The second quarter of 2025 reveals a rental market marked by overall price stability, shifting regional dynamics, and a continued rise in landlord concessions. Our latest Q2 2025 National Market Report dives deep into these evolving trends, offering essential insights for renters, property managers, and real estate professionals navigating a complex landscape.
Overall, asking rents stayed mostly flat or saw modest increases across the country, with the national median rent averaging $1,897 (down -0.3% year-over-year). Rent levels continue to hover around 20% above pre-pandemic figures, although they remain below their 2022 peak. Most property managers (77%) expect this steady pattern to hold in the near term, while 21% foresee moderate increases.
Even as buyer demand is tempered by high mortgage rates and affordability concerns, rental demand remains strong ,especially for single-family homes and three-bedroom units, which continue to command higher rents. However, the market is also grappling with a massive influx of new multifamily and single-family rental units, which has kept broader rent growth in check.
This supply surge has contributed to high vacancy rates in some segments, prompting landlords to offer incentives to fill units.
One of the most notable trends this quarter is the continued rise in concessions. According to Rental Beast data, 30% of listings offered concessions in Q2 2025, up from 21% in Q1 2024. Other platforms reported even higher figures, with some markets like Phoenix (60%) and Charlotte (4%) seeing particularly aggressive discounting. This reflects a softening market in certain metros and a more competitive leasing environment.
Applicant volume remains consistent, with 61% of property managers reporting similar application levels compared to previous quarters. Notably, 32% saw an increase in applicants, indicating localized surges in demand, especially in markets like Charlotte (+7.2% YoY rent growth for multifamily units) and Miami (+12% YoY for SFRs).
Median days on market dropped slightly from Q1, with single-family homes averaging 21 days and multifamily rentals 22 days on the market. This modest decrease from Q4 2024 suggests stronger interest or more efficient leasing practices, particularly in high-demand areas.
The rent-vs-buy gap remains substantial. In Q2 2025, the median monthly cost difference between owning and renting a 3-bedroom home hit $906, with markets like San Diego-Carlsbad seeing a staggering $2,682 spread. While some metros such as Cleveland and Miami offer more balanced affordability, renting continues to be the more viable option for many households nationwide.
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