Core Insights - American renters experienced a decrease in median asking rent in February, reaching the lowest level in four years, with a decline of $29 or 1.7% year-over-year [1] - The national median asking rent for 0 to 2-bedroom properties in the 50 largest metro areas was $1,667, down 5.1% from its peak in summer 2022 but still 14.2% higher than pre-pandemic levels [2] Rent Declines by Metro Areas - 15 markets reported median asking rents down at least 10% from their peaks as of February 2026, indicating significant relief for renters in those areas [2] - Austin, Texas, saw the steepest decline in median asking rent, down 18.2% from its peak and 7.1% year-over-year [5] - Birmingham, Alabama, ranked second with a 17.1% decline from its peak and a 3.4% decrease from a year ago [5] - Memphis, Tennessee, experienced a 16.1% decline from its peak and a 3.8% decrease year-over-year [5] Additional Notable Declines - Other cities in the Sun Belt also saw significant declines, with Phoenix down 15.6% from its peak and 4.4% from a year ago [8] - Atlanta's median asking rent decreased by 15.2% from its peak and 2% from last year [8] - Las Vegas had a 14.8% decline from its peak and 1.8% from a year ago [8] - San Diego's median asking rent was down 14.3% from its high and 3.7% from a year ago [11] - Virginia Beach, Virginia, had the smallest decrease at 1.7% from its peak, with a 4.5% increase in the last year [11] - Kansas City was down 1.8% from the peak, with a 1% increase year-over-year [12] - Baltimore's rental figure was down 2.4% from its peak and up 0.8% in the last year [12]