Published on Wednesday, March 25, 2026
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Zumper's March report points to slowing declines and modest monthly gains.
U.S. rents are showing early signs of stabilization after nearly a year of downward pressure, according to Zumper's March national rent index. Annual rent declines continue to ease, with one-bedroom rent down 1.4% to $1,502 and two-bedroom rents down 1.3% to $1,880. Both unit types have been trending upward in recent months, marking the third consecutive month of decelerating annual declines.
"After a prolonged period of soft rent growth, the market is beginning to return to more typical seasonal patterns," said Zumper CEO Shawn Mullahy.
"While rents are still down year-over-year, the pace of those declines is clearly slowing, and early signs of spring demand are beginning to push prices upward again. As we head into peak leasing season, we expect competition to pick up, particularly in markets that have already absorbed a significant wave of new supply and are beginning to rebalance."
Monthly trends are now turning modestly positive, the report said. Median asking rents ticked up in March, with one-bedroom rents rising 0.2% and two-bedrooms increasing 0.1%, the first monthly gains for both unit types since May 2025.
San Francisco continues to drive the high-end market, with rents reaching all-time highs. One-bedroom rent jumped 18.4% to $3,790, surpassing the previous peak set in June 2019, while two-bedrooms rose 22.6% to $5,270, topping the September 2025 record. The surge is fueled by a resurgent tech sector, particularly AI hiring, a return-to-office push and historically tight housing supply, with occupancy already near 97%.
In contrast, Florida markets remain soft, reflecting a cooling of domestic migration and elevated supply. Tampa led declines in one-bedroom rent drops, down 12.1%, followed by Tallahassee (-8.2%), Miami (-3.9%), Orlando (-3.3%), St. Petersburg (-3.2%), Fort Lauderdale (-1.1%) and Jacksonville (0%).
Developers' construction pipelines have caught up to demand, and peak deliveries arriving after the migration surge have added inventory, creating downward pressure on rents and more choice for renters, according to Zumper.
Other notable top movers nationwide include Boston ($3,020), Honolulu ($2,250), Syracuse ($1,150) and Milwaukee ($960) on the rise, while New Haven, CT ($1,860), New Orleans ($1,390), Cleveland ($1,380), Baton Rouge ($1,100) and Glendale, AZ ($1,010) saw the largest declines.