Zillow’s best rental markets this summer season

The Northeast and West Coast make up many of the high rental markets this summer season, as was the case for the top housing markets in 2026.

Processing Content material

Windfall, Rhode Island, headed Zillow’s hottest rental markets checklist, beating out New York and San Francisco, the corporate introduced in a press launch Monday. Hartford, Connecticut, Los Angeles, Boston and San Jose, California, have been among the many different Northeast and West Coast cities to crack the highest 10.

“In Zillow’s hottest rental markets, the mathematics is straightforward: Extra folks wish to dwell there than there are properties to hire, whether or not for entry to facilities, sturdy job markets or household ties, renters are competing over a restricted provide,” stated Kara Ng, senior economist at Zillow, within the launch. “The U.S. constructed extra new units in 2024 than any 12 months prior to now half-century, however that increase largely bypassed the Northeast and coastal California, which is strictly why rental competitors there may be so intense.”

The evaluation highlights markets the place rents climb quick, vacancies are low and property managers hardly ever supply concessions, reminiscent of free hire or waived charges. That contrasts Solar Belt cities like Austin, Texas, Tampa, Florida, and Phoenix, the place new construction has slowed hire and home-price growth, in accordance with Zillow.

“Markets that missed out on the checklist aren’t essentially missing demand; they only did a greater job bringing new provide on-line,” Ng stated.

Windfall ranked fourth in Zillow’s hottest housing markets checklist for 2026, and that competitors interprets to the leases. Rents elevated 5% year-over-year and simply 12.9% of property managers provided concessions, the bottom share within the high 10. The everyday hire hit $2,154 a month, and renters have to earn roughly $86,000 a 12 months to afford it, in accordance with Zillow. 

New York often finds itself on these lists as nicely, putting third amongst housing markets. Rents grew 4.5% yearly, with the everyday hire costing $3,406, almost $1,500 greater than the nationwide common, Zillow discovered. 

In line with StreetEasy, a subsidiary of Zillow, stock throughout the 5 boroughs dropped 7% from a 12 months in the past, and the median asking hire rose to $4,120, the best in StreetEasy historical past. Stock has fallen for 26 straight months in Manhattan, the longest streak on report.

“Whereas new building has been growing within the outer boroughs lately, it hasn’t been sufficient to offset the continual decline of accessible leases in Manhattan,” StreetEasy Senior Economist Kenny Lee stated within the launch. “New York Metropolis renters ought to anticipate aggressive circumstances to proceed for the foreseeable future as town continues to dig itself out from many years of underbuilding.”