2023 Real Estate Lease Dynamics: What the Rent Dip Meant, and Where Leases Stand in 2026

Updated October 2026. We kept the 2023 rent figures this page was built on and added where the lease market stands now. Realtor.com’s May 2023 rental report, the Census Bureau’s vacancy release and NAR’s latest reports were read on October 28, 2026.

In May 2023, rents fell year over year for the first time in Realtor.com’s data: the median asking rent in the 50 largest metros was $1,739, down 0.5%. As of October 2026, the US rental vacancy rate is 7.3% (Census, second quarter 2026), up from 7.0% a year earlier, so renters have a bit more choice than they did in 2023.

Jump to: 🏠 The 2023 lease market · ⏱️ What changed by 2026 · 🪜 Tips for renters · 🤝 Notes for landlords · 💲 Rent or buy · ❓ FAQ

This page started life in 2023 as a quick read on the rental market. We’ve rebuilt it with the numbers behind it and a 2026 check-in. If you’re signing your first lease, start with our list of things to keep in mind before renting for the first time.

What happened to rents in 2023?

The short version: rent growth stalled after two hot years. Realtor.com reported that May 2023 was the first month with a year-over-year decline for 0 to 2 bedroom units since its trend data began in 2020. The median asking rent in the top 50 metros was $1,739. That was $3 more than in April and $38 below the July 2022 peak.

The drop wasn’t even across unit sizes. Two-bedroom rents slipped 0.5% to $1,923. One-bedrooms barely moved, up 0.4% to $1,628. Studios still rose 2.0% to $1,463, because renters were trading down to save money.

Why did rents behave so differently by region?

Region mattered more than the national number. Western metros were 3.0% cheaper than a year earlier and the South was down 0.7%. The Midwest kept climbing, up 4.5%. Big northeastern metros grew fastest: New York rose 6.8%, Pittsburgh 3.8% and Boston 3.3%.

Realtor.com tied part of the gap to supply. In the first quarter of 2023, multifamily completions in the West ran at an annual pace of 147,000 units, up 84% from a year earlier. The Northeast completed 60,000. More new apartments meant more competition for tenants out West. The report also expected rents to end 2023 down about 0.9%, which is the forecast the original version of this page quoted.

What has changed in the lease market by 2026?

Three years on, the rental market looks calmer. In its July 28, 2026 release, the Census Bureau put the national rental vacancy rate at 7.3% for the second quarter of 2026. That’s not statistically different from 7.0% a year earlier or the 7.3% of the first quarter. More empty units usually means more room to negotiate.

Buying is still a stretch for many renters. NAR’s September 2026 report put the median existing-home price at $417,500, up 1.3% from a year earlier. Its 2025 buyer profile found first-time buyers made up just 21% of purchases, a record low, and their median age rose to 40. Homeownership held at 65.0% in the Census release.

So the 2023 pattern hasn’t flipped. Renting remains the default for younger households, and landlords compete harder for good tenants. For a deeper look at the market, our real estate market trends article covers the broader picture, and the 2020s’ hottest real estate trends are summed up there too.

How should renters approach a lease in 2026?

Most of the 2023 advice still holds. What’s changed is your leverage. With vacancy above 7%, you can often ask for more than you could three years ago.

• Start looking 30 to 60 days before your move date, so you aren’t forced to take the first unit.
• Have your documents ready: ID, recent pay stubs, landlord references and a credit report you’ve checked yourself.
• Ask about concessions, such as a free month, waived fees or a longer lease at the same rent.
• Read the renewal clause. Some leases let rent jump at renewal with little notice.
• Walk the unit before you sign and photograph every scratch, stain and dent.

Students and young renters have extra questions about co-signers and joint leases. Our guide the Lease Agreements: What Students Need to Know explains them. For the rights side, read Mastering Your Lease: Understanding Your Rights and Responsibilities in Rental Apartments. If you rent a house rather than an apartment, How to Successfully Rent a Home in 2022 still covers the basics well.

What should landlords watch in today’s lease market?

The 2023 report warned landlords that slower rent growth would squeeze margins while costs stayed high. That warning aged well. With vacancy at 7.3%, pricing a unit $100 too high can cost you a month of rent, which wipes out a year of that premium.

Here’s what we’d focus on. Price against current listings for the same unit size, not last year’s rent. Respond to inquiries the same day. Screen fairly and the same way for every applicant. And keep the paperwork clean: the IRS treats rent, advance rent and expenses a tenant pays for you as rental income, per Topic 414.

Rules on deposits, notices and repairs differ by state. If you own a rental in Florida, our guide to Florida landlords’ rights and duties walks through them.

Thinking of selling the rental instead?

Some owners who bought before 2022 now weigh selling against another lease. If you go that way, a flat fee listing keeps more of the sale price in your pocket. Beycome’s flat fee MLS packages put your home on the local MLS for $99 (Basic) or $399 (Enhanced), with $0 due to Beycome at closing, in 17 states and DC. If you’d like experts to handle the sale with you, Beycome Concierge is $1,399, with full support and you in control of every decision. Basic is $129 in California and Illinois.

Is it better to rent or buy in 2026?

There’s no single answer, and the numbers above show why. A $417,500 median price and 21% first-time buyer share tell you buying is hard right now. A 7.3% vacancy rate tells you renting is a bit easier than it was. Your own answer depends on how long you’ll stay, your savings and your local prices.

A simple test: if you expect to move within three years, renting usually makes more sense, because buying and selling costs eat into any equity you’d build. If you’ll stay longer and have a down payment, compare your rent with a full monthly payment that includes taxes and insurance. Our rent or buy guide for career moves runs through that math.

If you decide to buy, the Beycome buyer program is open to every buyer on homes listed by other agents (the commission credit can’t apply where no buyer-agent commission is offered, like most FSBO homes, or on homes listed by Beycome sellers). There’s no upfront fee. Beycome keeps 1% of the price, minimum $1,499, and credits the rest of the buyer-agent commission at closing, with lender approval. On a $400,000 home with 3% offered, that’s $8,000 back. That 3% is an example only: commissions aren’t set by law or NAR rules and are negotiable, sellers choose whether to offer buyer-agent compensation, and since August 17, 2024 those offers aren’t shown on the MLS.

Lease market questions renters ask