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.

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 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.

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.

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.

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.

As of October 2024, Cluj-Napoca had the highest rent for one-room apartments, on average, renting a studio apartment costs 400 euros per month. Arad was the most affordable city to live in on the given list — 220 euros per month, even reaching an average of 180 euros in January and February 2024.

Rents in Germany continued to increase in all seven major cities in 2024. The average rent per square meter in Munich was approximately 19.8 euros — the highest in the country. Conversely, Düsseldorf had the most affordable rent, at approximately 13.1 euros per square meter. But how does renting compare to buying? According to the house price to rent ratio, house prices in Germany have risen faster than rents, making renting more affordable than buying. Affordability of housing in Germany In 2023, Germany was among the European countries with a relatively high house price to income ratio in Europe. The indicator compares the affordability of housing across OECD countries and is calculated as the nominal house prices divided by nominal disposable income per head, with 2015 chosen as a base year. Between 2012 and 2022, property prices in the country rose much faster than income, with the house price to income index peaking at 138 index points at the beginning of 2022. Slower house price growth in the following years has led to the index declining, as incomes catch up. Nevertheless, homebuyers in 2024 faced significantly higher mortgage interest rates, contributing to a higher final cost. How much does buying a property in Germany cost? Just as with renting, Munich was the most expensive city for newly built apartments. In 2024, the cost per square meter in Munich was almost 2,800 euros pricier than in the runner-up city, Frankfurt. Detached and semi-detached houses are usually more expensive. The price gap between Munich and the second most expensive city, Stuttgart, was nearly 4,000 euros per square meter.

The average agreed rent for new tenancies in the UK ranged from 665 British pounds to 2,100 British pounds, depending on the region. On average, renters outside of London paid 1,095 British pounds, whereas in London, this figure amounted to 2,025 British pounds. Rents have been on the rise for many years, but the period after the COVID-19 pandemic accelerated this trend. Since 2015, the average rent in the UK increased by about 25 percent, with about half of that gain achieved in the period after the pandemic. Why have UK rents increased so much? One of the main reasons driving up rental prices is the declining affordability of homeownership. Historically, house prices grew faster than rents, making renting more financially feasible than buying. In 2022, when the house price to rent ratio index peaked, house prices had outgrown rents by nearly 30 percent since 2015. As house prices peaked in 2022, home buying slowed, exacerbating demand for rental properties and leading to soaring rental prices. How expensive is too expensive? Although there is no official requirement about the proportion of income spent on rent for it to be considered affordable, a popular rule is that rent should not exceed more than 30 percent of income. In 2024, most renters in the UK exceeded that threshold, with the southern regions significantly more likely to spend upward of 30 percent of their income on rent. Rental affordability has sparked a move away from the capital to other regions in the UK, such as the South East (Brighton and Southampton), the West Midlands (Birmingham) and the North West (Liverpool, Manchester, Blackpool and Preston).

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.

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 average monthly rent in California for a two-bedroom apartment was 2,464 U.S. dollars in 2024, while a one-bedroom unit cost 1,989 U.S. dollars. Only renters who earn the area median income (AMI) can afford two-bedroom housing in California. Rent affordable to renters with full-time jobs at mean renter wage, or 30 percent area median income, was lower than the fair market rent of a two-bedroom and one-bedroom apartment in California, making this housing in this state not affordable for them. The rent in California ranked highest among all other states in the United States for a two bedroom apartment in 2024.

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.

This chart shows the monthly housing cost expenses for renters. Gross rent is the agreed upon rent plus the estimated average monthly cost of utilities (electricity, gas, and water and sewer) and fuels (oil, coal, kerosene, wood, etc.) if these are paid by the renter.

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.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Owners' Equivalent Rent of Primary Residence in U.S. City Average (CUUR0000SEHC01) from Dec 1982 to Feb 2025 about primary, rent, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

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

This chart shows the monthly housing cost expenses for renters. Gross rent is the agreed upon rent plus the estimated average monthly cost of utilities (electricity, gas, and water and sewer) and fuels (oil, coal, kerosene, wood, etc.) if these are paid by the renter.

The average square meter rent in Italy in October 2023 declined from the previous month, but was about 0.7 euros more expensive than the same period in 2022. In October 2023, renters paid on average 12.74 euros per square meter for a rental home. However, renting in some of Italy's northern regions, including Aosta Valley, Tuscany, and Lombardy, was much more expensive. City vs. Countryside It is not a secret that rental prices for residential real estate differ hugely between the city and the countryside. In Italy, Milan and Rome are among the most expensive areas for renters. According to data gathered in 2023, some districts of the two cities boasted an average rental price of over 20 euros per square meter. Southern Italy is more affordable In absolute terms, renting a dwelling in cities in southern Italy is more affordable. Even in the most affluent areas, rents in Palermo were not higher than 11 euros per square meter in late 2023. Moreover, in Naples renting a dwelling could cost between seven and 17 euros per square meter.

Japan Average Rent: Tokyo: Shibuya-ku data was reported at 22,117.000 JPY/Tsubo in Oct 2018. This records an increase from the previous number of 21,939.000 JPY/Tsubo for Sep 2018. Japan Average Rent: Tokyo: Shibuya-ku data is updated monthly, averaging 19,415.500 JPY/Tsubo from Dec 1990 (Median) to Oct 2018, with 214 observations. The data reached an all-time high of 36,881.000 JPY/Tsubo in Dec 1990 and a record low of 16,904.000 JPY/Tsubo in May 2013. Japan Average Rent: Tokyo: Shibuya-ku data remains active status in CEIC and is reported by Miki Shoji Company Limited. The data is categorized under Global Database’s Japan – Table JP.P007: Office Average Rent: By Region.