【Zillow】Rents Pull Back and Concessions Rise, Offering Renters Winter Leverage (November 2025 Rental Report)

• Rents dipped slightly in November: The typical asking rent is now $1,925, down 0.3% from last month.
• Largest monthly rent declines: Denver (-1%), Washington D.C. (-0.7%), Austin (-0.7%), Salt Lake City (-0.7%) and Nashville (-0.7%). Over the last 12 months, rents have fallen most in Austin (-3%), Denver (-1.8%), San Antonio (-2.3%), Phoenix (-1.3%), and New Orleans (-1.2%).
• Deals remain common: Nearly two in every five listings included a concession, illustrating the bargaining power that renters have in today’s market.

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