February 2026 Rental Market Report

Rentals filled 15 days faster in February than they did just two months ago. Median days on market dropped from 33 in January to 28 in February signaling the winter vacancy slowdown is already reversing. For landlords who held off listing during the holidays, the early-spring window is open.

The Market in February: Quick Read

Listing activity climbed 16% from January, tenant demand hit its strongest month since summer, and lease signings reached a six-month high. The spring leasing season is arriving early this year.

What Rentals Are Going For

Median asking rent in February was $1,800/month. That’s a $150 jump from January's $1,650, reflecting higher-quality inventory entering the market ahead of spring.

A few numbers worth knowing:

• 3-bedrooms: $1,895 median; still the most commonly listed unit type (39% of listings)
• 4-bedrooms: $2,800 median; a 48% premium over 3BR, up from January's 39% gap
• Townhouses: $2,500 median; now higher than condos ($2,150), a reversal from January
• Pennsylvania: $995 median; the affordability standout, 62% below California's $2,600

Colorado is worth a second look: its median rent ($2,775) actually exceeds its average ($2,569), a sign of a tight cluster of higher-end listings with very few low-rent outliers pulling the average down.

By Bedroom Count

By Property Type

By State (Top Markets)

Security Deposits

Average deposit: $2,165 (median: $1,800), with a deposit-to-rent ratio of 1.14x,  a slight uptick from January's 1.06x, suggesting some landlords are padding deposits modestly above the monthly rent.

Days on Market: The Spring Thaw Arrives Early

February's median fill time was 28 days,  down from 33 in January, and closing in on the 22-day mark last seen at summer's peak. That's a 15% month-over-month improvement.

Fastest & Slowest States to Fill

Massachusetts was February's standout with a median of just 4 days, driven by Boston's notoriously tight rental market. Pennsylvania's 9-day median is equally striking given its $995 median rent: cheap units move fast. Arizona (52 days) and Hawaii (46 days) remain the slowest markets, consistent with January's pattern.

Maintenance: The Plumbing Peak Is Fading

February maintenance volume dropped 14% from January's winter high indicating the seasonal spike is tapering off.

Top Categories: February 2026

Heating requests dropped 28% from their January high, the clearest sign winter's maintenance burden is fading. More notable: pest control ticked up 11% from its January low, an early signal that spring pest season is beginning. For property managers, it's time to shift vendor attention from HVAC contractors to exterminators.

The One Number to Remember

28 days. That's February's median time to fill a vacancy, down from 33 in January and trending toward the 22-day summer baseline. Landlords who list now are catching a wave of rising tenant demand while days on market are still compressing. Wait until May, and you'll be competing with the full flood of summer listings. The data says: list early, fill faster.

Data from Hemlane platform activity, February 2026. Hemlane provides property management software for independent landlords and professional property managers across the U.S. This report will be updated monthly.