Displacement risk indicator classifying census tracts according to apartment rent prices in census tracts. We classify apartment rent along two dimensions:The median rents within the census tract for the specified year, balancing between nominal rental price and rental price per square foot.The change in median rent price (again balanced between nominal rent price and price per square foot) from the previous year.Note: Median rent calculations include market-rate and mixed-income multifamily apartment properties with 5 or more rental units in Seattle, excluding special types like student, senior, corporate or military housing.Source: Data from CoStar Group, www.costar.com, prepared by City of Seattle, Office of Planning and Community Development

The median monthly rent for all apartment types in the U.S. has stabilized since 2022, despite some seasonal fluctuations. In August 2025, the monthly rent for a two-bedroom apartment amounted to ***** U.S. dollars. That was an increase from ***** U.S. dollars in January 2021, but a decline from the peak value of ***** U.S. dollars in August 2022. Where are the most expensive apartments in the U.S.? Apartment rents vary widely from state to state. To afford a two-bedroom apartment in California, for example, a renter needed to earn an average hourly wage of nearly ** U.S. dollars. This was approximately double the average wage in North Carolina and three times as much as the average wage in Arkansas. In fact, rental costs were considerably higher than the hourly minimum wage in all U.S. states. How did rents change in different states in the U.S.? In 2025, some of the most expensive states to rent an apartment only saw a moderate increase in rental prices. Nevertheless, rents increased in most states as of August 2025. In West Virginia, the annual rental growth was the highest, at ***** percent.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Rent of Primary Residence in U.S. City Average (CUUR0000SEHA) from Dec 1914 to Aug 2025 about primary, rent, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

Apartment rents in two states and the District of Columbia in the U.S. exceeded ***** U.S. dollars in April 2025. In Hawaii, the median rent was about ***** U.S. dollars, nearly *** U.S. dollars higher than the national average. At the other end of the spectrum was Nebraska, where renters paid about ***** U.S. dollars for the median new lease. Overall, most states saw rental rates increase year-on-year.

VITAL SIGNS INDICATOR List Rents (EC9)

FULL MEASURE NAME List Rents

LAST UPDATED October 2016

DESCRIPTION List rent refers to the advertised rents for available rental housing and serves as a measure of housing costs for new households moving into a neighborhood, city, county or region.

DATA SOURCE real Answers (1994 – 2015) no link

Zillow Metro Median Listing Price All Homes (2010-2016) http://www.zillow.com/research/data/

CONTACT INFORMATION vitalsigns.info@mtc.ca.gov

METHODOLOGY NOTES (across all datasets for this indicator) List rents data reflects median rent prices advertised for available apartments rather than median rent payments; more information is available in the indicator definition above. Regional and local geographies rely on data collected by real Answers, a research organization and database publisher specializing in the multifamily housing market. real Answers focuses on collecting longitudinal data for individual rental properties through quarterly surveys. For the Bay Area, their database is comprised of properties with 40 to 3,000+ housing units. Median list prices most likely have an upward bias due to the exclusion of smaller properties. The bias may be most extreme in geographies where large rental properties represent a small portion of the overall rental market. A map of the individual properties surveyed is included in the Local Focus section.

Individual properties surveyed provided lower- and upper-bound ranges for the various types of housing available (studio, 1 bedroom, 2 bedroom, etc.). Median lower- and upper-bound prices are determined across all housing types for the regional and county geographies. The median list price represented in Vital Signs is the average of the median lower- and upper-bound prices for the region and counties. Median upper-bound prices are determined across all housing types for the city geographies. The median list price represented in Vital Signs is the median upper-bound price for cities. For simplicity, only the mean list rent is displayed for the individual properties. The metro areas geography rely upon Zillow data, which is the median price for rentals listed through www.zillow.com during the month. Like the real Answers data, Zillow's median list prices most likely have an upward bias since small properties are underrepresented in Zillow's listings. The metro area data for the Bay Area cannot be compared to the regional Bay Area data. Due to afore mentioned data limitations, this data is suitable for analyzing the change in list rents over time but not necessarily comparisons of absolute list rents. Metro area boundaries reflects today’s metro area definitions by county for consistency, rather than historical metro area boundaries.

