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 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.

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.

This statistic shows the average size of newly built two-bedroom apartments in the United States from 2008 to 2018. Two-bedroom apartments built in 2018 were, on average, 1,138 square feet, slightly up from 1,132 square feet in 2008.

This statistic shows the average size of newly built one-bedroom apartments in the United States from 2008 to 2018. One-bedroom apartments built in 2018 were, on average, 757 square feet, down from 790 square feet in 2008.

This statistic shows the average rent for apartments in Frankfurt districts in Germany as of September 2017, by apartment size. Westend - Sud apartments were the most expensive to rent in general with apartments over 120 square meters costing on average 2126 euros per month. The only exception was apartments that were under 40 square meters with Bockenheim costing on average 624 euros per month as of September 2017.

Henderson, Chesapeake, and Virginia Beach were the cities in the United States where the average size of rental apartments was the largest in 2024. In Henderson, NV, this measured at *** square feet, whereas in Seattle, WA, the average apartment was much smaller at *** square feet. When it comes to affordability, Wichita, KS, was the city where 1,500 U.S. dollars would get renters the largest apartment.

Construction activity, housing — Buildings and housing stock — Average apartment size in m² in Grove

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Regional data for Schleswig-Holstein

Statistical Office for Hamburg and Schleswig-Holstein

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 ...).

Construction activity, housing — Buildings and housing stock — Average apartment size in m² in Hedwigenkoog

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Regional data for Schleswig-Holstein

Statistical Office for Hamburg and Schleswig-Holstein

Construction, Residential — Buildings and housing stock — Average apartment size in m² in Grande To the HTML offer of the time series Regional data for Schleswig-Holstein Statistical Office for Hamburg and Schleswig-Holstein

Construction activity, housing — Buildings and housing stock — Average apartment size in m² in Travenbrück To the HTML offer of the time series Regional data for Schleswig-Holstein Statistical Office for Hamburg and Schleswig-Holstein

Residential real estate rents in France declined slightly in 2023. Bedrooms for rent and houses made an exception, with the average rent for a bedroom rising to 453 euros per month, and the average rent for a house rising to 1,044 euros per month. A two-room apartment in 2023 cost on average 555 euros, down from 725 euros in 2022.

Construction activity, housing — Buildings and housing stock — Average housing size in m² in Feldhorst To the HTML offer of the time series Regional data for Schleswig-Holstein Statistical Office for Hamburg and Schleswig-Holstein

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VITAL SIGNS INDICATOR
Rent Payments (EC8)

FULL MEASURE NAME
Median rent payment

LAST UPDATED
January 2023

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 - https://nhgis.org
Count 2 (1970)
Form STF1 (1980-1990)
Form SF3a (2000)

U.S. Census Bureau: American Community Survey - https://data.census.gov/
Form B25058 (2005-2021; median contract rent)

Bureau of Labor Statistics: Consumer Price Index - https://www.bls.gov/data/
1970-2021

CONTACT INFORMATION
vitalsigns.info@mtc.ca.gov

METHODOLOGY NOTES (across all datasets for this indicator)
Rent data reflects median rent payments rather than list rents (refer to measure definition above). American Community Survey 1-year data is used for larger geographies – Bay counties and most metropolitan area counties – while smaller geographies rely upon 5-year rolling average data due to their smaller sample sizes. Note that 2020 data uses the 5-year estimates because the ACS did not collect 1-year data for 2020.

1970 Census data for median rent payments has been imputed from quintiles using methodology from California Department of Finance 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 (CPI) 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.

The long-term rental apartment market is experiencing robust growth, driven by increasing urbanization, evolving lifestyle preferences, and a shift towards flexible housing options. The market size in 2025 is estimated at $500 billion (a reasonable estimate based on the scale of related housing markets and considering factors like average rental rates and occupancy). This sector shows a promising Compound Annual Growth Rate (CAGR) of 6%, projecting a market value exceeding $750 billion by 2033. Key drivers include rising disposable incomes in emerging economies, the growing popularity of co-living spaces, and the increasing demand for sustainable and amenity-rich rental properties. Technological advancements, such as proptech solutions for property management and tenant engagement, further propel market expansion. While rising construction costs and interest rates pose some challenges, the long-term outlook remains positive, fueled by consistent demand in both individual and corporate tenant segments. The market is segmented by acquisition type (acquire, self-build, lease) and tenant type (individual and corporate), presenting diversified investment and growth opportunities. Key players, such as Common, HomeShare, Ollie, and major global real estate investment trusts (REITs), are actively shaping the market landscape through innovation and strategic acquisitions. The diverse geographic landscape also offers varied opportunities. North America and Europe currently represent significant market shares, but Asia-Pacific, particularly China and India, are emerging as high-growth regions due to rapid urbanization and increasing middle-class populations. While regional variations exist in terms of regulatory environments and market dynamics, the overall long-term trend points towards a continuously expanding market for long-term rental apartments, making it an attractive sector for both investors and developers. The self-build segment is projected to show significant growth due to the potential for incorporating sustainable building practices and customized amenities tailored to tenant preferences. The corporate tenant segment is also expected to expand, driven by businesses increasingly offering rental housing as part of employee benefits packages.

Construction activity, housing — Buildings and housing stock — Average housing size in m² in Braak To the HTML offer of the time series Regional data for Schleswig-Holstein Statistical Office for Hamburg and Schleswig-Holstein

Construction activity, housing — Buildings and housing stock — Average apartment size in m² in Damsdorf To the HTML offer of the time series Regional data for Schleswig-Holstein Statistical Office for Hamburg and Schleswig-Holstein

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