The house price to rent ratio index in the U.S. declined in the second half of 2022 and remained stable until the end of 2024, indicating that house price growth slowed down compared to rental growth. At its peak, in the second quarter of 2022, the index stood at *****. House prices increased dramatically since the coronavirus pandemic. Meanwhile, rents have grown notably, but at a slower rate. What does the house price to rent ratio index measure? The house-price-to-rent-ratio measures the evolution of house prices compared to rents. It is calculated by dividing the median house price by the median annual rent. In this statistic, the values have been normalized with 100 equaling the 2015 ratio. Consequentially, a value under 100 means that rental rates have risen more than house prices. Compared to the OECD countries average, the gap between house prices and rents in the United States was wider. The house price to rent ratio in different countries The house price to rent ratio in the United Kingdom continued to increase in the second half of 2022, but growth softened, as the housing market cooled. On the other hand, the index in Germany fell drastically between the second quarter of 2022 and the second quarter of 2023. A similar trend was observed in France.

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, Turkey, Iceland, Portugal, and Hungary had the highest house price to rent ratio index in Europe. The four countries ranked the highest, with house price to rent indices exceeding *** index points. The house price to rent ratio is an indicator of the affordability of owning housing over renting across European countries, with 2015 used as a base year. The higher the ratio, the more the gap between house prices and rental rates has widened since 2015 when the index amounted to 100. In terms of house price to income ratio, the top three countries were Portugal, Luxembourg, and Hungary Homeownership in Europe Homeownership varies widely across European countries. In some, such as Austria, Germany and Switzerland, homeownership is relatively low with less than ********** of people occupying a dwelling owned by a member of the household. In other countries (Iceland, the Netherlands, Norway, and Sweden) more than **** of people were owner-occupiers with a mortgage. A third group of countries with a high homeownership rate without a housing loan includes many Eastern and South European countries, among which were Serbia, Romania, North Macedonia, Italy, and Bulgaria. Dwellings as a non-financial asset Dwellings, along with structures, land, and intellectual property, are classed as non-financial assets and form an important part of household wealth. Through sale, refinancing or renting, they can serve as an additional source of income. In 2022, France, Germany, and Norway were the European countries with the highest value of dwellings per capita as a non-financial asset with values between ****** and ****** euros per capita.

The house price to rent ratio in the OECD countries has increased year-on-year since 2012, reaching the highest index value in 2022. In 2023, the ratio amounted to 134.7, a decline from 137.8 index points the year before. This ratio was calculated by dividing nominal house prices by rent prices, with 2015 chosen as a base year with an index value of 100. An index value of 130 index points means that house price growth outpaced rental growth by 30 percent since 2015.

An experimental price index tracking the prices paid for renting property from private landlords in the United Kingdom

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.

United States US: Price to Rent Ratio: sa data was reported at 134.118 2015=100 in 2024. This records an increase from the previous number of 133.710 2015=100 for 2023. United States US: Price to Rent Ratio: sa data is updated yearly, averaging 99.069 2015=100 from Dec 1970 (Median) to 2024, with 55 observations. The data reached an all-time high of 137.672 2015=100 in 2022 and a record low of 89.669 2015=100 in 1997. United States US: Price to Rent Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s United States – Table US.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Annual. Nominal house prices divided by rent price indices

Mexico was one of the economies where house prices increased the most between 2016 and 2024, rising by nearly ** percent during that period. The growth rate of housing prices from 2015 to 2023 in Russia was even higher, but the 2024 data for that country was not yet available. Meanwhile, Poland and the U.S. were among the countries where rents increased the most from 2016 to 2024.

Displacement risk indicator classifying census tracts according to apartment rent prices in census tracts. We classify apartment rent along two dimensions:The median rents within the census tract for the specified year, balancing between nominal rental price and rental price per square foot.The change in median rent price (again balanced between nominal rent price and price per square foot) from the previous year.Note: Median rent calculations include market-rate and mixed-income multifamily apartment properties with 5 or more rental units in Seattle, excluding special types like student, senior, corporate or military housing.Source: Data from CoStar Group, www.costar.com, prepared by City of Seattle, Office of Planning and Community Development

In the fourth quarter of 2024, the house price-to-rent ratio in Australia was estimated at 127.2, marking a decrease from the same quarter of the previous year. An indicator of how strong the property market is, the house price-to-rent ratio was calculated by dividing nominal house prices by rent price indices. Within the given period, after reaching a peak in the first quarter of 2022, the price-to-rent ratio decreased each quarter until the second quarter of 2023. From then on, the house price-to-rent ratio fluctuated, but largely trended downwards. Is Australia in a property bubble? Many industry experts believe the country is in a property bubble, indicated by the rapid increase in Australian property market prices to the point that they are no longer relative to incomes and rents, followed by a decline. The house price-to-income ratio was on an upward trend between the third quarter of 2022 and the second quarter of 2024. Nonetheless, after hitting its peak, it declined to 119.2 in the fourth quarter of 2024. Rental property demand In March 2025, the rental vacancy rate, which indicates how many properties are available for rent out of all the rental stock, was relatively high in Melbourne, Canberra, and Sydney. That year, the average weekly rent prices varied across the country depending on the city, with the highest average weekly rents for houses and units in Sydney. Hobart, on the other hand, had the most affordable rental properties across Australia's capital cities.

