Average National Monthly Rent Prices Have Fallen
Renters across the country see relief as average monthly costs dip by $100 compared to last year's rates.
Updated on Sept. 25, 2026 in Apartments
Live Poll
Is housing in your community becoming more affordable compared to last year?
National average rent prices have decreased by $100 per month compared to last year, bringing the current national average to $2,000. This shift follows a period of rapid growth that saw rental prices reach a peak in mid-2022.
Why it matters
The recent decrease in rent costs offers potential financial relief for household budgets that have been stretched by rising housing expenses. This trend reflects broader changes in housing availability and population movement that influence local market affordability.
The national average rent now sits at $2,000, down from the peak seen in mid-2022. Locally in Memphis, rents have also dropped by $50 to an average of $1,250, amidst a shift where 54% of residents are now renters.
The players
Donald Trump
The current President of the United States whose immigration enforcement initiatives began in early 2025.
The details
New apartment construction contributes to increased housing supply, which helps moderate costs by improving affordability. Additionally, out-migration from specific urban areas, such as Memphis to destinations like Nashville or Texas, reduces local demand and competition for existing rental units. These factors combined have helped ease the upward pressure on monthly rental rates that previously defined the market.
Timeline
2010-2022: Renter households increased in Memphis.
Mid-2022: National rent prices reached a peak.
January 2025: President Trump's immigration enforcement began.
September 2025: Baseline for one-year rent decrease comparison.
September 2026: Core event date.
The Home Front
The current decline in average rents follows the sustained upward pricing trend established at the 2022 peak. These market adjustments are currently being shaped by local out-migration patterns and increased inventory from new construction projects.
Renters should track their local market conditions to understand how national trends might influence their specific lease renewal terms. Review your current household budget to see if these market changes create an opportunity to negotiate your next lease agreement or explore more affordable housing.
The takeaway
While national rent prices are trending downward, local market variations mean renters should stay informed about regional vacancy rates. Tracking your city's specific median household income and rental trends can help you better plan for future housing costs during your next lease review.
Further reading
For more on the current rental market, visit Apartments.
Source note: This article includes information reported by Actionnews5.
Live Poll
Is housing in your community becoming more affordable compared to last year?
