We're in a renter's market (believe it or not)

Summary

The Indicator from Planet Money

Episode: We're in a renter's market (believe it or not)
Date: July 7, 2026
Host: Waylon Wong
Guests: Steven Besaha (NPR Personal Finance Reporter), Kara Ng (Zillow Senior Economist), Mason Comins (Nashville renter), Chloe Traub (Chicago renter)

---

Episode Overview

In this episode, Waylon Wong and Steven Besaha tackle the surprising claim that 2026 is a renter’s market in the U.S.—a reversal from the years-long trend of surging rents. They explore how the reality for renters varies widely across the country, focusing on real-life experiences from Nashville and Chicago. The discussion dives into the economic reasons behind shifting rental conditions, regional disparities, and what renters can do to take advantage of their newfound leverage in some markets.

---

Key Discussion Points & Insights

National Trends – Are We Really in a Renter's Market?

• Slowing Rent Growth:

  • U.S. rents are only up 2% from a year earlier—below the rate of inflation.
    • Waylon Wong: “If you look at rent in May, it was up about 2% from a year earlier, according to Zillow. That's slower than the rate of inflation.” (02:25)
  • Wages are increasing faster than rent, giving some renters more financial breathing room.
    • Steven Besaha: “Wages grew faster than rent—a win win.” (02:35)

• Construction Boom Drives Supply:

  • In 2024, over 600,000 new apartment units were built—the highest in decades.
    • Waylon Wong: “The US has recently gone through an apartment construction boom.” (02:41)
  • This surge in apartment supply is outpacing demand nationally.
    • Kara Ng: “There's a lot of apartment buildings hitting the market all at once, and property managers are trying to fill it, and they're doing it with freebies.” (03:04)

Renter Power: Incentives and Negotiation

• Landlords Offer Perks:
  • Nearly half of apartments listed on Zillow in April offered incentives—waived fees, free months of rent.
    • Waylon Wong: “Almost half were offering some financial incentive to move in. A Zillow record.” (03:23)
  • Renters have leverage to negotiate—especially in markets flooded with new units.
    • Kara Ng: “Renters tend to like the free month of rent. And it doesn't hurt to ask because right now you guys have the power.” (03:31)

Nashville: Renter’s Market in Action (03:42–05:27)

• Real Life Example – Mason Comins:

  • Apartments actively reach out with deals to attract tenants.
    • Mason Comins: “All sorts of apartments. Just text me, well, how about this? Or how about this?” (03:42)
  • Negotiated up to 2.5–3.5 months of free rent in some instances.
    • Mason Comins: “I even saw some places doing three months, three and a half months free.” (03:55)
  • Signed for $1,800/month one-bedroom in a new complex, opting for renting over taking on a $3,000 mortgage.
    • Mason Comins: “Eighteen hundred dollars for a one bedroom…$3,000 mortgage. That's significantly a lot more of my paycheck going to a housing payment.” (04:50)

• Sunbelt Cities Lead the Trend:

  • Deals are prevalent in cities like Nashville, Phoenix, and Austin due to abundant land, looser regulations, and a building spree.
    • Steven Besaha: “These perks, they are especially common in sunbelt cities…where there's a lot of land to build on and fewer regulations to stop it.” (04:09)

Limits to Renter Power (06:10–06:41)

• Incentives often apply only to new tenants, not lease renewals.
  • Mason Comins: “If every year I kind of want to get a couple months off free rent, then I would have to move to do that.” (06:21)
  • Mason has moved four times in five years to chase these perks.
    • Waylon Wong: “Oh, no, that's too much moving for me.” (06:33)

Chicago: The Flip Side (06:53–08:34)

• Market Remains Tough:

  • Chloe Traub rents a $1,600 one-bedroom in Lincoln Park, described as a steal amid rapidly rising rents.

    • Waylon Wong: “That is a deal.” (07:16)

  • Chicago rent is up 5.5% year-over-year, among the fastest-growing in the U.S. New units and incentives are much less common (only 20% of listings offer perks).

    • Steven Besaha: “Chicago does have some of the fastest growing rent…Only about 20% of Chicago rentals on Zillow are offering those financial move in perks.” (07:31, 08:23)

• High Demand, Low Supply:

  • Chloe recounts seeing a line to view an apartment: “He goes, it's okay, like, I'll fill it. I have 12 showings after you…It's a rat race out there.” (08:34)

Urban Real Estate Disparities (08:07–08:23)

• Northeast and Midwest cities (Chicago, LA, Philly) missed the construction wave due to limited land and regulations.
  • Waylon Wong: “Cities like Chicago, Los Angeles, and Philadelphia did not get that construction boom.” (08:07)

Context: Market Aftershocks & Policy Moves (05:27–05:55)

• Even with a potential shift to more affordable rents, prices remain high after a 37% post-pandemic surge.

