ProInvestorHub Data Report · FY2026
Where Rents Are Rising Fastest
Fair Market Rent is HUD's annual estimate of the going rent in a market. Comparing this year's figure to last year's shows where rent is climbing — and where it's falling. Using HUD's FY2026 and FY2025 Two-Bedroom Fair Market Rents for 402 metro areas, this report ranks rent growth nationwide — the demand signal behind every rental deal.
$1,344
Median 2BR rent
FY2026, median of 402 metros
+3.9%
Year-over-year
from $1,283 in FY2025
402
Metro areas analyzed
across 51 states + DC
+25.1%
Fastest-rising metro
Lewiston-Auburn, ME
Key findings
- The median two-bedroom Fair Market Rent across 402 U.S. metro areas rose 3.9% to $1,344 in FY2026, up from $1,283 a year earlier (HUD Fair Market Rents).
- Rents rose fastest in Lewiston-Auburn, ME (+25.1%), Anderson, SC (+23.9%), and Asheville, NC (+21.4%) among metro areas.
- Two-bedroom rents fell year-over-year in 97 metro areas — led by Vallejo, CA (−10.0%) and Salinas, CA (−10.0%) — as new supply outpaced demand across a mix of West Coast and Sunbelt markets.
- By state, rent growth was strongest in Maine (+14.1%) and weakest in District of Columbia (−2.9%).
Where rents are falling
Rent growth isn't universal. Two-bedroom Fair Market Rents declined year-over-year in 97 metro areas — most steeply in these, where new supply has outpaced demand:
Rent growth by state
All states, ranked by median two-bedroom rent growth.
| # | State | YoY change | Median 2BR rent | Metros |
|---|---|---|---|---|
| 1 | Maine | +14.1% | $1,895 | 4 |
| 2 | Connecticut | +13.8% | $1,866 | 2 |
| 3 | South Dakota | +12.2% | $1,156 | 3 |
| 4 | North Dakota | +10.7% | $1,112 | 3 |
| 5 | Vermont | +10.5% | $2,140 | 1 |
| 6 | Indiana | +10.0% | $1,208 | 16 |
| 7 | New Jersey | +8.6% | $2,205 | 9 |
| 8 | Nebraska | +8.5% | $1,154 | 3 |
| 9 | Pennsylvania | +8.4% | $1,377 | 16 |
| 10 | Iowa | +8.4% | $1,143 | 9 |
| 11 | Wisconsin | +8.1% | $1,207 | 14 |
| 12 | Rhode Island | +7.1% | $1,729 | 3 |
| 13 | Massachusetts | +6.1% | $2,078 | 13 |
| 14 | Utah | +6.1% | $1,575 | 5 |
| 15 | Oregon | +6.1% | $1,692 | 8 |
| 16 | Hawaii | +6.0% | $2,633 | 2 |
| 17 | Kansas | +5.7% | $1,088 | 6 |
| 18 | Nevada | +5.4% | $1,735 | 3 |
| 19 | Ohio | +5.3% | $1,086 | 13 |
| 20 | Michigan | +5.1% | $1,193 | 15 |
| 21 | Arkansas | +5.1% | $1,101 | 7 |
| 22 | Minnesota | +4.9% | $1,189 | 8 |
| 23 | North Carolina | +4.7% | $1,330 | 15 |
| 24 | New York | +4.7% | $1,405 | 13 |
| 25 | New Hampshire | +4.6% | $2,194 | 5 |
| 26 | New Mexico | +4.2% | $1,275 | 4 |
| 27 | Oklahoma | +4.1% | $1,027 | 5 |
| 28 | Illinois | +3.9% | $1,175 | 11 |
| 29 | Montana | +3.2% | $1,417 | 3 |
| 30 | California | +3.2% | $2,228 | 28 |
| 31 | Florida | +2.8% | $1,705 | 24 |
| 32 | South Carolina | +2.5% | $1,276 | 9 |
| 33 | Wyoming | +2.4% | $1,128 | 2 |
| 34 | Alabama | +2.2% | $1,083 | 13 |
| 35 | Idaho | +2.0% | $1,273 | 6 |
| 36 | Georgia | +1.9% | $1,331 | 13 |
| 37 | Washington | +1.7% | $1,635 | 14 |
| 38 | Missouri | +1.5% | $1,086 | 8 |
| 39 | West Virginia | +1.3% | $1,014 | 8 |
| 40 | Colorado | +0.9% | $1,732 | 7 |
| 41 | Tennessee | +0.6% | $1,267 | 10 |
| 42 | Arizona | +0.6% | $1,402 | 7 |
| 43 | Alaska | +0.4% | $1,631 | 3 |
| 44 | Texas | +0.4% | $1,276 | 25 |
| 45 | Virginia | +0.1% | $1,322 | 11 |
| 46 | Delaware | −0.5% | $1,640 | 2 |
| 47 | Kentucky | −0.7% | $1,213 | 8 |
| 48 | Mississippi | −2.5% | $1,140 | 5 |
| 49 | Louisiana | −2.5% | $1,019 | 15 |
| 50 | Maryland | −2.9% | $1,810 | 5 |
| 51 | District of Columbia | −2.9% | $2,246 | 1 |
How we built this
Two-Bedroom FMR year-over-year change, FY2026 vs FY2025. Source: U.S. Department of Housing and Urban Development, Fair Market Rents (FY2026 and FY2025). We compare the Two-Bedroom Fair Market Rent — HUD's 40th-percentile gross-rent estimate — for each metro area across the two most recent fiscal years. State and national figures are the median across the underlying metro areas; single-county nonmetro areas are excluded. FMR is a consistent market-rent proxy, not a net return — pair it with a deal-level cash-flow analysis.
Pair it with the numbers
Rising rent is the demand signal; whether a deal works depends on price and financing. See where rent goes furthest against price in our Best Cash-Flow Markets report, and how investors borrow in each market in the Investor Financing Report.
Frequently asked questions
How much did rents rise in 2026?
Across 402 U.S. metro areas, the median Two-Bedroom Fair Market Rent rose 3.9% to $1,344 in fiscal year 2026, up from $1,283 the prior year (HUD Fair Market Rents, FY2026 vs FY2025).
Which metros had the fastest rent growth?
In FY2026, two-bedroom rents rose fastest in Lewiston-Auburn, ME (+25.1%), Anderson, SC (+23.9%), and Asheville, NC (+21.4%).
Did rents fall anywhere?
Yes. Two-bedroom Fair Market Rents fell year-over-year in 97 metro areas — most steeply in Vallejo, CA (−10.0%), Salinas, CA (−10.0%), and Boise City, ID (−10.0%) — a geographic mix of West Coast, Mountain West, and Sunbelt metros where new supply has outpaced demand.
What are Fair Market Rents (FMRs)?
Fair Market Rents are HUD's estimate of the 40th-percentile gross rent (rent plus tenant-paid utilities) for a metro area, published once per federal fiscal year and used to set housing-assistance payment standards. They're a widely cited, consistent proxy for local market rent. This report compares the Two-Bedroom FMR for FY2026 and FY2025. U.S. Department of Housing and Urban Development, Fair Market Rents (FY2026 and FY2025).