Context

Zillow has a lot of data about housing prices in America.

Content

Data about housing prices and rental prices broken down according to city and state and number of bedrooms. More detail can be found at https://www.zillow.com/research/data/ and at https://www.zillow.com/research/home-sales-methodology-7733/.

Acknowledgements

The data was downloaded from https://www.zillow.com/research/data/. Banner photo from Ian Keefe on Unsplash. Dataset license described at https://www.zillow.com/research/data/.

Based on panel error correction models for a sample of up to 21 countries this paper analyses the macroeconomic determinants of house prices and rents. In accordance with the existing literature I find significantly positive effects of per capita income and bank lending on house prices, whereas the housing stock per capita and interest rates have negative effects. For rents the results are somewhat more remarkable, indicating that both the housing stock and interest rates have a negative effect. While contradicting conventional economic theory the latter finding might be explained by real estate investors exploiting their pricing power with varying degree depending on the level of real interest rates. Moreover, the estimated impact of interest rates on both house prices and rents varies with structural housing market characteristics. For instance, while interest rates have a more pronounced effect on house prices in countries with more developed mortgage markets, the same does not hold for the effect of interest rates on rents.

The house price to rent ratio in Germany increased since 2015, peaking at *** index points in the second quarter of 2022, before declining to ***** index points in the second quarter of 2024. The house price to rent ratio is calculated by dividing nominal house prices by rent prices, with 2015 chosen as a base year and the index value set to 100. A value of *** shows that house price growth has outpaced rental growth by ** percent since 2015. Germany was one of the OECD countries with the highest house price to rent ratio.

Japan JP: Price to Rent Ratio: sa data was reported at 132.703 2015=100 in 2024. This records an increase from the previous number of 129.382 2015=100 for 2023. Japan JP: Price to Rent Ratio: sa data is updated yearly, averaging 125.671 2015=100 from Dec 1970 (Median) to 2024, with 55 observations. The data reached an all-time high of 185.251 2015=100 in 1991 and a record low of 91.768 2015=100 in 2009. Japan JP: Price to Rent Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Japan – Table JP.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Annual. Nominal house prices divided by rent price indices

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

Graph and download economic data for Producer Price Index by Commodity: Real Estate Services (Partial): Retail Properties, Gross Rents (WPU43110201) from Apr 2009 to May 2025 about rent, real estate, gross, retail, services, commodities, PPI, inflation, price index, indexes, price, and USA.

What is Rental Data?

Rental data encompasses detailed information about residential rental properties, including single-family homes, multifamily units, and large apartment complexes. This data often includes key metrics such as rental prices, occupancy rates, property amenities, and detailed property descriptions. Advanced rental datasets integrate listings directly sourced from property management software systems, ensuring real-time accuracy and eliminating reliance on outdated or scraped information.

Additional Rental Data Details

The rental data is sourced from over 20,000 property managers via direct feeds and property management platforms, covering over 30 percent of the national rental housing market for diverse and broad representation. Real-time updates ensure data remains current, while verified listings enhance accuracy, avoiding errors typical of survey-based or scraped datasets. The dataset includes 14+ million rental units with detailed descriptions, rich photography, and amenities, offering address-level granularity for precise market analysis. Its extensive coverage of small multifamily and single-family rentals sets it apart from competitors focused on premium multifamily properties.

Rental Data Includes:

• Property Types
• Single-Family Rentals
• Small Multi-family Units
• Premium Apartments
• 16,000+ ZIP Codes
• 800+ MSAs
• Pricing Trends
• Lease Terms Amenities

Zillow Properties Listing dataset to access detailed real estate listings, including property prices, locations, and features. Popular use cases include market analysis, property valuation, and investment decision-making in the real estate sector.

Use our Zillow Properties Listing Information dataset to access detailed real estate listings, including property features, pricing trends, and location insights. This dataset is perfect for real estate agents, investors, market analysts, and property developers looking to analyze housing markets, identify investment opportunities, and assess property values.

Leverage this dataset to track pricing patterns, compare property features, and forecast market trends across different regions. Whether you're evaluating investment prospects or optimizing property listings, the Zillow Properties dataset offers essential information for making data-driven real estate decisions.

