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.

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

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 ***** U.S. dollars, up from ***** 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.

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.

Rent Inflation in the United States decreased to 3.80 percent in June from 3.90 percent in May of 2025. This dataset includes a chart with historical data for the United States Rent Inflation.

In District of Columbia, the average rent per square foot was **** 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.

Price to Rent Ratio in the United States increased to 134.20 in the fourth quarter of 2024 from 133.60 in the third quarter of 2024. This dataset includes a chart with historical data for the United States Price to Rent Ratio.

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.

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

Graph and download economic data for Consumer Price Index for All Urban Consumers: Owners' Equivalent Rent of Primary Residence in U.S. City Average (CUSR0000SEHC01) from Jan 1983 to Jun 2025 about primary, rent, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

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 ***** U.S. dollars, which was an increase of approximately *** U.S. dollars from September 2020.

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 asking rent per square foot of shopping center real estate in the leading markets in Texas increased between 2020 and 2024. Although this trend was observed in all four major markets, Austin recorded the highest rent in 2024, at **** U.S. dollars per square foot. This was higher than both the national average and the average for the South region.

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 ***** U.S. dollars in May 2024, higher than the previous peak of ***** U.S. dollars in August 2019. In May 2024, the average monthly rent of a two-bedroom apartment in California was close to ***** U.S. dollars.

United States - Consumer Price Index for All Urban Consumers: Rent of Primary Residence in U.S. City Average was 424.46700 Index 1982-84=100 in July of 2024, according to the United States Federal Reserve. Historically, United States - Consumer Price Index for All Urban Consumers: Rent of Primary Residence in U.S. City Average reached a record high of 424.46700 in July of 2024 and a record low of 103.70000 in January of 1984. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Consumer Price Index for All Urban Consumers: Rent of Primary Residence in U.S. City Average - last updated from the United States Federal Reserve on July of 2025.

The average monthly rent in California for a two-bedroom apartment was ***** U.S. dollars in 2024, while a one-bedroom unit cost ***** 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.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Rent of Shelter in U.S. City Average (CUUS0000SAS2RS) from H1 1984 to H2 2024 about shelter, rent, urban, consumer, CPI, price index, indexes, price, and USA.

VITAL SIGNS INDICATOR Rent Payments (EC8)

FULL MEASURE NAME Median rent payment

LAST UPDATED August 2019

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 1970-2000 https://nhgis.org Note: Count 1 and Count 2; Form STF1; Form SF3a

U.S. Census Bureau: American Community Survey 2005-2017 http://api.census.gov Note: Form B25058; 1-YR

Bureau of Labor Statistics: Consumer Price Index 1970-2017 http://www.bls.gov/data/ Note: All Urban Consumers Data Table (by metro)

CONTACT INFORMATION vitalsigns.info@bayareametro.gov

METHODOLOGY NOTES (across all datasets for this indicator) Rent data reflects median rent payments rather than list rents (refer to measure definition above). Larger geographies (metro and county) rely upon ACS 1-year data, while smaller geographies rely upon ACS 5-year rolling average data. 1970 Census data for median rent payments has been imputed by ABAG staff 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 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.

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.