  • Waylon Wong: “Rents went up, what, 37% since before the pandemic.” (09:08)

• Congressional Action:

  • A bipartisan housing bill to encourage homebuilding and lower prices awaits signature. President Trump is focused on other priorities but hasn’t vetoed it.
    • Steven Besaha: “Congress…passed a housing bill with overwhelming bipartisan support…President Trump has refused to sign it. He wants his election security bill passed first.” (05:36–05:55)

Cost-of-Living Context (09:04–09:49)

• Rents have not risen as fast as other expenses (like gas, electricity) this past year. Some renters have $2,300 more in their pockets annually, thanks to wage growth and incentives.
  • Waylon Wong: “That translated into an additional $2,300 a year in people's pockets. That's not counting those free months of rent.” (09:30)

---

Notable Quotes & Memorable Moments

• Kara Ng (Zillow):
  “It's 2026 and renters, this is your year. It's a renter's market right now.” (00:23)

• Waylon Wong:
  “Location, location, location.” (01:07)
  “I mean, that was a big shock. Remember what happened? The pandemic is prices. If everything went up.” (09:08)

• Mason Comins (Nashville):
  “Well, this place is doing two months free and you're only doing one month free. And they're like, okay, well we might be doing two months free.” (03:55)
  “If every year I kind of want to get a couple months off free rent, then I would have to move to do that.” (06:21)

• Chloe Traub (Chicago):
  On being told about the “renter’s market”: “Hell, no. Sorry, I don't know if I can say that.” (07:01)
  On the rat race: “He goes, it's okay, like, I'll fill it. I have 12 showings after you…It's a rat race out there.” (08:34)

• Steven Besaha:
  “LendingTree found that US homeowners generally pay each month about 37% more than renters.” (05:10)

---

Timestamps for Key Segments

• 00:06–01:13: Opening & introduction of main theme
• 02:19–03:39: National rental market trends, construction boom, supply/demand
• 03:42–05:27: Nashville market, Mason’s story, perks and negotiations
• 06:10–06:41: Limits to incentives—need to move to keep getting perks
• 06:53–08:34: Chicago market, Chloe’s experience, lack of deals and high demand
• 08:07–08:23: Urban contrasts, why Midwest/Northeast missed out
• 09:04–09:44: Post-pandemic rent shock, cost-of-living context
• 09:59–10:11: Tips for negotiation, landlord dynamics
• Throughout: National policy context and ongoing rent disparities

---

Takeaways

• Is it a renter’s market? Yes—if you’re in the right city. New construction and slowing price increases give renters leverage in some Southern and Sunbelt cities.
• But: Many urban markets still have high demand, low supply, and little incentive for landlords to negotiate.
• Advice: If you're in a city with plenty of new apartments, ask for perks or negotiate rental terms. Otherwise, be prepared for stiff competition and rising prices.
• Looking ahead: Congressional action may further impact housing supply and affordability—but lingering post-pandemic price hikes and regional disparities will take time to even out.

---

Summary prepared to capture the voice and tone of the speakers, and structured for easy reference for listeners and non-listeners alike.

Transcript

[NPR Announcer]

Npr.

[Waylon Wong]

If you are a longtime renter, you've had a rough go of it for a while. The typical asking rent has gone up about 37% since before the pandemic, according to Zillow. Which is why it surprised us when we were talking with Zillow senior economist Kara Ng and she said this.

[Kara Ng]

Yeah, so it's 2026 and renters, this is your year. It's a renter's market right now.

[Waylon Wong]

Now renters, before you grab your sharp knives and your leases and say that that can't possibly be true, whether or not you live in a renter's market depends on where you live. This is the indicator from Planet Money. I'm Waylon Wong and I'm here with NPR's personal finance reporter Steven Besaha.

[Steven Besaha]

Thank you for having me back on the pod, Waylon.

[Waylon Wong]

It is so fun to have you back. Stephen, we missed you.

[Steven Besaha]

Miss being here too. And on today's show we get to vastly different renters experiences from Nashville to Chicago and learn what makes the difference between a renter's market and a renter's nightmare.

[Waylon Wong]

You guessed it, location, location, location.

