For years, renters have been at the mercy of an unforgiving market—sky-high prices, bidding wars for basic apartments, and landlords dictating the terms. But in 2025, the tide is finally turning. If you are looking to rent, this might just be your year to call the shots.
According to Realtor.com’s December 2024 Rental Report, the median asking rent dropped to $1,695, slipping below the $1,700 mark for the first time since April 2022. That’s 17 consecutive months of declining rents across major U.S. metros. The culprit? A wave of new multi-family housing developments flooding the market, creating a supply-demand reset. In short, landlords are not holding all the cards anymore.
More rental inventory means more options, more negotiating power, and more desperate landlords offering juicy incentives. Need a month of free rent? Ask for it. Want a lower security deposit? Push for it. Free parking? Why not? In some cities, property managers are practically rolling out the red carpet to fill vacancies.
“If your property manager is trying to raise your rent, you can come to them with information to show them that your rent shouldn’t be increased,” Daryl Fairweather, chief economist at Redfin, told CNBC. “In some markets, it should even go down.”
But not every market is playing nice. New York City renters are still getting squeezed, with prices up 5.6 percent from December 2023—proof that in high-demand, low-supply areas, the rules are not budging much. Even in the Big Apple, however, knowledge is power. Those who know where to look (think outer boroughs or new developments) may still find deals in an otherwise competitive landscape.
For renters in most other major cities, 2025 is looking like an opportunity to ditch the FOMO-fueled rent hikes of past years and actually score a deal. The key? Do your research, negotiate aggressively, and do not be afraid to walk away from bad terms. The market finally favors you—make sure you take full advantage.
