Texas emerged as the leading market for rental price declines as a surge in multifamily supply gave renters more options and increased negotiating power.
According to Zumper's latest national rent report, the national median one-bedroom rent fell 0.1% year over year to $1,515 in August 2026, while two-bedroom rents increased 0.5% to $1,907.
Texas accounted for three of the five U.S. cities with the largest annual declines. Austin recorded the steepest drop, with median one-bedroom rents falling 16.6% to $1,260. Houston followed with a 14.6% decline to $1,050, while Dallas rents decreased 13% to $1,270.
The declines reflected a significant increase in multifamily inventory across these markets. As more rental communities came online, property owners faced greater competition for tenants, giving renters more leverage to negotiate rents and lease terms.
Durham, North Carolina, and Nashville, Tennessee, rounded out the five markets with the largest rental declines.
For the multifamily and SFR sectors, the trend highlighted how rapidly expanding supply can reshape rental-market dynamics, shifting leverage toward renters while placing greater pressure on owners to compete for occupancy.
Source: MySA
