Price reductions on home listings have returned to a level not seen in nearly three years, with 21% of U.S. active listings this summer seeing a cut—up more than five percentage points from July 2024. For investors—particularly in the single-family rental space—this environment can mean stronger negotiating power and a greater chance to acquire properties at a discount. That’s why LendingOne analyzed Realtor.com’s metro-level inventory data to find where price cuts are most common and where they’re rising fastest.  Topline Findings National price cut rate reached 21% in July 2025, matching the post-pandemic high from September 2022 Price cut activity is highest in Sun Belt metros, where home prices skyrocketed during the Pandemic Housing Boom Price cuts are becoming more common in most of the largest U.S. metros, with 42 of 50 seeing more active listing prices cut than one year ago Price reductions are back at post-pandemic highs The rising share of homes with a price cut reinforces the shift toward a more buyer-friendly market that began after mortgage rates surged and the Pandemic Housing Boom ended.  Share of U.S. Home Listings with Price Reductions A single price cut doesn’t necessarily mean home values are dropping; some sellers simply overshoot the market or the true value of their property. The real signal comes from the trend. So when the share of listings with cuts rises beyond normal seasonal patterns, it suggests the market is cooling and buyers have gained leverage. Right now, that’s exactly what’s happening. Elevated mortgage rates and swelling inventory in certain metros are forcing more sellers to adjust their asking prices.  Here’s the share of U.S. home listings seeing a price reduction, by July:  July 2017 → 19.24% July 2018 → 20.59% July 2019 → 17.70% July 2020 → 11.11% July 2021 → 9.77% July 2022 → 19.13% July 2023 → 15.50% July 2024 → 19.52% July 2025 → 20.58% The U.S. metros with the deepest price cut activity Some markets are seeing price cut shares far above the national average—often those that experienced rapid pandemic-era price growth and are now adjusting to affordability limits. Share of U.S. home listings with price reductions Among the largest 100 U.S. metros, these are the 10 that saw the largest price reduced share of listings in July 2025: Denver-Aurora-Centennial, CO → 32.9% Colorado Springs, CO → 32.2% Portland-Vancouver-Hillsboro, OR-WA → 31.3% Austin-Round Rock-San Marcos, TX → 31.2% Dallas-Fort Worth-Arlington, TX → 31.2% Phoenix-Mesa-Chandler, AZ → 30.9% Salt Lake City-Murray, UT → 29.7% Indianapolis-Carmel-Greenwood, IN → 29.5% Jacksonville, FL → 29.1% Tampa-St. Petersburg-Clearwater, FL → 28.9% In Mountain West metros like Denver and Colorado Springs, years of rapid price appreciation have left affordability stretched, and elevated mortgage rates are now forcing more sellers to drop prices. West Coast markets like Portland are dealing with slower in-migration and persistent affordability challenges,  Meanwhile, Sun Belt metros, on top of dealing with the Pandemic Housing Boom price shocks, are facing intense competition from a surge in both new construction and resale listings. For investors, these areas can offer higher negotiating leverage now—especially if rental demand remains strong despite softer sales activity. Where price cuts are ramping up While metros like Denver and Austin have among the largest shares of listings being cut, the Sun Belt isn’t catching a break. Many metros here are seeing the fastest gains in price cut activity as a flood of new supply collides with softer demand, forcing sellers to get aggressive.  Mountain West markets are also posting some of the biggest jumps, even after starting with already-high price cut rates. Affordability pressures remain intense, and the seasonal bump in inventory is only adding to seller urgency—conditions that can open the door for well-timed acquisitions. Even in the Midwest, markets like Columbus are seeing momentum build as inventory piles up after a strong post-pandemic run. For investors, that could mean more negotiating leverage and a wider selection of deals as head into the next year. The share of home listings with price cuts is rising in 42 of the 50 largest metro areas Big Picture Price cuts are back at post-pandemic highs, led by Sun Belt and Mountain West metros where high rates and swelling inventory are forcing sellers’ hands. For investors, that could mean an opportunity to lock in a great deal on their next rental.