Due to the limited number of rental properties surveyed, city-level data is unavailable for Atherton, Belvedere, Brisbane, Calistoga, Clayton, Cloverdale, Cotati, Fairfax, Half Moon Bay, Healdsburg, Hillsborough, Los Altos Hills, Monte Sereno, Moranga, Oakley, Orinda, Portola Valley, Rio Vista, Ross, San Anselmo, San Carlos, Saratoga, Sebastopol, Windsor, Woodside, and Yountville.

Inflation-adjusted data are presented to illustrate how rents have grown relative to overall price increases; that said, the use of the Consumer Price Index does create some challenges given the fact that housing represents a major chunk of consumer goods bundle used to calculate CPI. This reflects a methodological tradeoff between precision and accuracy and is a common concern when working with any commodity that is a major component of CPI itself. Percent change in inflation-adjusted median is calculated with respect to the median price from the fourth quarter or December of the base year.

Revenue for apartment lessors has expanded through the end of 2025. Apartment lessors collect rental income from rental properties, where market forces largely determine their rates. The supply of apartment rentals has grown more slowly than demand, which has elevated rental rates for lessors' benefit. As the Federal Reserve hiked interest rates 11 times between March 2022 and January 2024, homeownership was pushed beyond the reach of many, resulting in a tighter supply and increased demand for rental properties. Despite three interest rate cuts in 2024, mortgage rates have remained stubbornly high in 2025, encouraging consumers to rent. Revenue has climbed at a CAGR of 2.6% over the past five years and is expected to reach $295.3 billion by the end of 2025. This includes an anticipated 1.4% gain in 2025 alone. The increasing unaffordability of housing is caused by the steady climb of mortgage rates and high prices maintained by a low supply. Supply has been held down as buyers who locked in low rates stay put, and investment groups hold a strategic number of their properties empty as investments. Industry profit has remained elevated because of solid demand for apartment rentals. Through the end of 2030, the apartment rental industry's future performance will be shaped by varying factors. The apartment supply in the US, which hit a record in 2024, is expected to taper off, which will push rental prices and occupancy rates up to the lessors' benefit. Other factors, such as interest rate cuts, decreasing financial barriers to homeownership and a high rate of urbanization, will also significantly impact the industry. With an estimated 80.7% of the US population living in urban areas, demand for apartment rentals will strengthen, although rising rental prices could force potential renters to cheaper suburbs. Demand will continue to outpace supply growth, prompting a climb in revenue. Revenue is expected to swell at a CAGR of 1.7% over the next five years, reaching an estimated $321.9 billion in 2030.

Average asking rent price in select Census Metropolitan Areas by rental unit type. The breakdown by number of bedrooms is provided only for apartments. The results are based on an experimental approach, meaning they are derived from recent methodologies and may be subject to revisions. Quarterly data are available starting from the first quarter of 2019.

The Index of Private Housing Rental Prices (IPHRP) is a quarterly experimental price index. It tracks the prices paid for renting property from private landlords in Great Britain. Source agency: Office for National Statistics Designation: Experimental Official Statistics Language: English Alternative title: IPHRP

Amsterdam is set to maintain its position as Europe's most expensive city for apartment rentals in 2025, with median costs reaching 2,500 euros per month for a furnished unit. This figure is double the rent in Prague and significantly higher than other major European capitals like Paris, Berlin, and Madrid. The stark difference in rental costs across European cities reflects broader economic trends, housing policies, and the complex interplay between supply and demand in urban centers. Factors driving rental costs across Europe The disparity in rental prices across European cities can be attributed to various factors. In countries like Switzerland, Germany, and Austria, a higher proportion of the population lives in rental housing. This trend contributes to increased demand and potentially higher living costs in these nations. Conversely, many Eastern and Southern European countries have homeownership rates exceeding 90 percent, which may help keep rental prices lower in those regions. Housing affordability and market dynamics The relationship between housing prices and rental rates varies significantly across Europe. As of 2024, countries like Turkey, Iceland, Portugal, and Hungary had the highest house price to rent ratio indices. This indicates a widening gap between property values and rental costs since 2015. The affordability of homeownership versus renting differs greatly among European nations, with some countries experiencing rapid increases in property values that outpace rental growth. These market dynamics influence rental costs and contribute to the diverse rental landscape observed across European cities.

