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 April 2025, the monthly rent for a two-bedroom apartment amounting 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, 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 April 2025. In West Virginia, the annual rental growth was the highest, at ***** percent.

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.

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 ***** U.S. dollars, while in San Francisco, CA which ranked second highest, renters paid on average ***** U.S. dollars.

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 monthly median asking rent for unfurnished apartments in the United States rose by about ** U.S. dollars in 2024. In the third quarter of 2024, the median rent amounted to ***** U.S. dollars, up from ***** U.S. dollars in 2023. This increase was in line with a decade of steady growth, interrupted only in 2020 during the COVID-19 pandemic and in 2023. The U.S. rental market As rental apartment vacancy rates fall, rents are on the rise. This makes it more difficult for Americans to, first, find an apartment to rent, and second, find an apartment which they can afford. Nevertheless, renting has become much more common in recent years, with the number of renter households having substantially increased in the past two decades. In 2024, there were approximately **** million renter households in the U.S. Rents in different states Of course, rents vary from state to state. The most expensive rents are found in Hawaii, California, District of Colombia, New Jersey, and Florida. Following the COVID-19 pandemic, growth was the strongest in the Sun Belt states, and especially in states with lower costs of living, such as Texas. In Austin, TX, the average rent soared by nearly ** percent in 2021, and remained elevated, despite a slight decline in 2023.

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.

Rents in California's most populous cities briefly decreased in 2020, but swiftly headed for recovery in the following year. In San Jose, the average rent amounted to 2,828 U.S. dollars in May 2024, higher than the previous peak of 2,739 U.S. dollars in August 2019. In May 2024, the average monthly rent of a two-bedroom apartment in California was close to 2,208 U.S. dollars.

The median rent for one- and two-bedroom apartments in Austin, Texas, amounted to ***** U.S. dollars by the end of April 2025. Prices increased slightly after the start of the coronavirus pandemic, but in November 2021, rents surged by almost ** percent. Finally, in April 2025, the rental growth rate experienced a decrease of **** percent. Among the different states in the U.S., Texas ranks as one of the mid-price range rental markets.

This statistic presents the monthly rental prices for a furnished two-room apartment in selected European cities as of 2015. London led the ranking, with an average price per typically sized newly-built apartment amounting up to 2,840 U.S. dollars. It was followed closely by Geneva, with the monthly rental cost of 2,810 U.S. dollars.

As of January 2025, the rent for a two-bedroom apartment in Hawaii was about 120 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 three 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.

The monthly rent of mobile homes in the U.S. has gradually increased since 2010, peaking in 2024. In the third quarter of that year, the average monthly rent for manufactured homes was 717 U.S. dollars. Similarly, apartment rents also soared in 2022, followed by a slight decline in the next two years. Where in the U.S. are manufactured homes most popular? States with a growing economy and large population provide the best opportunities for manufactured housing. In September 2023, Texas had the highest number of mobile homes in the United States. Other states with a high number of mobile homes were North Carolina and Florida. Moreover, Texas also boasted the highest number of manufactured home production plants. Affordability of mobile homes across the U.S. Manufactured homes are considerably less expensive than regular homes, which makes them an attractive option for people looking to purchase property without breaking the bank. Mobile homes are cheaper because manufacturers benefit from economies of scale due to large-scale production, which allows them to lower costs per unit. Additionally, mobile homes lose value faster than traditional homes, which can make them more affordable to purchase initially. The average sales price for a new mobile home has been on the rise, but during the housing boom in 2021, it increased dramatically.