By and large, renters who remain in their homes longer signal more than just personal preference—they often indicate market stability, constrained supply, and a lower turnover rate. For real estate investors, that can translate into stronger cash flow, lower maintenance costs, and higher tenant reliability over time. According to a recent Redfin report, a third (33.6%) of U.S. renters have lived in the same home for at least five years, up from 28.4% a decade ago. On a regional level, however, the popularity of long-term rentership varies—often shaped by local affordability, supply constraints, and demographic trends. To better understand how renter stability is evolving, LendingOne analyzed Redfin’s historical tenure data to pinpoint the markets with both the largest current share of long-term renters and the most significant growth since 2013. Topline findings Inland California markets like Riverside, Stockton, and Bakersfield have seen long-term renter shares rise by over 15 percentage points since 2013. Midwest metros like Dayton and Grand Rapids are also seeing a rise in long-term rentership, driven by aging populations, affordability pressures, and limited supply. New York and Los Angeles have the highest share of renters staying 5+ years overall—driven by rent control, low turnover, and high ownership barriers that influence renters to stay put. Where long-term rentership is climbing the most In some markets, long-term renting has become the new normal. Specifically, California metros are seeing the biggest gains in long-term rentership due to a combination of housing shortages, rising home prices, and affordability pressures that make it harder for renters to move.  Limited new construction has further contributed to renters staying in place longer. In inland markets especially, these factors are locking tenants into longer stays—even as population and investor interest have grown. Long-term rentership gains popularity in 48 of the largest 50 U.S. metros Among the largest 100 U.S. metros, these are the 10 markets with the biggest percentage point jumps in long-term rentership from 2013 to 2023: Riverside, CA: +18.0% Stockton, CA: +16.7% Bakersfield, CA: +16.2% Sacramento, CA: +16.0% Oxnard, CA: +15.1% Fresno, CA: +14.9% Dayton, OH: +14.5% Las Vegas, NV: +13.5% New Orleans, LA: +11.2% Grand Rapids, MI: +11.1% The markets where long-term rentership is already the norm While some markets have seen the largest gains in long-term renters over the past decade, others already have a deeply rooted renter base. In these metros, renters staying five years or longer is the norm. These markets tend to share certain traits: older housing stock, tighter rental supply, and higher barriers to homeownership, whether due to pricing or lending challenges. For real estate investors, these markets may offer even more stability, with long-term tenants helping to ensure predictable income and lower turnover-related costs. However, investors in these markets should proceed with caution. While high-tenure markets offer predictable income and lower turnover, they can also come with drawbacks. Strict rent controls and regulatory hurdles in these areas may limit rent increases, while older housing stock can mean higher maintenance costs. Long-term rentership share in the largest 50 U.S. metros Among the largest 100 U.S. metros, these are the 10 markets with the largest share of long-term renters in 2023: New York, NY: 51.1% Los Angeles, CA: 47.8% Stockton, CA: 46.0% Springfield, MA: 43.7% Fresno, CA: 43.1% Riverside, CA: 42.8% New Haven, CT: 42.7% Oxnard, CA: 42.0% Allentown, PA: 40.8% San Francisco, CA: 40.5% Why national renter tenure is on the rise A growing number of renters are staying in place longer—not necessarily because they want to, but because moving has become more difficult. Affordability pressures are a significant driver. Home prices have surged since pre-pandemic, with the typical U.S. home price rising 49% from June 2019 to June 2025, according to LendingOne’s analysis of Zillow Home Value Index data. The result: many households are finding it harder to move, let alone transition into homeownership. Year-over-year shift in home prices across the 50 largest metro area housing markets In some regions, limited rental supply is also keeping turnover low, as tenants face fewer viable options when leases end. Additionally, an aging renter population and shifting lifestyle preferences are contributing to longer stays. Big Picture The rise in long-term rentership reflects a meaningful shift in the structure of the U.S. housing market. For many households, renting is no longer just a temporary phase—it’s a reality shaped by affordability constraints, demographic changes, and lifestyle preferences.  For investors, that shift presents both opportunities and risks. Markets with rising tenure may offer more predictable income, reduced turnover, and steadier occupancy. But they can also require longer-term strategies, especially in places with slower rent growth, tighter regulations, or an aging housing stock.

