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.

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 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.

As of March 2024, the average rent for a one-bedroom apartment in Shanghai was approximately 1,030.74 U.S. dollars per month. In comparison, the average monthly rent for a one-bedroom apartment in Karachi was approximately 106.96 U.S. dollars as of March 2024.

The District of Columbia is the most expensive U.S. state for studio apartments, with monthly rents nearly 300 U.S. dollars higher than in Hawaii. As of February 2021, renters in District of Columbia paid on average 1,625 U.S. dollars monthly for a studio apartment. In comparison, studios in Arkansas were approximately three times more affordable.

Between 2020 and 2021, the average monthly rent in the U.S. saw an overall increase. Nevertheless, this was not the case in some states that experienced dramatic negative rental growth.

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.

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.

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 median monthly apartment rental rate for a one bedroom apartment in San Francisco Bay Area was the highest in Mountain View as of May 2023, at nearly 3,500 U.S. dollars. The median monthly rent for a one bedroom apartment in Vallejo, on the other hand, was aproximately 1,600 U.S. dollars per month.

This statistic shows the average monthly rent for one bedroom apartment in selected cities around the world in 2016. In that year, the average monthly rent in London amounted to 2,083 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.

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.

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 keep rental prices increasing. Renting in European cities In the third quarter of 2023, Munich was the most expensive city to rent a furnished studio. For one-bedroom apartments or a furnished private room, the most expensive city was Amsterdam. At almost 1,650 euros per month, renting a studio in Munich cost about 1,000 euros more than a studio in Budapest. Owning a home In many European countries owning your home is more commonplace than renting – for instance, in Romania, the homeownership rate is over 95 percent. In the UK, affordability of housing is one of the leading housing concerns, with the majority of adults agreeing that first-time buyers getting on a property ladder is a very or somewhat serious problem. More in-depth information on the topic can be found in the report on residential real estate in Europe.

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 median rent for one- and two-bedroom apartments in Chicago, Illinois, amounted to about 1,663 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 16 percent. Growth has since mellowed, with the average rental increase amounting to 1.7 percent in January 2025. Among the different states, Illinois ranked alongside Texas, South Carolina, and Pennsylvania in terms of rental costs.

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 median rent for one- and two-bedroom apartments in San Francisco, CA, amounted to about 2,620 U.S. dollars at the end of 2023. Rents decreased drastically after the beginning of the coronavirus pandemic - by over 25 percent between December 2019 and December 2020. This trend reversed in 2021, and as of December 2021, the annual rental growth stood at 15 percent. Among the different states in the U.S., California ranks as the second most expensive rental market in 2023.

In the second quarter of 2024, Galway had the highest residential rent amongst major cities in Ireland. Properties in Galway on average were in the range of 1,279 to 2,430 euros, depending upon the size of the property. Limerick was the second most expensive city, with homes ranging from 1,274 to 2,418 euros. In contrast, Waterford stood out as the most affordable city compared to others, with properties available at rates ranging from 986 to 1,873 euros. In Dublin, the average rent for a two-bedroom apartment ranged between 1,734 and 2,470 euros, depending on the area.

Depending on the neighborhood, the average rent for a two-bedroom apartment in Montevideo, Uruguay was between 697 U.S. dollars and 1,266 U.S. dollars in May 2024. Punta Carretas was the most expensive neighborhood, with twice the average rent of Centro.

As of April 2024, Hungary's capital Budapest recorded the highest average rental prices for houses and apartments measuring at 270 thousand forints a month. By comparison, average monthly rental prices in Békéscsaba totaled 90 thousand forints.