The average monthly rent for all apartment types in the U.S. soared in 2021 and 2022, followed by a slight decline in the next two years. In January 2025, the monthly rent for a two-bedroom apartment amounting to 1,356 U.S. dollars. That was an increase from 1,136 U.S. dollars in January 2021 but a decline from the peak value of 1,427 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 42 U.S. dollars, which 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 2024, 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 January 2025. In West Virginia, the annual rental growth was the highest, at seven percent.

The average monthly rent of apartments in California increased substantially 2021, followed by a period of stabilization. In May 2024, the average rent of a two-bedroom apartment cost over 2,200 U.S. dollars, up from 1,849 U.S. dollars in December 2020 before rents started to rise. Nevertheless, not all cities saw rents rise at the same pace.

The average monthly rent of apartments in Florida increased substantially in 2021, followed by two years of slight decrease. As of May 2024, the average rent of a two-bedroom apartment in Florida cost 1,557 U.S. dollars, which was an increase of 400 U.S. dollars from May 2020 when prices started to rise.

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 Feb 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 2,000 U.S. dollars in December 2023. In Hawaii, the median rent was about 2,200 U.S. dollars, more than 800 U.S. dollars higher than the national average. At the other end of the spectrum was Nebraska, when renters paid about 1,100 U.S. dollars for the median new lease. Overall, most states saw rental rates increase year-on-year.

A list of job applications filed for a particular day and associated data. Prior weekly and monthly reports are archived at DOB and are not available on NYC Open Data.

In 2024, New York, NY, was the most expensive rental market for one-bedroom apartments in the United States. The median monthly rental rate of an apartment in New York was 4,280 U.S. dollars, while in San Francisco, CA which ranked second highest, renters paid on average 3,160 U.S. dollars.

Average Apartment Price: SS: Standard Apartments: NC: Chechen Republic data was reported at 84,424.820 RUB/sq m in Dec 2024. This records an increase from the previous number of 76,982.050 RUB/sq m for Sep 2024. Average Apartment Price: SS: Standard Apartments: NC: Chechen Republic data is updated quarterly, averaging 42,078.955 RUB/sq m from Mar 2009 (Median) to Dec 2024, with 64 observations. The data reached an all-time high of 84,424.820 RUB/sq m in Dec 2024 and a record low of 12,834.380 RUB/sq m in Sep 2009. Average Apartment Price: SS: Standard Apartments: NC: Chechen Republic data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.EF006: Average Apartment Price: by Region: Secondary Sale.

In the first quarter of 2024, Amsterdam was the most expensive city to rent a furnished one-bedroom apartment among the 23 leading European cities surveyed. At 2,300 euros per month, rent in Amsterdam was more than twice as high as in Brussels. Amsterdam was also the most expensive city to rent a private room.One of the main factors driving high rents across European cities is the same as any other consumer-driven business. If demand outweighs supply, prices will inflate. The drive for high paid professionals to be located centrally in prime locations, mixed with the low levels of available space, high land, and construction costs, all help keep rental prices increasing.

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.

Average Apartment Price: SS: Standard Apartments: CF: Kostroma Region data was reported at 68,724.510 RUB/sq m in Dec 2024. This records an increase from the previous number of 64,634.060 RUB/sq m for Sep 2024. Average Apartment Price: SS: Standard Apartments: CF: Kostroma Region data is updated quarterly, averaging 33,035.185 RUB/sq m from Mar 2000 (Median) to Dec 2024, with 100 observations. The data reached an all-time high of 68,724.510 RUB/sq m in Dec 2024 and a record low of 3,145.930 RUB/sq m in Sep 2000. Average Apartment Price: SS: Standard Apartments: CF: Kostroma Region data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.EF006: Average Apartment Price: by Region: Secondary Sale.

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

Average Apartment Price: PS: Standard Apartments: NW: Novgorod Region data was reported at 81,272.750 RUB/sq m in Dec 2024. This records a decrease from the previous number of 82,188.990 RUB/sq m for Sep 2024. Average Apartment Price: PS: Standard Apartments: NW: Novgorod Region data is updated quarterly, averaging 36,708.500 RUB/sq m from Mar 2000 (Median) to Dec 2024, with 84 observations. The data reached an all-time high of 82,188.990 RUB/sq m in Sep 2024 and a record low of 3,762.540 RUB/sq m in Dec 2000. Average Apartment Price: PS: Standard Apartments: NW: Novgorod Region data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.EB032: Average Apartment Price: Primary Sales (PS): by Region.

