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National Rent Decline: Affordability Crisis Persists for Millions

3/17/2026

33 3 Full Breakdown

Summary

Story summary

Rents declined across many areas, led by the South and Mountain West.
Austin, Texas, posted a drop with median rent down nearly 6% from last year.
The national median rent for new leases is $1,400, down 1.5% from last year and about 20% above pre-pandemic levels.
Affordability remains a problem, with 7 million households paying more than 30% of income on rent and 12.1 million paying more than half.

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Story summary

Rents declined across many areas, led by the South and Mountain West.
Austin, Texas, posted a drop with median rent down nearly 6% from last year.
The national median rent for new leases is $1,400, down 1.5% from last year and about 20% above pre-pandemic levels.
Affordability remains a problem, with 7 million households paying more than 30% of income on rent and 12.1 million paying more than half.