Real estate investors who locked in properties during the early years of the pandemic were rewarded with strong appreciation and, in many cases, growing rental income. But they weren’t immune to rising fixed costs—especially property taxes. Rapid home price growth during the Pandemic Housing Boom pushed up assessed values in many markets. Depending on location, those tax hikes may now be eating into operating margins and cash flow. To understand where investors are most impacted by property taxes—and where they can find the lowest rates—LendingOne analyzed the latest U.S. Census Bureau data to calculate the effective property tax rate, defined as median property taxes paid as a percentage of median home value, across hundreds of metros. Key Findings Rochester, NY has the highest effective property tax rate in the country at 2.45%, with other high-tax metros including Buffalo, Chicago, and Albany following, each with effective rates above 1.75%. Midwestern and Northeastern metros dominate the top of the list, where lower home values meet higher local tax rates. Florida metros have seen sharp increases in total tax bills, but their effective rates remain lower compared to older high-tax regions. Effective Property Tax Rate Among the largest 100 metros by occupied housing units, these ten had the highest effective property tax rates in 2023: Rochester, NY: 2.45% Chicago-Naperville-Elgin, IL-IN: 1.93% Buffalo-Cheektowaga, NY: 1.91% Albany-Schenectady-Troy, NY: 1.79% Laredo, TX: 1.64% Cleveland-Elyria, OH: 1.62% Syracuse, NY: 1.56% Scranton–Wilkes-Barre, PA: 1.55% Toledo, OH: 1.52% Milwaukee-Waukesha, WI: 1.50% In markets like Rochester and Buffalo, relatively affordable home prices can be appealing to investors—but high effective tax rates mean property taxes take a disproportionately large bite out of net operating income. Effective tax rate vs. tax bill growth: What matters for investors It’s important to distinguish between high effective tax rates and high (or fast-rising) tax bills. Several metros saw their effective property tax rates fall from 2019 to 2023 as home values rose faster than taxes paid. But the actual dollar outlay remains high. Atlantic City, NJ: down from 2.87% to 1.70% East Stroudsburg, PA: down from 2.36% to 1.44% Keene, NH: down from 2.63% to 1.84% Laredo, TX: down from 2.26% to 1.64% Lebanon-Claremont, NH-VT: down from 2.16% to 1.61% Despite the percentage drop, investors in these areas may still be paying more in absolute dollars—especially if they acquired property during the boom years. That’s because the effective tax rate is a ratio of taxes paid to property value—so if home prices surge but tax bills don’t rise at the same pace, the rate can decline while the actual amount owed increases.  For example, an investor who purchased a $250,000 home in 2020 that’s now assessed at $350,000 may face a larger tax bill, even if the effective rate has dropped from 2.2% to 1.8%. In other words, a falling effective tax rate doesn’t always translate to real savings—it can simply reflect rising home values outpacing reassessments. A high effective tax rate means a larger share of a property’s value is lost to taxes each year—an important metric for investors focused on cash flow yield, especially in lower-priced markets. A high or fast-growing tax bill can put pressure on out-of-pocket operating costs, even if the rate isn’t especially high. This is more common in fast-growing Sunbelt metros, where appreciation outpaced reassessments early in the pandemic. For investors, both can impact returns—but effective tax rate is the more stable, structural indicator of how burdensome local taxes really are. Effective tax rates in the largest 50 U.S. metros Florida metros are seeing rising tax burdens—but still lower rates Florida metros like Lakeland, Tampa, and Palm Bay have posted some of the biggest five-year increases in property tax bills, reflecting sharp home price growth and new assessments. But their effective rates remain modest relative to legacy metros. This nuance matters for investors. A market like Tampa may look affordable from a tax rate perspective, but investors entering at today’s prices should still factor in elevated tax bills as part of their underwriting. Median annual property taxes for the largest 40 U.S. metros The highest tax bills remain concentrated in expensive markets While effective tax rates highlight structural tax burdens, the biggest absolute tax bills are still found in high-priced coastal metros. New York-Newark-Jersey City, NY-NJ-PA: $9,615 San Jose-Sunnyvale-Santa Clara, CA: $9,553 Bridgeport-Stamford-Norwalk, CT: $8,840 San Francisco-Oakland-Berkeley, CA: $8,380 Austin-Round Rock-Georgetown, TX: $7,066 These metros aren’t necessarily effective tax rate outliers—but high assessed values push annual property tax payments well above the national average. Big Picture For real estate investors, property taxes are one of the largest recurring expenses—and a key driver of deal-level cash flow. Markets like Rochester, Chicago, and Buffalo have structurally high tax burdens relative to property value, making them especially important to underwrite carefully. Meanwhile, rising assessed values in markets like Florida are pushing up tax bills, even if the rate appears modest. The most successful investors in today’s market are those who go beyond surface-level affordability and dig into the real, local cost of ownership—and that means paying close attention to property taxes.