Average Apartment Price: SS: Standard Apartments: Ural Federal District (UF) data was reported at 95,126.680 RUB/sq m in Dec 2024. This records a decrease from the previous number of 96,615.880 RUB/sq m for Sep 2024. Average Apartment Price: SS: Standard Apartments: Ural Federal District (UF) data is updated quarterly, averaging 49,874.590 RUB/sq m from Mar 2000 (Median) to Dec 2024, with 100 observations. The data reached an all-time high of 96,615.880 RUB/sq m in Sep 2024 and a record low of 4,663.150 RUB/sq m in Mar 2000. Average Apartment Price: SS: Standard Apartments: Ural Federal District (UF) data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.EF006: Average Apartment Price: by Region: Secondary Sale.

Rent Inflation in the United States decreased to 4.20 percent in February from 4.40 percent in January of 2025. This dataset includes a chart with historical data for the United States Rent Inflation.

Average Apartment Price Index: per 1 Square Metre: Secondary Sale data was reported at 115.500 Prev Year=100 in 2024. This records a decrease from the previous number of 121.200 Prev Year=100 for 2023. Average Apartment Price Index: per 1 Square Metre: Secondary Sale data is updated yearly, averaging 115.500 Prev Year=100 from Dec 2010 (Median) to 2024, with 15 observations. The data reached an all-time high of 160.800 Prev Year=100 in 2012 and a record low of 94.200 Prev Year=100 in 2017. Average Apartment Price Index: per 1 Square Metre: Secondary Sale data remains active status in CEIC and is reported by National Statistical Committee of the Republic of Belarus. The data is categorized under Global Database’s Belarus – Table BY.EB007: Average Apartment Price Index.

Average house prices are derived from data supplied by the mortgage lending agencies on loans approved by them rather than loans paid. In comparing house prices figures from one period to another, account should be taken of the fact that changes in the mix of houses (incl apartments) will affect the average figures. The most current data is published on these sheets. Previously published data may be subject to revision. Any change from the originally published data will be highlighted by a comment on the cell in question. These comments will be maintained for at least a year after the date of the value change. Measured in €

Geneva, Switzerland, was the most expensive city to buy an apartment in Europe in the first quarter of 2024. The square meter price in Geneva was nearly 15,650 euros in that quarter, about 2,000 euros higher than the second city in the ranking, Zurich. Cost of rent Rents across the major cities in Europe increased significantly in 2023. One of the main factors driving high rents across European cities is the same as any other consumer-driven business. If demand outweighs supply, prices will inflate. The drive for high paid professionals to be located centrally in prime locations, mixed with the low levels of available space, high land, and construction costs, all help keep rental prices increasing. Mortgage rates The average mortgage interest rates across Europe in 2023 were all under five percent, except in Czechia, Romania, Hungary, and Poland. On an individual level, a difference of one percent would most likely mean thousands of euros in interest on the mortgage a person is paying, making timing key in house purchasing. Mortgage interest rates tend to be lower in Nordic countries due to the financial stability and reliability of its borrowers. Other factors that influence the mortgage interest rates include inflation, economic growth, monetary policies, the bond market and the overall conditions of the housing market. More stable markets also tend to have higher average prices.

Average Apartment Price: SS: Standard Apartments: CF: Kaluga Region data was reported at 92,130.370 RUB/sq m in Dec 2024. This records a decrease from the previous number of 93,459.370 RUB/sq m for Sep 2024. Average Apartment Price: SS: Standard Apartments: CF: Kaluga Region data is updated quarterly, averaging 47,664.125 RUB/sq m from Mar 2000 (Median) to Dec 2024, with 100 observations. The data reached an all-time high of 93,459.370 RUB/sq m in Sep 2024 and a record low of 4,540.510 RUB/sq m in Sep 2000. Average Apartment Price: SS: Standard Apartments: CF: Kaluga Region data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.EF006: Average Apartment Price: by Region: Secondary Sale.

Average Apartment Price: PS: Standard Apartments: VR: Perm Territory data was reported at 126,537.290 RUB/sq m in Dec 2024. This records an increase from the previous number of 125,909.440 RUB/sq m for Sep 2024. Average Apartment Price: PS: Standard Apartments: VR: Perm Territory data is updated quarterly, averaging 43,600.390 RUB/sq m from Mar 2000 (Median) to Dec 2024, with 100 observations. The data reached an all-time high of 126,537.290 RUB/sq m in Dec 2024 and a record low of 5,275.570 RUB/sq m in Mar 2000. Average Apartment Price: PS: Standard Apartments: VR: Perm Territory data remains active status in CEIC and is reported by Federal State Statistics Service. The data is categorized under Global Database’s Russian Federation – Table RU.EB032: Average Apartment Price: Primary Sales (PS): by Region.