The median rent for one- and two-bedroom apartments in Chicago, Illinois, amounted to about ***** U.S. dollars in January 2025. Rents soared during the COVID-19 pandemic, with February 2022 experiencing the highest year-on-year increase of nearly ** percent. Growth has since mellowed, with the average rental increase amounting to *** percent in January 2025. Among the different states, Illinois ranked alongside Texas, South Carolina, and Pennsylvania in terms of rental costs.

An experimental price index tracking the prices paid for renting property from private landlords in the United Kingdom

The median rents within the census tract for the specified year, balancing between nominal rental price and rental price per square foot.The change in median rent price (again balanced between nominal rent price and price per square foot) from the previous year.Note: Median rent calculations include market-rate and mixed-income multifamily apartment properties with 5 or more rental units in Seattle, excluding special types like student, senior, corporate or military housing.

VITAL SIGNS INDICATOR
Rent Payments (EC8)

FULL MEASURE NAME
Median rent payment

LAST UPDATED
January 2023

DESCRIPTION
Rent payments refer to the cost of leasing an apartment or home and serves as a measure of housing costs for individuals who do not own a home. The data reflect the median monthly rent paid by Bay Area households across apartments and homes of various sizes and various levels of quality. This differs from advertised rents for available apartments, which usually are higher. Note that rent can be presented using nominal or real (inflation-adjusted) dollar values; data are presented inflation-adjusted to reflect changes in household purchasing power over time.

DATA SOURCE
U.S. Census Bureau: Decennial Census - https://nhgis.org
Count 2 (1970)
Form STF1 (1980-1990)
Form SF3a (2000)

U.S. Census Bureau: American Community Survey - https://data.census.gov/
Form B25058 (2005-2021; median contract rent)

Bureau of Labor Statistics: Consumer Price Index - https://www.bls.gov/data/
1970-2021

CONTACT INFORMATION
vitalsigns.info@mtc.ca.gov

METHODOLOGY NOTES (across all datasets for this indicator)
Rent data reflects median rent payments rather than list rents (refer to measure definition above). American Community Survey 1-year data is used for larger geographies – Bay counties and most metropolitan area counties – while smaller geographies rely upon 5-year rolling average data due to their smaller sample sizes. Note that 2020 data uses the 5-year estimates because the ACS did not collect 1-year data for 2020.

1970 Census data for median rent payments has been imputed from quintiles using methodology from California Department of Finance as the source data only provided the mean, rather than the median, monthly rent. Metro area boundaries reflects today’s metro area definitions by county for consistency, rather than historical metro area boundaries.

Inflation-adjusted data are presented to illustrate how rent payments have grown relative to overall price increases; that said, the use of the Consumer Price Index (CPI) does create some challenges given the fact that housing represents a major chunk of consumer goods bundle used to calculate CPI. This reflects a methodological tradeoff between precision and accuracy and is a common concern when working with any commodity that is a major component of CPI itself.

This table contains data described by the following dimensions (Not all combinations are available): Geography (247 items: Carbonear; Newfoundland and Labrador; Corner Brook; Newfoundland and Labrador; Grand Falls-Windsor; Newfoundland and Labrador; Gander; Newfoundland and Labrador ...), Type of structure (4 items: Apartment structures of three units and over; Apartment structures of six units and over; Row and apartment structures of three units and over; Row structures of three units and over ...), Type of unit (4 items: Two bedroom units; Three bedroom units; One bedroom units; Bachelor units ...).

