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.

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.

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.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Rent of Primary Residence in U.S. City Average (CUUR0000SEHA) from Dec 1914 to Apr 2025 about primary, rent, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

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 median asking rent for unfurnished apartments in the United States rose by about 51 U.S. dollars in 2024. In the third quarter of 2024, the median rent amounted to 1,847 U.S. dollars, up from 1,796 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 45.5 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.

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 Apr 2025 about primary, rent, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

Rent Inflation in the United States remained unchanged at 4 percent in April. This dataset includes a chart with historical data for the United States Rent Inflation.

Graph and download economic data for Rental Vacancy Rate in the United States (RRVRUSQ156N) from Q1 1956 to Q1 2025 about vacancy, rent, rate, and USA.

Revenue for apartment lessors has expanded through the end of 2025. Apartment lessors collect rental income from rental properties, where market forces largely determine their rates. The supply of apartment rentals has grown slower than demand, which has elevated rental rates for lessors' benefit. As the Federal Reserve hiked interest rates 11 times between March 2022 and January 2024, homeownership was pushed beyond the reach of many, resulting in a tighter supply and increased demand for rental properties. Despite three interest rate cuts in 2024, mortgage rates have remained high, further encouraging consumers to rent. Revenue has climbed at a CAGR of 2.9% over the past five years and is expected to reach $299.7 billion by the end of 2025. This includes an anticipated 3.0% gain in 2025 alone. The increasing unaffordability of housing is caused by the steady climb of mortgage rates and high prices maintained by a low supply. Supply has been held down as buyers who locked in low rates stay put, and investment groups hold a strategic number of their properties empty as investments. Industry profit has remained elevated because of solid demand for apartment rentals. Through the end of 2030, the apartment rental industry's future performance is likely to be shaped by varying factors. The apartment supply in the US, which hit a record in 2024, is expected to taper off, which will, in turn, push rental prices and occupancy rates up to the lessors' benefit. Other factors, such as further interest rate cuts, decreasing financial barriers to homeownership, and a high rate of urbanization, will also significantly impact the industry. Wth approximately 80.7% of the US population living in urban areas, demand for apartment rentals will strengthen, although rising rental prices could force potential renters to cheaper suburbs. Demand will continue to outpace supply growth, prompting a climb in revenue. Revenue is expected to swell at a CAGR of 2.8% over the next five years, reaching an estimated $344.3 billion in 2030.

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.

Graph and download economic data for Rental Vacancy Rate for the United States (USRVAC) from 1986 to 2024 about vacancy, rent, rate, and USA.

Price to Rent Ratio in the United States increased to 134.44 in the fourth quarter of 2024 from 133.75 in the third quarter of 2024. This dataset includes a chart with historical data for the United States Price to Rent Ratio.

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.

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.

Graph and download economic data for Rental Vacancy Rate for Georgia (GARVAC) from 1986 to 2024 about vacancy, rent, GA, rate, and USA.

Graph and download economic data for Average Weekly Earnings of Production Employees: Real Estate and Rental and Leasing in West Virginia (DISCONTINUED) (SMU54000005553000030SA) from Jan 2003 to Dec 2017 about leases, WV, rent, real estate, earnings, production, employment, and USA.

Graph and download economic data for Producer Price Index by Industry: Passenger Car Rental: Replacement Passenger Car Rental (PCU5321115321113) from Dec 1991 to Apr 2025 about passenger, rent, vehicles, PPI, industry, inflation, price index, indexes, price, and USA.

The fair market monthly rent in Florida for a two-bedroom apartment was 1,591 U.S. dollars in 2024. Only renters who earn the area median income (AMI) can afford this housing in Florida. 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 apartment and one-bedroom apartment in Florida, making housing in this state not affordable for them. The rent in Florida ranks tenth among all other states in the United States for a two bedroom apartment.

Party Supply Rental providers rent tables, chairs, audio equipment, tents and other related supplies to host events. Through the end of 2024, rising disposable income and growth in downstream markets have spurred demand for events that require party supplies. However, the pandemic hurt sales as large gatherings were prohibited to prevent the virus spread. Nonetheless, a mixture of robust growth in marriage rates, coupled with pent-up consumer demand following the pandemic, enabled a rapid recovery for rental providers. Revenue is expected to swell at a CAGR of 1.8% to $7.3 billion through the end of 2024, despite a forecast dip of 0.2% in 2024. Party rental providers endured a challenge with price-conscious consumers turning to the Internet to compare prices. Most of the largest providers now have comprehensive solutions to event planning, such as detailed diagrams of equipment layouts and event consultations. Many smaller providers have partnered with catering and planning companies to deliver a range of services to their clients, enabling them to avoid price-based competition. These value-added offerings helped boost revenue before the pandemic. Party supply rental providers have become more competitive as low barriers to entry and high profit caused many businesses to enter the marketplace. These trends caused intense price-based competition among suppliers, forcing companies to offer promotions and discounts on their products and services to stay competitive, which constrained profit. Moving forward, demand for party supplies will continue to expand as economic growth encourages consumers and businesses to host events. Differentiating from competitors with innovative party supplies will bolster prices as companies can charge more for their services. Companies are also leveraging technologies to ensure the timely and cost-effective use of labor. Technology also improves consumer insights and helps rental providers make adjustments to improve sales in the future. Although a recovery in consumer demand will stabilize profitability, heightened inflationary pressures may dampen growth opportunities. Revenue is expected to climb at a CAGR of 2.0% to $8.1 billion through the end of 2029.