U.S. Asking Rent Drops to $1,686 as San Francisco Loyalty Rises to 55%
NWSA•National median asking rent dropped to $1,686 in May, down 1.5% year-over-year and marking 34 consecutive monthly declines. Realtor.com Q1 data shows Las Vegas retains 70% of local renters, Raleigh draws 69.1% outsider demand, and San Francisco rents rose 1.2% with local loyalty climbing to 55%.
1. National Rent Decline
National median asking rent for May dropped to $1,686, a 1.5% year-over-year decline and the 34th straight monthly drop, indicating persistent softening in U.S. rental markets.
2. Cross-Market Demand Highlights
Realtor.com Q1 data reveals Las Vegas leads with 70% of rental searches remaining local, while Raleigh tops out-of-market demand at 69.1%, and Detroit’s outsider demand nearly doubled from 28.1% in 2020 to 51.8% in 2026.
3. San Francisco's Unique Pattern
San Francisco diverges as rents rose 1.2% year-over-year and local loyalty climbed from 44% to 55%, while homeownership jumped from 49% to 51.7% over the past year, suggesting AI-driven wealth gains are shifting renters into buyers.