Dataset Features

• zpid: Unique property identifier assigned by Zillow.
• city: The name of the city where the property is located.
• state: The state in which the property is located.
• homeStatus: Indicates the current status of the property
• address: The full address of the property, including street, city, and state.
• isListingClaimedByCurrentSignedInUser: This field shows if the current Zillow user has claimed ownership of the listing.
• isCurrentSignedInAgentResponsible: This field indicates whether the currently signed-in real estate agent is responsible for the listing.
• bedrooms: Number of bedrooms in the property.
• bathrooms: Number of bathrooms in the property.
• price: Current asking price of the property.
• yearBuilt: The year the home was originally constructed.
• streetAddress: Specific street address (usually excludes city/state/zip).
• zipcode: The postal ZIP code of the property.
• isCurrentSignedInUserVerifiedOwner: This field indicates if the signed-in user has verified ownership of the property on Zillow.
• isVerifiedClaimedByCurrentSignedInUser: Indicates whether the user has claimed and verified the listing as the current owner.
• listingDataSource: The original source of the listing. Important for data lineage and trustworthiness.
• longitude: The longitudinal geographic coordinate of the property.
• latitude: The latitudinal geographic coordinate of the property.
• hasBadGeocode: This indicates whether the geolocation data is incorrect or problematic.
• streetViewMetadataUrlMediaWallLatLong: A URL or reference to the Street View media wall based on latitude and longitude.
• streetViewMetadataUrlMediaWallAddress: A similar URL reference to the Street View, but based on the property’s address.
• streetViewServiceUrl: The base URL to Google Street View or similar services. Enables interactive visuals of the property’s surroundings.
• livingArea: Total internal living area of the home, typically in square feet.
• homeType: The category/type of the home.
• lotSize: The size of the entire lot or land the home is situated on.
• lotAreaValue: The numerical value representing the lot area is usually tied to a measurement unit.
• lotAreaUnits: Units in which the lot area is measured (e.g., sqft, acres).
• livingAreaValue: The numeric value of the property's interior living space.
• livingAreaUnitsShort: Abbreviated unit for living area (e.g., sqft), useful for compact displays.
• isUndisclosedAddress: Boolean indicating if the full property address is hidden, typically used for privacy reasons.
• zestimate: Zillow’s estimated market value of the home, generated via its proprietary model.
• rentZestimate: Zillow’s estimated rental price per month, is helpful for rental market analysis.
• currency: Currency used for price, Zestimate, and rent estimate (e.g., USD).
• hideZestimate: Indicates whether the Zestimate is hidden from public view.
• dateSoldString: The date when the property was last sold, in string format (e.g., 2022-06-15).
• taxAssessedValue: The most recent assessed value of the property for tax purposes.
• taxAssessedYear: The year in which the property was last assessed.
• country: The country where the property is located.
• propertyTaxRate: The most recent tax rate.
• photocount: This column provides a photo count of the property.
• isPremierBuilder: Boolean indicating whether the builder is listed as a premier (trusted) builder on Zillow.
• isZillowOwned: Indicates whether the property is owned or managed directly by Zillow.
• ssid: A unique internal Zillow identifier for the listing (not to be confused with network SSID).
• hdpUrl: URL to the home’s detail page on Zillow (Home Details Page).
• tourViewCount: Number of times users have viewed the property tour.
• hasPublicVideo: This

Context

This dataset is created via OECD datasource which is consisted of 2000 between 2020. https://data.oecd.org/price/housing-prices.htm

Content

The housing prices indicator shows indices of residential property prices over time. Included are rent prices, real and nominal house prices, and ratios of price to rent and price to income; the main elements of housing costs. In most cases, the nominal house price covers the sale of newly-built and existing dwellings, following the recommendations from RPPI (Residential Property Prices Indices) manual. The real house price is given by the ratio of nominal price to the consumers’ expenditure deflator in each country, both seasonally adjusted, from the OECD national accounts database. The price to income ratio is the nominal house price divided by the nominal disposable income per head and can be considered as a measure of affordability. The price to rent ratio is the nominal house price divided by the rent price and can be considered as a measure of the profitability of house ownership. This indicator is an index with base year 2015.

Ireland IE: Price to Rent Ratio: sa data was reported at 111.339 2015=100 in Dec 2024. This records an increase from the previous number of 110.118 2015=100 for Sep 2024. Ireland IE: Price to Rent Ratio: sa data is updated quarterly, averaging 71.365 2015=100 from Mar 1970 (Median) to Dec 2024, with 220 observations. The data reached an all-time high of 181.775 2015=100 in Dec 2005 and a record low of 26.556 2015=100 in Mar 1973. Ireland IE: Price to Rent Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Ireland – Table IE.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Quarterly. Nominal house prices divided by rent price indices