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.

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.

In California, the estimated fair market rent for a two-bedroom accommodation amounted to 2,464 U.S. dollars in 2024. It was one of the least affordable states in terms of housing that year, as someone would need to earn at least twice the minimum wage to afford a two-bedroom rental unit there.

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.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Rent of Primary Residence in U.S. City Average (CUSR0000SEHA) from Jan 1981 to Feb 2025 about primary, rent, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

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.

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.

The monthly median asking rent for unfurnished apartments in the United States declined by about 74 U.S. dollars between in 2023. In the fourth quarter of 2023, the median rent amounted to 1,751 U.S. dollars, down from 1,825 U.S. dollars in 2022. This decrease followed a decade of steady growth, interrupted only in 2020 during the COVID-19 pandemic. 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 2023, there were approximately 45 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 26 percent in 2021, and remained elevated, despite a slight decline in 2023.

Price to Rent Ratio in the United States decreased to 133.63 in the third quarter of 2024 from 134.25 in the second quarter of 2024. This dataset includes a chart with historical data for the United States Price to Rent Ratio.

Although the American Community Survey (ACS) produces population, demographic and housing unit estimates, it is the Census Bureau's Population Estimates Program that produces and disseminates the official estimates of the population for the nation, states, counties, cities, and towns and estimates of housing units for states and counties..Supporting documentation on code lists, subject definitions, data accuracy, and statistical testing can be found on the American Community Survey website in the Technical Documentation section.Sample size and data quality measures (including coverage rates, allocation rates, and response rates) can be found on the American Community Survey website in the Methodology section..Source: U.S. Census Bureau, 2021 American Community Survey 1-Year Estimates.Data are based on a sample and are subject to sampling variability. The degree of uncertainty for an estimate arising from sampling variability is represented through the use of a margin of error. The value shown here is the 90 percent margin of error. The margin of error can be interpreted roughly as providing a 90 percent probability that the interval defined by the estimate minus the margin of error and the estimate plus the margin of error (the lower and upper confidence bounds) contains the true value. In addition to sampling variability, the ACS estimates are subject to nonsampling error (for a discussion of nonsampling variability, see ACS Technical Documentation). The effect of nonsampling error is not represented in these tables..The 2021 American Community Survey (ACS) data generally reflect the March 2020 Office of Management and Budget (OMB) delineations of metropolitan and micropolitan statistical areas. In certain instances the names, codes, and boundaries of the principal cities shown in ACS tables may differ from the OMB delineations due to differences in the effective dates of the geographic entities..Estimates of urban and rural populations, housing units, and characteristics reflect boundaries of urban areas defined based on Census 2010 data. As a result, data for urban and rural areas from the ACS do not necessarily reflect the results of ongoing urbanization..Explanation of Symbols:- The estimate could not be computed because there were an insufficient number of sample observations. For a ratio of medians estimate, one or both of the median estimates falls in the lowest interval or highest interval of an open-ended distribution. For a 5-year median estimate, the margin of error associated with a median was larger than the median itself.N The estimate or margin of error cannot be displayed because there were an insufficient number of sample cases in the selected geographic area. (X) The estimate or margin of error is not applicable or not available.median- The median falls in the lowest interval of an open-ended distribution (for example "2,500-")median+ The median falls in the highest interval of an open-ended distribution (for example "250,000+").** The margin of error could not be computed because there were an insufficient number of sample observations.*** The margin of error could not be computed because the median falls in the lowest interval or highest interval of an open-ended distribution.***** A margin of error is not appropriate because the corresponding estimate is controlled to an independent population or housing estimate. Effectively, the corresponding estimate has no sampling error and the margin of error may be treated as zero.

The average monthly asking rent per square foot of shopping center real estate in the United States increased between 2020 and 2024. This trend was observed in all regions, with the West seeing the highest rents at 29 U.S. dollars per square foot as of the first quarter of 2024. Until 2027, rental growth in the retail sector is forecast to remain positive.

Graph and download economic data for Rental Vacancy Rate in the United States (RRVRUSQ156N) from Q1 1956 to Q4 2024 about vacancy, rent, rate, and USA.

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.

In January 2025, apartment rents recorded an annual growth in most U.S. states. Nevertheless, the national average rent declined by about one 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 one 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 47 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 97,000 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 374,000 U.S. dollars.

The largest owner of apartments in the United States was Greystar, an international developer and manager headquartered in Charleston, SC. In 2024, Greystar owned nearly 109,000 units. MAA, a Tennessee-based real estate investment trust, ranked second, with 85,000 apartments owned. Real estate investment trusts The majority of the largest owners of apartments in the U.S. are real estate investment trusts (REITs), which are companies who own (and usually operate) income producing real estate. REITs were created in 1960, when the Cigar Excise Tax Extension permitted investment in large-scale diversified real estate portfolios through the purchase and sale of liquid securities. This effectively aligned investment in real estate with other asset classes. In 2023, there were approximately 200 REITs in the United States with a market capitalization of 1.4 trillion U.S. dollars. Apartments in the United States The rental return for apartments in the U.S. has been steadily climbing in recent times, with the national monthly median rent for an unfurnished apartment steadily increasing since 2012. Over this period, apartment vacancy rates have been decreasing across the country, suggesting that demand outweighs supply. Accordingly, large-scale investment in apartments by REITs is likely to continue into the foreseeable future.

Graph and download economic data for Rental Vacancy Rate for New York (NYRVAC) from 1986 to 2024 about vacancy, rent, NY, rate, and USA.

Weekly and Average Rent in Rented Private Households where the Head of the Household moved to the State in the Year Leading up to Census 2022

Virginia (VA) has the 19th highest rent in the country out of 56 states and territories. The Fair Market Rent in Virginia ranges from $701 for a 2-bedroom apartment in Grayson County, VA to $1,765 for a 2-bedroom unit in Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area.

For FY 2024, the Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area (Arlington County) rent for a studio or efficiency is $1,772 per month and $3,015 per month to rent a house or an apartment with 4 bedrooms. The average Fair Market Rent for a 2-bedroom home in Virginia is $1,056 per month.

Approximately 15% of Americans qualify for some level of housing assistance. The population in Virginia is around 2,038,847 people. So, there are around 305,827 people in Virginia who could be receiving housing benefits from the HUD. For FY 2025, the Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area (Arlington County) rent for a studio or efficiency is $2,012 per month and $3,413 per month to rent a house or an apartment with 4 bedrooms. The average Fair Market Rent for a 2-bedroom home in Virginia is $1,059 per month.

Average rents and vacancies distributed by type of apartment for regions across Colorado dating back to 2006 as defined by the Colorado Department of Local Affairs Housing Division. Building size is defined by number of bedrooms, and regions are defined as: Alamosa, Aspen, Buena Vista, Canon City, Central Mountains, Colorado Springs, Durango, Eagle County, Fort Collins/Loveland, Fort Morgan/Brush, Glenwood Springs, Grand Junction, Greeley, Gunnison, Lake County, Montrose, Pueblo, Salida, Southeastern Colorado, Steamboat Springs, Sterling, Central and Metro Average. Counties include: Summit, Adams, Arapahoe, Boulder/Broomfield, Denver, Douglas, Jefferson.

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 ...).