The spring rental market of 2025 has brought encouraging signs for both renters and housing professionals across the United States. According to the latest Realtor.com Rental Report, the national median rent fell for the 21st straight month, a trend that reflects the market’s return to balance after years of pandemic-era disruption.
At Duke Properties, we view this as a positive and necessary correction—one that paves the way for more sustainable growth, tenant stability, and long-term housing resilience. While some coastal markets like New York City, Miami, and Los Angeles remain among the least affordable, even these cities are starting to see meaningful improvements in affordability metrics. That’s progress worth noting.
New York City: Still Strong, Yet Shifting Toward Opportunity
New York City continues to be one of the most dynamic rental markets in the country. In April, the median rent hit $2,936, meaning renters spent around 37% of their income on housing—still high, but down from last year’s peak. That decline in the rent-to-income ratio marks a small but important step forward in our collective efforts to create a more accessible rental landscape.
We see this as an invitation for landlords, developers, and policymakers to reinvest in smart supply, inclusive development, and equitable housing solutions. At Duke Properties, our commitment has always been to provide quality, reasonably priced homes in the communities we serve. These market shifts reaffirm that mission.
National Trends Reflect a Cooling Market and Rising Inventory
On a national scale, April’s data tells a more optimistic story. Median rent across the top 50 U.S. metros stood at $1,699, down $60 from the 2022 high. Studios and one-bedrooms saw nearly a 2% annual decline, and two-bedrooms dropped to $1,887.
Behind this cooling is a clear driver: increased multifamily construction. The national vacancy rate surged to 7.1%, the highest in nearly seven years, giving renters more options and softening prices in many cities.
This increase in supply—particularly of modern, energy-efficient, and amenity-rich buildings—empowers renters and encourages competition. And it challenges all of us in the housing sector to keep up by delivering value, service, and flexibility.
Coastal Markets Still in Demand—And That’s Okay
Despite the positive national trend, five coastal metros remain at the top of the least affordable list: Miami, New York City, Los Angeles, Boston, and San Diego. But there’s an upside. Each of these markets also saw year-over-year improvements in rent-to-income ratios, proving that affordability is moving in the right direction.
It’s worth remembering that demand in these regions remains high for good reason—world-class culture, job opportunities, and connectivity. That sustained interest signals opportunity for responsible developers and landlords who are committed to thoughtful growth. Being in-demand doesn’t have to mean being out of reach.
New Possibilities for Renters and Investors: Affordability Expands in Emerging Metros
Meanwhile, cities like Oklahoma City, Austin, Columbus, and Raleigh offer strong affordability, with households spending just 17–18% of their income on rent. For those considering relocation or investment beyond the coasts, these metros present excellent value in stable, high-quality housing markets.
For Duke Properties and others eyeing long-term strategic growth, these regions offer exciting potential—not just as financial investments, but as communities ready to thrive.
Closing Thoughts: A Market in Motion, Moving Toward Stability
We are witnessing the early stages of a more balanced national rental market, one that offers promise for renters seeking fairer housing costs and opportunities for owners to recalibrate pricing in a healthier environment.
At Duke Properties, we believe this is a time for optimism—and for action. Whether in New York or nationwide, we’re focused on delivering homes that are livable, attainable, and built to support vibrant communities.
As affordability improves and inventory expands, we all share a role in ensuring the momentum benefits everyone—not just in numbers, but in quality of life.
— Albert Dweck
Founder & CEO, Duke Properties