Median Rent Falls to $1,686; Las Vegas Shows 70% Loyalty, Raleigh Outsiders 69%
NWS•National median asking rent dropped to $1,686 in May, down 1.5% year-over-year and marking the 34th consecutive monthly decline. Las Vegas topped local renter loyalty at 70%, while Raleigh saw 69.1% of rental searches from outside the metro and San Francisco rents rose 1.2%.
1. National Rent Trends
In May the national median asking rent fell to $1,686, a 1.5% year-over-year decrease and the 34th straight monthly decline. Softening rents reflect broader market adjustments despite regional variations in demand and pricing.
2. Markets with Strong Local Loyalty
Las Vegas residents led the country with 70% of rental searches staying within the metro in Q1 2026, followed by Austin at 66.7%, San Antonio at 65.1%, Houston at 64.6%, and San Diego at 64.3%. Houston’s retention rate jumped 11 percentage points since 2020, rising from 53.3% to 64.6%, highlighting growing local renter stability in several Sun Belt cities.
3. Markets Dominated by Outsiders
Raleigh-Cary recorded the highest out-of-metro share at 69.1% of rental views in Q1 2026, up from 59.0% in 2020. Other markets with over 64% outsider demand include Hartford (68.6%), Providence (65.7%), Richmond (64.7%) and Baltimore (64.4%), while Detroit’s out-of-market demand nearly doubled since 2020, climbing to 51.8%.
4. San Francisco’s Divergence
San Francisco rents rose 1.2% year-over-year in May, reversing the national downtrend. Local loyalty increased from 44.0% to 55.0% since 2020, while out-of-market searches climbed from 43.1% to 64.1%. A surge in homeownership to 51.7% suggests AI-driven wealth gains are converting renters into buyers and reducing rental inventory.
