Austin Holds the Crown for New Grads in 2026
- Zillow ranks Austin the best market for 2026 college graduates, the second consecutive year Austin has held the top spot.
- In 8 of the top 10 markets, more than half of rental listings on Zillow are offering concessions, giving new grads real negotiating power.
- In 9 of the top 10 markets, recent graduates will spend less than 30% of their income on rent — the widely accepted rule of thumb for housing affordability.
The class of 2026 is entering one of the most renter-friendly markets in years. Zillow’s ranking of the best markets for recent college graduates identifies the metros where that tailwind is strongest, combining early-career income, rent affordability and how often rental shoppers will encounter listings offering sweeteners.
Austin holds the top spot for the second consecutive year, anchoring a top 10 dominated by Sun Belt and Western metros. Five Sun Belt cities make the list: Austin, Dallas, Charlotte, San Antonio and Phoenix. They are joined by Denver, Portland and Seattle as markets making the list on the strength of rising concession rates and strong graduate incomes. Washington, D.C., makes the list primarily because of strong early-career incomes, while Dayton scores well on affordability.
These rankings combine five metrics that matter to new graduates navigating the transition from campus to career: rental affordability, the share of rental listings on Zillow offering a concession, income for recent college graduates, job openings and the share of residents in their 20s.
2026 Rankings at a Glance
| Rank | Metro | Typical rent (ZORI) | Est. grad income | Share of listings with a concession |
|---|---|---|---|---|
| 1 | Austin, TX | $1,604 | $74,800 | 63.8% |
| 2 | Denver, CO | $1,887 | $81,100 | 68.3% |
| 3 | Portland, OR | $1,789 | $80,700 | 49.0% |
| 4 | Seattle, WA | $2,208 | $93,900 | 54.2% |
| 5 | Charlotte, NC | $1,733 | $71,700 | 66.6% |
| 6 | Dallas, TX | $1,660 | $72,500 | 64.2% |
| 7 | Washington, DC | $2,375 | $83,900 | 57.9% |
| 8 | Dayton, OH | $1,331 | $72,400 | 26.9% |
| 9 | San Antonio, TX | $1,398 | $66,300 | 55.6% |
| 10 | Phoenix, AZ | $1,741 | $69,800 | 59.9% |
Market-by-Market Breakdown
1. Austin, Texas
Typical Rent: $1,604 | Est. Grad Income: $74,800 | Concessions: 63.8%
Austin holds the crown for the second consecutive year, combining strong early-career income with a rental market that has grown significantly more renter-friendly. Nearly 64% of rental listings on Zillow in Austin offered a concession as of spring 2026, giving new graduates real room to negotiate on price, perks and lease terms. Austin’s large community of 20-somethings, robust tech and professional services job market, and continued affordability relative to coastal peers keep it atop the rankings.
2. Denver, Colorado
Typical Rent: $1,887 | Est. Grad Income: $81,100 | Concessions: 68.3%
Denver climbs to No. 2 on the strength of the highest concession rate in the top 10 (68.3% of rental listings offered a deal as of spring 2026), combined with strong estimated early-career income of $81,100. Rent burden is moderate relative to income, and the broad availability of concessions helps ease move-in costs. The Mile High City’s combination of outdoor amenities and a maturing tech sector make it a compelling landing spot for new graduates.
3. Portland, Oregon
Typical Rent: $1,789 | Est. Grad Income: $80,700 | Concessions: 49.0%
Portland earns No. 3 on the back of strong estimated graduate incomes of $80,700 — among the highest in the top 10 — and a rental market that has softened considerably. Typical rent is well within what those incomes can support, producing one of the more favorable rent burdens in the rankings. Portland’s concentration of jobs in technology and outdoor and athletic apparel industries gives recent graduates a wide range of fields to explore.
4. Seattle, Washington
Typical Rent: $2,208 | Est. Grad Income: $93,900 | Concessions: 54.2%
Seattle’s No. 4 ranking reflects the highest estimated early-career income of any market in the top 10 at $93,900, which offsets its higher typical rent of $2,208. More than half of rental listings on Zillow in Seattle offered a concession, giving graduates leverage even in a competitive market. Seattle’s dense concentration of technology employers creates strong demand for recent graduates in technical fields.
5. Charlotte, North Carolina
Typical Rent: $1,733 | Est. Grad Income: $71,700 | Concessions: 66.6%
Charlotte rounds out the top five with the second-highest concession rate in the top 10; nearly 2 in 3 rental listings on Zillow offer a deal. The rent burden for a recent graduate is approximately 29%. Charlotte has been one of the South’s fastest-growing metros, and that momentum shows up in its job market, its neighborhoods and its appeal to graduates looking for a city on the rise.
6. Dallas, Texas
Typical Rent: $1,660 | Est. Grad Income: $72,500 | Concessions: 64.2%
Dallas holds a strong No. 6 position, combining competitive early-career income with a concession rate of 64.2%, among the highest in the top 10. Dallas offers a relatively low cost of living, giving new graduates more financial runway to get established than they’d find in most major metros. Dallas consistently attracts one of the largest shares of 20-something residents of any major U.S. market.
7. Washington, D.C.
Typical Rent: $2,375 | Est. Grad Income: $83,900 | Concessions: 57.9%
Washington, D.C., earns No. 7 on the strength of the second-highest estimated graduate income in the top 10 at $83,900, driven by dense concentrations of government, consulting, policy and technology employers. More than half of rental listings in the area offered a concession as of spring 2026, a meaningful shift in a market historically known for tight supply.
8. Dayton, Ohio
Typical Rent: $1,331 | Est. Grad Income: $72,400 | Concessions: 26.9%
Dayton earns its top-10 ranking primarily through affordability. With the lowest typical rent on the list at $1,331 per month and solid estimated graduate income of $72,400, rent burden for a new grad in Dayton is exceptionally low at roughly 22%. Dayton frees up more of a graduate’s paycheck than any other market on this list, leaving room to save or live without the financial stress that follows most new grads to more expensive metros.
9. San Antonio, Texas
Typical Rent: $1,398 | Est. Grad Income: $66,300 | Concessions: 55.6%
San Antonio claims No. 9 on the strength of the second-lowest typical rent in the top 10 at $1,398 per month, producing a rent burden of roughly a quarter of income for a recent graduate. With warm weather year-round and more than half of rental listings offering a concession, it is one of the most renter-friendly markets on this list.
10. Phoenix, Arizona
Typical Rent: $1,741 | Est. Grad Income: $69,800 | Concessions: 59.9%
The Valley of the Sun lives up to its name — warm weather, mountain views and a rental market flooded with new supply. With nearly 60% of listings offering a concession, recent graduates arriving this year have plenty of options and real room to negotiate.
The post Austin Holds the Crown for New Grads in 2026 appeared first on Zillow Research.
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