From supply-rich Austin to high-priced Miami, Zillow maps the great U.S. rent divide

For the first time in years, renters across the U.S. are catching a small but meaningful break. The typical asking rent hit $1,895 in February 2026 — up just 1.9% from a year earlier, the slowest pace of annual growth since December 2020, according to Zillow's Observed Rent Index. A construction boom has flooded the market with new apartments, and landlords are increasingly competing on price, offering free rent, waived fees, or other concessions on nearly 40% of Zillow listings last month.

Where you live determines whether renting is a manageable expense or a monthly financial reckoning. In some Sun Belt cities that absorbed waves of new supply, rents have actually fallen from a year ago. In coastal metros where land is scarce and housing construction has lagged demand, renters are still facing some of the heaviest burdens of any major city.

The numbers tell a different story on a national level. A household needs to earn roughly $76,000 a year to comfortably afford the typical rental today, or about $20,000 more than pre-pandemic levels. Rents overall have risen 35.5% since early 2020, and single-family rents have climbed 44.2%.

The widening gap between the most and least affordable markets reflects broader dynamics: migration patterns, zoning constraints, wage levels, and how aggressively cities have built new housing over the past decade. As Zillow's February 2026 rental report makes clear, rent affordability is a local story. Here is a look at the five most affordable and five least affordable major U.S. rental markets right now.

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Austin is the most affordable major rental market in the country, with the median household spending just 17.9% of income on rent, according to Zillow. That affordability is in part a consequence of pain: Rents in Austin have fallen 2.4% year over year, the steepest annual decline among the 50 largest U.S. markets, reflecting a heavy wave of new apartment supply that has given renters significant leverage. More than 63% of Austin listings on Zillow offered concessions in February.

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Renters in Salt Lake City spend just 18.1% of their income on housing, well below the national average of 26.3%. With a median rent of $1,599, the city is one of the more accessible large western metros. Like Austin, Salt Lake City has benefited from relatively robust housing construction relative to its population size. Rents responded by dropping 0.7% from a year ago.

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Raleigh rounds out the top three at 18.4% of median household income spent on rent. The city's typical asking rent is $1,651, and annual growth has nearly stalled at 0.2%. Raleigh also has a high share of listings offering concessions — nearly 63% in February alone — signaling continued competition among landlords to attract tenants.

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Minneapolis ties Denver for the fourth spot at 19.4% of median income spent on rent, with a typical asking rent of $1,664. Rents are up 4% year over year, one of the stronger growth figures among the most affordable markets, but the city's relatively high household incomes keep the burden manageable. About 41% of local listings offered concessions in February.

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Denver also comes in at 19.4% of median income despite rents falling 1% year over year to a typical $1,844. One of the country's biggest waves of apartment construction has pushed vacancy rates up, depressing rent growth and keeping affordability in check. Denver's concession rate of 68.6% in February was among the highest of any major U.S. market, a clear signal that landlords are working hard to fill units.

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Miami is the least affordable major rental market in the U.S., with the median household spending 37.2% of its income on rent. That's well above the 30% threshold widely considered a financial stress point. The asking price is $2,654, and while annual growth has slowed to just 0.5%, the city's relatively lower household incomes make even modest rents a heavy burden. Only about 28% of Miami listings offered concessions in February.

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New York is a close second at 37.1% of median income spent on rent. The going rate of $3,258 is the highest of any major market tracked by Zillow. Thanks to the city's tight supply, strict zoning environment, and persistent demand, rents rose 4.2% year over year in February. Just 19% of listings in the area offered concessions.

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At $2,884 a month, Los Angeles tenants spend 33.9% of their median household income on rent. Annual rent growth has slowed to 1.1%, but years of cumulative increases have left a heavy affordability burden. About 30% of listings offered concessions in February, a notably lower share than many other large markets.

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Spanning much of the Inland Empire east of Los Angeles, the Riverside metro area commands a median rent of $2,478, consuming 30.9% of median household income. Despite sitting well inland from the coast, Riverside has long attracted renters priced out of Los Angeles, pushing up costs relative to local wages. About 28% of listings offered concessions in February.

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San Diego rounds out the least affordable markets at 29.8% of median household income. Average rent there is $2,871. Annual rent growth has moderated to 1.6%, but the city's combination of coastal appeal, limited land, and high construction costs has kept it out of reach for many moderate-income households. About 37% of listings offered concessions in February.