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.

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.

Price Index of Private Rents (PIPR) data chain-linked to Index of Private Housing Rental Prices. This is a historical series from January 2005 to February 2024.

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.

Rental rates in the United States increased steadily since 2008. In 2023, the producer price index for gross rent in office buildings reached 132.9 index points. This means that between 2008 when the index value was set to 100 and 2023, gross office rents grew by about 33 percent. Manhattan, San Francisco, and Boston are among the biggest and most expensive markets for office space in the United States.

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

The median monthly asking rent of single family homes and apartments in Manhattan, New York plummeted in 2020, following the coronavirus (COVID-19) pandemic outbreak. The average rent in Upper East Side fell below 2,800 U.S. dollars, only to surge in the next two years. In June 2023, a residential property in Downtown Manhattan had an average rent of nearly 5,000 U.S. dollars.

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 home rental payment in the United Kingdom (UK) increased steadily since 2008, reaching 1, 258 British pounds in December 2023. In comparison, the average home buying costs amounted to 1,231 British Pounds that year, meaning that homeowners saved 27 British pounds monthly from the difference.

Rent Inflation in Japan remained unchanged at 0.20 percent in February. This dataset includes a chart with historical data for Japan Rent Inflation.

Price to Rent Ratio in Colombia remained unchanged at 123.25 in the third quarter of 2024 from 123.25 in the second quarter of 2024. This dataset includes a chart with historical data for Colombia Price to Rent Ratio.

Rents for industrial real estate in the U.S. have increased since 2017, with flexible/service space reaching the highest price per square foot in 2024. In just a year, the cost of, flex/service space rose by nearly five U.S. dollars per square foot. Manufacturing facilities, warehouses, and distribution centers had lower rents and experienced milder growth. Los Angeles, Orange County, and Inland Empire, California, are some of the most expensive markets in the country. Office real estate is pricier Industrial real estate is far from being the most expensive commercial property type. For instance, average rental rates in major U.S. metros for office space are much higher than those for industrial space. This is most likely because office units are generally located in urban areas where there is limited space and thus higher demand, whereas industrial units are more suited to the outskirts of such urban areas. Industrial units, such as warehouses or factories, require much more space because they need to house large, heavy equipment or serve as a storage unit for future shipments. Big-box distribution space is gaining in importance Warehouses and distribution may currently command the lowest average rent per square foot among industrial space types, but the growing popularity of the asset class has earned it considerable gains over the past years. In 2021 and 2022, high occupier demand and insufficient supply led to soaring taking rent of big-box buildings. During that time, the vacancy rate of distribution centers fell below six percent. The development of industrial and logistics facilities has accelerated since then, with the new supply coming to market causing the vacancy rate to increase and the pressures on rent to ease.

VITAL SIGNS INDICATOR List Rents (EC9)

FULL MEASURE NAME List Rents

LAST UPDATED October 2016

DESCRIPTION List rent refers to the advertised rents for available rental housing and serves as a measure of housing costs for new households moving into a neighborhood, city, county or region.

DATA SOURCE real Answers (1994 – 2015) no link

Zillow Metro Median Listing Price All Homes (2010-2016) http://www.zillow.com/research/data/

CONTACT INFORMATION vitalsigns.info@mtc.ca.gov

METHODOLOGY NOTES (across all datasets for this indicator) List rents data reflects median rent prices advertised for available apartments rather than median rent payments; more information is available in the indicator definition above. Regional and local geographies rely on data collected by real Answers, a research organization and database publisher specializing in the multifamily housing market. real Answers focuses on collecting longitudinal data for individual rental properties through quarterly surveys. For the Bay Area, their database is comprised of properties with 40 to 3,000+ housing units. Median list prices most likely have an upward bias due to the exclusion of smaller properties. The bias may be most extreme in geographies where large rental properties represent a small portion of the overall rental market. A map of the individual properties surveyed is included in the Local Focus section.

Individual properties surveyed provided lower- and upper-bound ranges for the various types of housing available (studio, 1 bedroom, 2 bedroom, etc.). Median lower- and upper-bound prices are determined across all housing types for the regional and county geographies. The median list price represented in Vital Signs is the average of the median lower- and upper-bound prices for the region and counties. Median upper-bound prices are determined across all housing types for the city geographies. The median list price represented in Vital Signs is the median upper-bound price for cities. For simplicity, only the mean list rent is displayed for the individual properties. The metro areas geography rely upon Zillow data, which is the median price for rentals listed through www.zillow.com during the month. Like the real Answers data, Zillow's median list prices most likely have an upward bias since small properties are underrepresented in Zillow's listings. The metro area data for the Bay Area cannot be compared to the regional Bay Area data. Due to afore mentioned data limitations, this data is suitable for analyzing the change in list rents over time but not necessarily comparisons of absolute list rents. Metro area boundaries reflects today’s metro area definitions by county for consistency, rather than historical metro area boundaries.

Due to the limited number of rental properties surveyed, city-level data is unavailable for Atherton, Belvedere, Brisbane, Calistoga, Clayton, Cloverdale, Cotati, Fairfax, Half Moon Bay, Healdsburg, Hillsborough, Los Altos Hills, Monte Sereno, Moranga, Oakley, Orinda, Portola Valley, Rio Vista, Ross, San Anselmo, San Carlos, Saratoga, Sebastopol, Windsor, Woodside, and Yountville.

Inflation-adjusted data are presented to illustrate how rents 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. Percent change in inflation-adjusted median is calculated with respect to the median price from the fourth quarter or December of the base year.

Graph and download economic data for Rental Vacancy Rate for California (CARVAC) from 1986 to 2024 about vacancy, rent, CA, rate, and USA.

Rental Vacancy Rate for New Jersey was 3.60% in January of 2024, according to the United States Federal Reserve. Historically, Rental Vacancy Rate for New Jersey reached a record high of 11.20 in January of 2012 and a record low of 2.90 in January of 2020. Trading Economics provides the current actual value, an historical data chart and related indicators for Rental Vacancy Rate for New Jersey - last updated from the United States Federal Reserve on March of 2025.

Rent Inflation in Portugal decreased to 6.50 percent in January from 7.20 percent in December of 2024. This dataset includes a chart with historical data for Portugal Rent Inflation.

Statistical tables with the evolution of supply and prices and rentals of homes, garages and premises in the C.A.P.V. up to 4th quarter of 2007

Graph and download economic data for Rental Vacancy Rate for New York (NYRVAC) from 1986 to 2024 about vacancy, rent, NY, rate, and USA.

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.

This table includes the average increase of rent paid for dwellings in the Netherlands. The rent increase is set per 1 July.

Data available from: 1959

Status of the figures: The provisional figures are published in August and relate to the rent increase as implemented in July. The figures become definitive upon publication in September. Disparities between provisional and definitive figures are caused by new source material.

Changes as of 4 September 2024: Definitive figures of 2024 have been published.

When will new figures be published? Provisional figures of 2025 will be published in August 2025.