metropolitan areas has dropped to $1,703, reflecting a decrease of $36 (-2.1%) from the previous year and $10 from the month before. While rental prices are still 16.5% above pre-pandemic levels, they are noticeably lower than their August 2022 peak by $56 (-3.2%). According to Danielle Hale, Chief Economist at Realtor.com®, two years of gradual rent reductions have provided renters with some much-needed relief. However, affordability challenges persist, especially in coastal cities where the cost of living remains high.

Regional Variations

The rent burdens have improved modestly in high-cost areas. For example, Miami continues to be the most expensive market, with residents spending 37.1% of their typical household income on rent. This is followed closely by Los Angeles (37%), New York (36.7%), Boston (32.3%), and San Diego (31.5%). Despite the high costs, each of these metropolitan areas experienced a slight decrease in rental burdens compared to last year.

Conversely, Austin, Texas has emerged as the most affordable rental market in the country, with renters allocating just 16.5% of their income towards housing. Other affordable markets include Oklahoma City (16.9%), Raleigh, N.C. (18.0%), Columbus, Ohio (18.1%), and Minneapolis (18.7%).

Factors Influencing Rental Demand

Several key factors are contributing to the declining rent prices observed this September. Increased rental supply in regions like the South and West, including Jacksonville, San Diego, and Miami, is helping to alleviate some of the price pressures. According to Jiayi Xu, Senior Economist at Realtor.com®, the introduction of more rental options gives tenants greater choice and flexibility, ultimately allowing them to find homes that better suit their budget.

Conclusion

As we move forward, it seems that while affordability has improved in certain markets, challenges remain prevalent in historically expensive regions. Property prices and rental costs are expected to continue fluctuating, with seasonal variations influencing market stability. Renters are advised to remain vigilant and adaptable in this evolving landscape, seeking opportunities that fit their financial situations as the market shifts.