[NPR Announcer]

This message comes from Schwab. With the new Schwab Teen Investor account, teens can gain hands on investing experience and build positive money habits. It's an account co owned by you and your teen so you can monitor and engage with the account while your teen learns how to invest and manage money. Learn [e-mail] this message comes from NPR sponsor Carvana. Carvana makes car buying easy 100% online prices down to the penny, delivered to your door. Why make car buying hard when it could be easy? Visit Carvana.com today. Terms may apply Support for this podcast and the following message come from Vanguard. Every day, shareholders meet to discuss important matters about the companies you invest in. Now you can make your voice heard too. Vanguard Investor Choice makes it easy to set your proxy voting preference for your eligible Vanguard index funds. Visit vanguard.com investorchoice to learn more. Vanguard investors own shares of their index funds and those funds own shares of the companies they invest in. Vanguard Marketing Corporation Distributor before we zoom

[Steven Besaha]

in on specific cities, if we look at the US As a whole, it doesn't does look like a renter's market.

[Waylon Wong]

Yeah, if you look at rent in May, it was up about 2% from a year earlier, according to Zillow. That's slower than the rate of inflation. And at the same time, wages grew

[Steven Besaha]

faster than rent A win win and realtor.com even shows rent falling nationally and

[Waylon Wong]

the reason for that comes down to economics 101, supply and demand. The US has recently gone through an apartment construction boom. In 2024, the US built more than 600,000 units. That's the most in Dec. That huge

[Steven Besaha]

increase in supply has outpaced demand, at least nationally. Zillow economist Kara Eng says apartments are sitting empty.

[Kara Ng]

There's a lot of apartment buildings hitting the market all at once, and property managers are trying to fill it, and they're doing it with freebies.

[Steven Besaha]

Freebies. Landlords aren't just lowering rent, they're offering deals. Out of all the rentals listed on Zillow in April, almost half were offering some financial incentive to move in.

[Waylon Wong]

A Zillow record, the incentive could be anything from a waived pet fee to a month or two of free rent. Free rent.

[Kara Ng]

Renters tend to like the free month of rent. And it doesn't hurt to ask because right now you guys have the power.

[Steven Besaha]

So what does all this renter power look like?

[Mason Comins]

All sorts of apartments. Just text me, well, how about this? Or how about this?

[Steven Besaha]

Mason Comins was recently apartment shopping around Nashville and apartments were texting him with deals. So he used that renter power to negotiate.

[Mason Comins]

Well, this place is doing two months free and you're only doing one month free. And they're like, okay, well we might be doing two months free. I even saw some places doing three months, three and a half months free.

[Waylon Wong]

I'm sorry, three and a half months. That's a whole financial quarter of free

[Steven Besaha]

rent, a whole quarter off of your rent. So these perks, they are especially common in sunbelt cities like Nashville, Phoenix and Austin, where there's a lot of land to build on and fewer regulations to stop it. So more apartments getting built and more deals.

[Waylon Wong]

Mason ended up going with the place that was offering two plus months of free rent. It's a brand new apartment complex complete with a pool, a gym, and a market.

[Mason Comins]

There's a little kiosk like you would have in an airport, and you go over, you scan your items and then you check out.

[Waylon Wong]

Not counting those free months off, the rent is $1,800 a month.

[Steven Besaha]

What do you say to someone who's like, you're saying it's renter's market, but man, that sounds like a lot of money to me.

[Mason Comins]

I mean, it is a lot of money. It's not cheap at all. But when I'm looking at eighteen hundred dollars for a one bedroom versus, okay, I can drain all the money that I have for a down payment on a house and then still come out with a, you know, $3,000 mortgage. That's significantly a lot more of my paycheck going to a housing payment. Yeah.

[Steven Besaha]

LendingTree found that US homeowners generally pay each month about 37% more than renters. And while homeownership is one of the main ways Americans build wealth, renters can use those savings to make investments and in some cases even be financially better off than homeowners.

[Waylon Wong]

Of course, if you really do want to be a homeowner, then those same supply and demand forces that are making rent more affordable could do the same for the housing market.

[Steven Besaha]

Yep. Congress, in fact, just passed a housing bill with overwhelming bipartisan support. One of the main ideas in it is to encourage more home building, to boost supply and lower home prices, in part by reducing regulation around construction and offering financial carrots to local communities that build more.

[Waylon Wong]

So far, President Trump has refused to sign it. He's called it a yawn compared to his election security bill, the Save America act, and he wants that passed first. But so long as he doesn't veto the housing bill, it should become law without his signature within the next week.

[Steven Besaha]

Now, when it comes to renter power, there are limits. For one, these financial perks are meant for new residents. They often are not offered. If you want to renew your lease.

[Mason Comins]

If every year I kind of want to get a couple months off free rent, then I would have to move to do that.

[Steven Besaha]

And he has moved over five years in Nashville. He has moved four times in large part to get those perks.

[Waylon Wong]

Oh, no, that's too much moving for me.

