The rental market across 20 of the nation’s 50 largest metro areas has shifted significantly over the past six years. A recent study shows that out-of-market renters now make up a larger share of activity than local renters.
Inside Realtor.com’s October 2025 Rental Study
A Realtor study from October states that contrary to the pre-pandemic rental scenario, the rental activity across 20 U.S. metro cities is driven by out-of-market shoppers. The most prominent changes have been seen in Detroit, Philadelphia, Sacramento, San Francisco, and Charlotte.
The data for the latest study by Realtor is based on last month’s rental listings for studio, one-bedroom, and two-bedroom rental units on its official website. These units include both apartments and private rentals, such as townhomes, single-family homes, and condominiums.
Realtor’s data is taken from rental sources that deliver consistent reports each month across the 50 largest metro cities.
Rents Rise as Markets Shift from Local to Out-of-Market Buyers
According to the Realtor study, rising rents across U.S. metro cities coupled with the concept of remote and flexible working arrangements have altered the renter composition across markets.
| Rank |
Market |
Local Traffic Share in 2025Q3 | Local Traffic Share in 2019Q3 |
%Change in Local Share |
| 1 | Detroit-Warren-Dearborn, MI | 45.1% | 69.7% | -24.6% |
| 2 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 44.8% | 68.2% | -23.4% |
| 3 | Sacramento-Roseville-Folsom, CA | 37.9% | 56.8% | -18.9% |
| 4 | San Francisco-Oakland-Fremont, CA | 37.8% | 54.0% | -16.2% |
| 5 | Charlotte-Concord-Gastonia, NC-SC | 37.9% | 52.4% | -14.5% |
| 6 | Orlando-Kissimmee-Sanford, FL | 44.2% | 58.4% | -14.2% |
| 7 | Cincinnati, OH-KY-IN | 38.7% | 52.5% | -13.8% |
| 8 | Pittsburgh, PA | 44.2% | 57.5% | -13.3% |
| 9 | Riverside-San Bernardino-Ontario, CA | 42.7% | 55.1% | -12.4% |
| 10 | Rochester, NY | 40.3% | 52.5% | -12.2% |
| 11 | Buffalo-Cheektowaga, NY | 41.0% | 52.7% | -11.7% |
| 12 | Cleveland, OH | 43.5% | 54.8% | -11.3% |
| 13 | St. Louis, MO-IL | 49.7% | 59.5% | -9.8% |
| 14 | Kansas City, MO-KS | 47.1% | 55.1% | -8.0% |
| 15 | Columbus, OH | 43.3% | 51.3% | -8.0% |
| 16 | Louisville/Jefferson County, KY-IN | 42.3% | 50.1% | -8.0% |
| 17 | Memphis, TN-MS-AR | 43.5% | 51.0% | -7.5% |
| 18 | Tampa-St. Petersburg-Clearwater, FL | 44.4% | 51.9% | -7.5% |
| 19 | San Antonio-New Braunfels, TX | 46.4% | 52.7% | -6.3% |
| 20 | Indianapolis-Carmel-Greenwood, IN | 49.2% | 53.3% | -4.1% |
Table representing the 20 metro areas and changes in their local traffic shares from 2019 to 2025 (Source: realtor.com)
From once being dominated by local renters to now welcoming a large number of out-of-market renters, 20 cities out of the top 50 metros have been through a momentous change. Detroit, Philadelphia, Sacramento, San Francisco, and Charlotte show the largest shifts, driven in part by comparatively more affordable rents than nearby major metros.
The Detroit metro area has seen a 24.6% decrease in rental traffic from local residents in the last six years. The Indianapolis metro area, which is on the 20th position in the list, has had a decrease of 4.1% in the local renter traffic during the same time period.
The Realtor study further says that the median asking rent in San Francisco, though high, is 15.8% lower than its neighboring San Jose metro. Based on this, San Jose’s rental traffic share in the San Francisco metro area is 18.4%, which is much higher than the 7.5% figure six years ago.
It should also be noted that online rental searches from New York now make up 25.3% of Philadelphia’s traffic, which was 6.7% six years ago.
The study shows how rising rents and remote work have reshaped the U.S. rental market, with out-of-market renters emerging as a major driver of activity.