The US residential real estate market, a cornerstone of the American economy, is projected to experience steady growth over the next decade. While the provided CAGR of 2.04% is a modest figure, it reflects a market maturing after a period of significant expansion. This sustained growth is driven by several key factors. Firstly, population growth and urbanization continue to fuel demand for housing, particularly in densely populated areas and emerging suburban markets. Secondly, low interest rates (historically, though this can fluctuate) have made mortgages more accessible, stimulating buyer activity. Thirdly, a robust construction sector, though facing challenges in material costs and labor shortages, is gradually increasing the housing supply, mitigating some of the upward pressure on prices. However, challenges remain. Rising inflation and potential interest rate hikes pose a risk to affordability, potentially dampening demand. Furthermore, the ongoing evolution of remote work is reshaping residential preferences, with a shift toward larger homes in suburban or exurban locations. This trend impacts the relative demand for various property types, potentially increasing the appeal of landed houses and villas compared to apartments and condominiums in certain regions. The segmentation of the market into apartments/condominiums and landed houses/villas provides crucial insights into consumer preferences and investment strategies. High-density urban areas will continue to see strong demand for apartments and condos, while suburban and rural areas are likely to experience a greater increase in landed property sales. Major players like Simon Property Group, Mill Creek Residential, and others are strategically adapting to these trends, focusing on both development and management across various property types and geographic locations. Analyzing regional data within the US (e.g., comparing growth in the Northeast versus the Southwest) will highlight market nuances and potential investment opportunities. While the global data provided is valuable for understanding broader market forces, focusing the analysis on the US market allows for a more granular understanding of the specific drivers, trends, and challenges within this significant segment of the real estate sector. The forecast period (2025-2033) suggests continued, albeit measured, expansion. Recent developments include: May 2022: Resource REIT Inc. completed the sale of all of its outstanding shares of common stock to Blackstone Real Estate Income Trust Inc. for USD 14.75 per share in an all-cash deal valued at USD 3.7 billion, including the assumption of the REIT's debt., February 2022: The largest owner of commercial real estate in the world and private equity company Blackstone is growing its portfolio of residential rentals and commercial properties in the United States. The company revealed that it would shell out about USD 6 billion to buy Preferred Apartment Communities, an Atlanta-based real estate investment trust that owns 44 multifamily communities and roughly 12,000 homes in the Southeast, mostly in Atlanta, Nashville, Charlotte, North Carolina, and the Florida cities of Jacksonville, Orlando, and Tampa.. Key drivers for this market are: Investment Plan Towards Urban Rail Development. Potential restraints include: Italy’s Fragmented Approach to Tenders. Notable trends are: Existing Home Sales Witnessing Strong Growth.

The average monthly rent of apartments in Florida's biggest cities has increased substantially since 2020. In April 2024, the average rent in Miami-Fort Lauderdale-Pompano Beach, Florida was 1,895 U.S. dollars, which was an increase of approximately 400 U.S. dollars from September 2020.

Among the largest cities in the United States, renting an apartment was most affordable in Wichita, KS, in 2024. On average, renters in Wichita could rent an ***** square foot apartment for ***** U.S. dollars. The average apartment rent varies widely across different metros and states, with Hawaii, California, and Washington D.C. fetching the most expensive rents.

Recreational Vehicle Rental Market Outlook

The global recreational vehicle (RV) rental market size was valued at approximately USD 1.2 billion in 2023 and is expected to reach around USD 2.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 8.5% during the forecast period. This significant growth can be attributed to increasing consumer interest in outdoor recreational activities and the rising popularity of road trips, contributing to the flourishing RV rental market globally.

A primary growth factor driving the RV rental market is the growing trend of experiential travel. Consumers are increasingly seeking unique and personalized travel experiences rather than traditional vacations. This trend has significantly boosted the demand for RVs, as they offer unparalleled flexibility and the ability to explore remote and scenic locations. The convenience of having both transportation and accommodation in one vehicle also enhances the appeal of RV travel, particularly among millennials and families seeking adventurous holidays.

Another crucial factor contributing to the market's growth is the economic benefits associated with renting RVs. Owning a recreational vehicle can be cost-prohibitive for many consumers due to high purchase prices and maintenance costs. Renting an RV provides a more affordable alternative, allowing travelers to enjoy the benefits of RV travel without the financial commitment of ownership. Additionally, the availability of various rental options, including short-term and long-term rentals, caters to different customer needs and budgets, further propelling market growth.

The advancement of online rental platforms and mobile applications has also played a pivotal role in the market's expansion. These platforms provide users with convenient access to a wide range of RV options, allowing them to compare prices, read reviews, and make reservations with ease. The seamless booking experience and the ability to customize rental packages have made RV rentals more accessible and attractive to a broader audience. Technological advancements, such as GPS navigation and real-time tracking, have further enhanced the safety and convenience of RV travel, boosting consumer confidence and market demand.

