The rental market is normalizing, but “normal” still depends on where you live

After years of volatility, the U.S. rental market is settling into something closer to equilibrium. Nationally, rent growth has slowed to near zero, vacancy has risen, and the intense competition of the pandemic era has eased. But normalization does not mean uniform relief, and it certainly does not mean the rental market has turned easy.

As of late 2025, the national median asking