The online apartment rental services industry is experiencing significant growth because of the booming apartment supply, with over half a million new rental units completed in 2024. Major cities like New York, Dallas and Austin are leading the way in this surge, causing an influx of new, predominantly high-end rental units. As a result, there is increased competition among property managers and a need for more effective digital marketing strategies to reach potential renters. This accelerated growth is predominantly benefiting online rental services, which have seen a climb in listings that, in turn, drive more traffic as renters seek opportunities and deals in markets with slowing rent growth. Overall, industry-wide revenue has climbed at a CAGR of 7.7% to $928.1 million through the end of 2025, including an 8.6% gain in 2025 alone, when profit is expected to reach 23.8%. Leading organizations, such as Zillow and Redfin, are taking advantage of this trend by forming partnerships to expand their listing networks and reach. The consolidation of these digital platforms means renters can access a broader range of apartment listings, streamlining their search process and increasing market transparency. Meanwhile, property marketers are presented with simplified operations and increased marketing leads because of enhanced exposure across major rental platforms. However, smaller markets and affordable housing are not receiving the same benefits, signaling a need for more targeted digital marketing and search tools. The online apartment rental services industry is set to face a shift from oversupply to scarcity by the end of 2030. As apartment construction slows because of high borrowing costs, tighter lending standards and rising project costs, there will be a greater demand for platforms that can help landlords maximize occupancy and optimize rents in a tightening market. To meet this demand, innovations in technology, such as predictive analytics, dynamic pricing and personalized renter experiences, will become a necessity. Amid these changes, the industry is also likely to see a gain in demand for single-family rentals, creating new opportunities for digital platforms to expand their offerings and capture a larger market share. Industry revenue will strengthen at a CAGR of 9.0% to $1.4 billion in 2030.

What is Rental Data?

Rental data encompasses detailed information about residential rental properties, including single-family homes, multifamily units, and large apartment complexes. This data often includes key metrics such as rental prices, occupancy rates, property amenities, and detailed property descriptions. Advanced rental datasets integrate listings directly sourced from property management software systems, ensuring real-time accuracy and eliminating reliance on outdated or scraped information.

Additional Rental Data Details

The rental data is sourced from over 20,000 property managers via direct feeds and property management platforms, covering over 30 percent of the national rental housing market for diverse and broad representation. Real-time updates ensure data remains current, while verified listings enhance accuracy, avoiding errors typical of survey-based or scraped datasets. The dataset includes 14+ million rental units with detailed descriptions, rich photography, and amenities, offering address-level granularity for precise market analysis. Its extensive coverage of small multifamily and single-family rentals sets it apart from competitors focused on premium multifamily properties.

Rental Data Includes:

• Property Types
• Single-Family Rentals
• Small Multi-family Units
• Premium Apartments
• 16,000+ ZIP Codes
• 800+ MSAs
• Pricing Trends
• Lease Terms Amenities

The Index of Private Housing Rental Prices (IPHRP) is a quarterly experimental price index. It tracks the prices paid for renting property from private landlords in Great Britain. Source agency: Office for National Statistics Designation: Experimental Official Statistics Language: English Alternative title: IPHRP

In 2018, economist Kate Pennington used the Wayback Machine to collect data on two decades of Craigslist posts advertising housing in the San Francisco Bay Area. The results span 200,000+ listings between 2000 and 2018, from which Pennington extracted each post’s date, price, bedroom count, location, and more.

Source: https://www.katepennington.org/data

As of January 2025, the rent for a two-bedroom apartment in Hawaii was about *** U.S. dollars higher than in California. The states of Hawaii and California ranked as the most expensive within the United States for apartment renters. Conversely, an apartment in Arkansas was almost ***** times more affordable than one in Hawaii.In 2025, the average monthly rent in the U.S. declined slightly. Nevertheless, in rents increased in most states, with West Virginia registering the highest growth.

Graph and download economic data for Harmonized Index of Consumer Prices: Actual Rentals for Housing for Turkey (CP0410TRM086NEST) from Jan 1996 to Aug 2025 about Turkey, rent, harmonized, CPI, housing, price index, indexes, and price.