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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 \u2014 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.<\/p>\n
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.<\/p>\n
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%.<\/p>\n
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<\/a> 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.<\/p>\n<\/div>\n