For the first time in years, renters across the U.S. are catching a small but meaningful break. The typical asking rent hit $1,895 in February 2026 — up just 1.9% from a year earlier, the slowest pace of annual growth since December 2020, according to Zillow’s Observed Rent Index. A construction boom has flooded the market with new apartments, and landlords are increasingly competing on price, offering free rent, waived fees, or other concessions on nearly 40% of Zillow listings last month.
Where you live determines whether renting is a manageable expense or a monthly financial reckoning. In some Sun Belt cities that absorbed waves of new supply, rents have actually fallen from a year ago. In coastal metros where land is scarce and housing construction has lagged demand, renters are still facing some of the heaviest burdens of any major city.
The numbers tell a different story on a national level. A household needs to earn roughly $76,000 a year to comfortably afford the typical rental today, or about $20,000 more than pre-pandemic levels. Rents overall have risen 35.5% since early 2020, and single-family rents have climbed 44.2%.
The widening gap between the most and least affordable markets reflects broader dynamics: migration patterns, zoning constraints, wage levels, and how aggressively cities have built new housing over the past decade. As Zillow’s February 2026 rental report makes clear, rent affordability is a local story. Here is a look at the five most affordable and five least affordable major U.S. rental markets right now.