[Steven Besaha]

Well, that's the idea. Is that like, if you. Why offer these incentives when, you know people don't want to move?

[Waylon Wong]

How much pizza has he offered? Free pizza. Has he offered to France to help him move?

[Steven Besaha]

Probably covered by a few months of free rent.

[Waylon Wong]

If you're listening to this and you're not in Nashville, you're probably a little miffed.

[Steven Besaha]

So when you hear someone from Zillow say, right now it is a renter's market in the U.S. what is your first reaction to that?

[Waylon Wong]

Hell, no. Sorry, I don't know if I can say that.

[Steven Besaha]

The voice of indignant renters everywhere is Chloe Traub. She rents a one bedroom apartment in Chicago with her boyfriend, Carson McDonald, for $1,600 a month.

[Waylon Wong]

And that is a deal.

[Steven Besaha]

It's like a screaming.

[Waylon Wong]

That's like a steal. In Chicago, what neighborhood does Chloe live in?

[Steven Besaha]

She said Lincoln Park.

[Waylon Wong]

Okay, that is a steal. Good job, Chloe.

[Steven Besaha]

Well, Chicago does have some of the fastest growing rent in the country, like five and a half percent year over year.

[Waylon Wong]

So this is a big caveat regarding the renter's market. It depends on where you live. Sure. Places like Nashville went on apartment construction sprees offering all these renter freebies. Carson and Chloe visited Nashville recently and saw all that extra supply.

[Steven Besaha]

All these big new constructions with these banners that say two months free rent.

[Waylon Wong]

We just drove through and installed that. Yeah, lots of building.

[Steven Besaha]

If you frequent Nashville or if you have over the past 10 years, the skyline looks drastically different.

[Waylon Wong]

But cities like Chicago, Los Angeles, and Philadelphia did not get that construction boom. The Midwest and Northeast in general just saw way fewer new units compared to the South. It depends on where. But that can be because of lack of land or regulation getting in the way.

[Steven Besaha]

Only about 20% of Chicago rentals on Zillow are offering those financial move in perks. There are just too many renters chasing not enough apartments. Supply and demand are reversed there.

[Waylon Wong]

Like take when Chloe was checking out an apartment and told the guy showing the place that the rent was too much for her. He goes, it's okay, like, I'll fill it. I have 12 showings after you. Like 12, 12 fricking showings. This guy's like subletting it. Like, he goes, it's a rat race out there. And I go, exactly what I've been saying. Like, you know,

[Steven Besaha]

and even if you have gotten a good deal on an apartment in the past few years, rent is still way up from where it was before the pandemic.

[Waylon Wong]

We brought this point up with our renters. Market economist Kara Ng with Zillow.

[Kara Ng]

Yeah, no, that's very valid. You're exactly right. Rents went up, what, 37% since before the pand. I mean, that was a big shock. Remember what happened? The pandemic is prices. If everything went up.

[Steven Besaha]

But at least right now, the cost of rent has not gone up as fast as other expenses over this past year, like the cost of electricity, the cost to fill up your car.

[Waylon Wong]

Kara says yes, in March, rents were still rising, but wages were rising even faster. And that translated into an additional $2,300 a year in people's pockets. That's not counting those free months of rent some renters are getting.

[Steven Besaha]

And again, that's an average. It all depends on where you live. And if you got that raise.

[Kara Ng]

Now, I know with gas prices right now, like, I don't know how far that will go. But it does mean that rent is the place giving you that breathing room

[Steven Besaha]

as for renters who do not want to move and still want those incentives. Kara says, talk with your landlord. Negotiation power is in your favor, at least in some parts of the U.S.

[Waylon Wong]

yeah, not what that guy Chloe was talking to who was like, it's a rat race out there. It's like, good luck. May the odds be ever in your favor. This episode was produced by Corey Bridges with engineering by Travis Hagan. It was fact checked by Sierra Juarez. Cake and Cannon is our editor and the indicator is a production of NPR. This message comes from Midi Health co founders Dr. Kathleen Jordan and CEO Joanna Strober discuss why they started a virtual platform for women in perimenopause and menopause. The symptoms and experiences that women have in midlife I think were underappreciated or possibly even trivialized. The changes of perimenopause and menopause create a broad spectrum of symptoms and can actually lead to long term health issues, but too few clinicians are trained in it. I also want to add often the type of care that women are needing is very iterative. It requires trying different medications, learning about their body and learning how to take care of themselves. And so what we've tried to do at Midi Health is create a new type of care system that is responsive to women's needs and helps them take care of themselves and stay healthy instead of just treating disease. Midi Health committed to helping women in midlife with perimenopause and menopause care. Accessible via telehealth [e-mail].