From a regional perspective, North America holds a significant share of the RV rental market, driven by the high popularity of road trips and outdoor recreational activities in the United States and Canada. The region's well-established camping infrastructure and diverse scenic routes also contribute to the strong demand for RV rentals. Meanwhile, the Asia Pacific region is experiencing rapid growth in the RV rental market, fueled by increasing disposable incomes, rising tourism activities, and a growing interest in unconventional travel experiences among the younger population. The market in Europe is also expanding steadily, supported by the popularity of camping and caravanning in countries such as Germany, France, and the United Kingdom.

Vehicle Type Analysis

The recreational vehicle rental market is segmented by vehicle type, including motorhomes, campervans, camper trailers, and others. Motorhomes dominate this segment due to their spacious interiors, equipped with amenities similar to a home, such as kitchens, bathrooms, and sleeping areas. This makes motorhomes particularly appealing for families and groups seeking comfortable and convenient travel experiences. The flexibility and self-sufficiency offered by motorhomes are driving their high demand in the rental market.

Campervans, often smaller and more maneuverable than motorhomes, have gained popularity among young travelers and couples. Their compact size makes them easier to drive and park, especially in urban areas or on narrow roads. Campervans typically offer essential amenities and are more affordable to rent than motorhomes, making them an attractive option for budget-conscious travelers. As the trend towards minimalistic and eco-friendly travel grows, the demand for campervans is expected to rise significantly.

Camper trailers, also known as travel trailers or caravans, are another popular option in the RV rental market. These vehicles are towed by another vehicle, providing flexibility for travelers who prefer to drive their own car or truck. Camper trailers come in various sizes and configurations, catering to different travel needs and preferences. Their affordability and ease of use make them a favored choice for families and groups planning extended vacations or road trips.

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In January 2025, apartment rents recorded an annual growth in most U.S. states. Nevertheless, the national average rent declined by about *** percent. West Virginia was the state with the largest rental increase, while Colorado measured the largest decline. California, one of the most expensive states to rent an apartment, such as California, saw an increase of about *** percent from the previous year. How much should you earn to afford to rent an apartment in different states in the U.S.? Both employment opportunities and the living costs vary widely across the country. In California, which is among the most competitive housing markets in the U.S., the hourly wage needed to afford a two-bedroom apartment rental was roughly ** U.S. dollars, more than twice higher than in North Carolina, Louisiana, or Michigan in 2024. When it comes to the median household income, on the other hand, California does not even make it in the top ten states. How much should you earn to afford a home in some of U.S. largest metros? In 2022, the annual salary needed to buy a median-priced home in the U.S. was ****** U.S. dollars. However, in some of the largest metropolitan areas in the United States, where housing prices are up to two or three times higher, homebuyers would have to earn more than 100,000 U.S. dollars to afford a home. In San Jose, which was the most expensive metro, the annual salary needed for a median-priced home was approximately ******* U.S. dollars.

Renting the typical one-bedroom apartment exceeded 2,500 U.S. dollars in three of United States' cities with population greater than 150,000 people in 2024. In May that year, the average rent for a one-bedroom apartment in Sunnyvale, California was 2,798 U.S. dollars.

In District of Columbia, the average rent per square foot was 2.95 U.S. dollars in 2018, whereas renters in Oregon were expected to pay half as much in rent per square foot. DC was the most expensive state for renters, followed by New York, Hawaii, Massachusetts and California.

Why is DC so expensive?

District of Columbia is the center of the U.S. political system with all three branches of federal government sitting there: Congress (legislative), President (executive) and the Supreme Court (judicial). The above average household incomes of its residents mean that high rents are still sustainable for the rental market.

Limited space in DC

DC has the largest share of apartment dwellers in the country. This is most likely due to limited space, as the federal district has a much higher population density than the states. The political importance of DC and the high population density suggest that the federal district is likely to retain its spot as the most expensive rental market in the future.

Rents in the United States declined year-on-year for the first time in June 2023, after surging for two years in a row. In November 2021, rents soared by over ** percent annually — the highest increase on record, and in August 2022, the average rental price reached an all-time high of over ***** U.S. dollars. Rental growth has since mellowed, with January 2025 recording a decline of about *** percent from the same period one year ago. Despite the softening of the market, many states still experienced rising rents.

In December 2019, Flowood had the highest average rent for apartments in Mississippi at 1,072 U.S. dollars per month. Brandon, Mississippi followed behind with average monthly rents of 1,046 U.S. dollars.