The construction boom has increased the number of apartments for rent in the United States, driving prices to lower levels. The nationwide median asking rent in 2026 was $1,357, 1.5% lower than the same time last year, according to data from Apartment List. However, while the national averages are stabilizing, some areas are seeing significant decreases. Two Florida hotspots are seen as having the biggest decline since the year's start, with Austin in third place. Despite this, there are still 12.1 million Americans who spend more than half their income on rent and utilities.