November 2026
US Rent Trends — November 2026 Market Report
Monthly analysis of US rental and housing markets based on HUD Fair Market Rents FY2026 and Zillow Home Value Index data. Updated monthly.
National Overview
The national average 2-bedroom Fair Market Rent in FY2026 is $1,292/month, compared to $1,094 in FY2025. The US median home value across tracked metros is $4,547,289 according to Zillow ZHVI.
This report analyzes 56 metro areas to identify the biggest movers, most affordable cities, and emerging trends in the residential rental market.
Biggest Rent Increases — 2BR (YoY)
These cities saw the steepest year-over-year increases in 2-bedroom Fair Market Rents from FY2025 to FY2026:
| # | City | FY2026 2BR | FY2025 2BR | Change |
|---|---|---|---|---|
| 1 | Jersey City, NJ | $2,763 | $2,299 | +20.2% |
| 2 | Napa, CA | $3,315 | $2,792 | +18.7% |
| 3 | Lawrence, MA | $2,270 | $1,963 | +15.6% |
| 4 | Monmouth, NJ | $2,328 | $2,040 | +14.1% |
| 5 | Kahului, HI | $2,624 | $2,309 | +13.6% |
| 6 | Hartford, CT | $1,865 | $1,653 | +12.8% |
| 7 | Warren County, NJ | $1,895 | $1,686 | +12.4% |
| 8 | Bergen, NJ | $2,324 | $2,072 | +12.2% |
| 9 | Portsmouth, NH | $2,194 | $1,961 | +11.9% |
| 10 | Santa Ana, CA | $3,236 | $2,903 | +11.5% |
Source: HUD Fair Market Rents FY2026
Biggest Rent Decreases — 2BR (YoY)
These cities saw rents fall year-over-year, providing relief for renters:
| # | City | FY2026 2BR | FY2025 2BR | Change |
|---|---|---|---|---|
| 1 | Vallejo, CA | $2,178 | $2,420 | -10.0% |
| 2 | Salinas, CA | $2,684 | $2,982 | -10.0% |
| 3 | Seattle, WA | $2,501 | $2,671 | -6.4% |
| 4 | Tacoma, WA | $1,971 | $2,057 | -4.2% |
| 5 | Trenton, NJ | $1,950 | $2,028 | -3.8% |
| 6 | Dukes County, MA | $2,143 | $2,222 | -3.6% |
| 7 | Denver, CO | $2,089 | $2,140 | -2.4% |
| 8 | Fort Lauderdale, FL | $2,333 | $2,388 | -2.3% |
| 9 | Bremerton, WA | $2,031 | $2,057 | -1.3% |
| 10 | Flagstaff, AZ | $1,921 | $1,942 | -1.1% |
Most Affordable Cities for 2BR Rent
The most affordable major metros for renters in FY2026:
- Hartford, CT — $1,865/mo (2BR)
- Atlantic City, NJ — $1,867/mo (2BR)
- Reno, NV — $1,870/mo (2BR)
- Warren County, NJ — $1,895/mo (2BR)
- Flagstaff, AZ — $1,921/mo (2BR)
Most Expensive Cities for 2BR Rent
- San Francisco, CA — $3,604/mo (2BR)
- Napa, CA — $3,315/mo (2BR)
- Santa Ana, CA — $3,236/mo (2BR)
- Santa Maria, CA — $3,124/mo (2BR)
- Boston, MA — $2,941/mo (2BR)
Methodology
Rental data comes from HUD Fair Market Rents (FMR), published annually each October. FMRs represent the 40th percentile of gross rents for standard quality units — they are the maximum rents for Section 8 vouchers and are used widely as a market rent benchmark.
Home value data comes from Zillow's Home Value Index (ZHVI), which reflects median home values for single-family residences and condos in the middle price tier, seasonally adjusted.
Year-over-year calculations compare the most recent fiscal year to the prior year for the same metro area.