Nearly 3 in 4 rental listings are considered affordable, the highest for May in years (May 2026 Rent Report)
Summary
Zillow released its May 2026 Rental Market Report on June 18, 2026. The report finds that 74% of rental listings nationwide were affordable to a household earning the U.S. median income, the highest May share on record in Zillow's data.
The improvement was strongest in the apartment segment, where new multifamily supply continued to come online faster than in single-family rentals. The Sun Belt saw some of the clearest effects, with elevated construction easing pressure on asking rents in several metros.
Concessions — such as one month free rent or reduced deposits — remained common in markets with the most new supply, suggesting landlords in those areas are competing harder for renters.
For renters, the headline is simple: more affordable listings and more new supply usually translate into more leverage. If you are touring or renewing in a market with lots of new apartments, gather three to five comparable listings, note any advertised concessions, and bring those specifics into the conversation politely and in writing.
If your market is not seeing new supply, the national headline matters less — your local landlord may still hold the pricing power. In either case, ask for the fully loaded monthly cost, get any concessions in writing, and remember that a lease is a negotiation, not a posted price.
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