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 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.

United States Median Asking Monthly Rent data was reported at 1,003.000 USD in Sep 2018. This records an increase from the previous number of 951.000 USD for Jun 2018. United States Median Asking Monthly Rent data is updated quarterly, averaging 588.000 USD from Mar 1988 (Median) to Sep 2018, with 123 observations. The data reached an all-time high of 1,003.000 USD in Sep 2018 and a record low of 330.000 USD in Mar 1988. United States Median Asking Monthly Rent data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s United States – Table US.EB009: Median Asking Monthly Rent.

Renting data center space in the United States has been becoming increasingly pricier since 2021. Fueled by soaring demand due to the rise of artificial intelligence (AI), the average monthly rent per kilowatt increased from ****** U.S. dollars in 2021 to ****** U.S. dollars in 2024.

United States All Tenant Regressed Rent Index data was reported at 201.766 Mar2000=100 in Dec 2024. This records an increase from the previous number of 200.459 Mar2000=100 for Sep 2024. United States All Tenant Regressed Rent Index data is updated quarterly, averaging 129.848 Mar2000=100 from Dec 1999 (Median) to Dec 2024, with 101 observations. The data reached an all-time high of 201.766 Mar2000=100 in Dec 2024 and a record low of 102.275 Mar2000=100 in Dec 1999. United States All Tenant Regressed Rent Index data remains active status in CEIC and is reported by U.S. Bureau of Labor Statistics. The data is categorized under Global Database’s United States – Table US.I127: Tenant Rent Index: Old Methodology.

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

New Tenant Rent Index: YoY data was reported at -2.425 % in Dec 2024. This records a decrease from the previous number of 1.572 % for Sep 2024. New Tenant Rent Index: YoY data is updated quarterly, averaging 2.718 % from Mar 2005 (Median) to Dec 2024, with 80 observations. The data reached an all-time high of 12.085 % in Jun 2022 and a record low of -3.127 % in Dec 2009. New Tenant Rent Index: YoY data remains active status in CEIC and is reported by U.S. Bureau of Labor Statistics. The data is categorized under Global Database’s United States – Table US.I127: Tenant Rent Index: Old Methodology.

In the second half of 2024, the average monthly per kilowatt rent of data centers in the Silicon Valley in the United States was between *** U.S. dollars and *** U.S. dollars. Northern Virginia, which is the market with the largest data center inventory and the most new capacity under construction, had monthly rent between *** and *** U.S. dollars.

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.

New Tenant Rent Index: YoY: Lower Bound data was reported at -6.317 % in Dec 2024. This records a decrease from the previous number of -0.789 % for Sep 2024. New Tenant Rent Index: YoY: Lower Bound data is updated quarterly, averaging 2.014 % from Mar 2005 (Median) to Dec 2024, with 80 observations. The data reached an all-time high of 10.821 % in Jun 2022 and a record low of -6.317 % in Dec 2024. New Tenant Rent Index: YoY: Lower Bound data remains active status in CEIC and is reported by U.S. Bureau of Labor Statistics. The data is categorized under Global Database’s United States – Table US.I127: Tenant Rent Index: Old Methodology.

Fair Market Rents (FMRs) are used to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some expiring project-based Section 8 contracts, to determine initial rents for housing assistance payment (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy program (Mod Rehab), rent ceilings for rental units in both the HOME Investment Partnerships program and the Emergency Solution Grants program, calculation of maximum award amounts for Continuum of Care recipients and the maximum amount of rent a recipient may pay for property leased with Continuum of Care funds, and calculation of flat rents in Public Housing units. The U.S. Department of Housing and Urban Development (HUD) annually estimates FMRs for Office of Management and Budget (OMB) defined metropolitan areas, some HUD defined subdivisions of OMB metropolitan areas and each nonmetropolitan county. 42 USC 1437f requires FMRs be posted at least 30 days before they are effective and that they are effective at the start of the federal fiscal year (generally October 1).

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.

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

Rent estimates at the 50th percentile (or median) are calculated for all Fair Market Rent areas. Fair Market Rents (FMRs) are primarily used to determine payment standard amounts for the Housing Choice Voucher program, to determine initial renewal rents for some expiring project-based Section 8 contracts, to determine initial rents for housing assistance payment (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy program (Mod Rehab), and to serve as a rent ceiling in the HOME rental assistance program. FMRs are gross rent estimates. They include the shelter rent plus the cost of all tenant-paid utilities, except telephones, cable or satellite television service, and internet service. The U.S. Department of Housing and Urban Development (HUD) annually estimates FMRs for 530 metropolitan areas and 2,045 nonmetropolitan county FMR areas. Under certain conditions, as set forth in the Interim Rule (Federal Register Vol. 65, No. 191, Monday October 2, 2000, pages 58870-58875), these 50th percentile rents can be used to set success rate payment standards.

Fair Market Rents (FMRs) represent the estimated amount (base rent + essential utilities) that a property in a given area typically rents for. The data are primarily used to determine payment standard amounts for the Housing Choice Voucher program. However, FMRs are also used to determine initial renewal rents for expiring project-based Section 8 contracts, determine initial rents for housing assistance payment (HAP) contracts in the Moderate Rehabilitation Single Room Occupancy program (Mod Rehab), rent ceilings for rental units in both the HOME Investment Partnerships program and the Emergency Solution Grants (ESG) program, calculate of maximum award amounts for Continuum of Care recipients and the maximum amount of rent a recipient may pay for property leased with Continuum of Care funds, and calculate flat rent amounts in Public Housing Units.

The 2006 Second Edition TIGER/Line files are an extract of selected geographic and cartographic information from the Census TIGER database. The geographic coverage for a single TIGER/Line file is a county or statistical equivalent entity, with the coverage area based on the latest available governmental unit boundaries. The Census TIGER database represents a seamless national file with no overlaps or gaps between parts. However, each county-based TIGER/Line file is designed to stand alone as an independent data set or the files can be combined to cover the whole Nation. The 2006 Second Edition TIGER/Line files consist of line segments representing physical features and governmental and statistical boundaries. This shapefile represents the current State House Districts for New Mexico as posted on the Census Bureau website for 2006.

The average data center rental cost in Europe in the second half of 2023 declined slightly, after soaring in the same period a year ago. A 10 kW lease cost approximately ***** U.S. dollars per kW, up from ***** U.S. dollars per kW at the beginning of 2022.

United States All Tenant Regressed Rent Index: YoY data was reported at 3.182 % in Dec 2024. This records a decrease from the previous number of 3.858 % for Sep 2024. United States All Tenant Regressed Rent Index: YoY data is updated quarterly, averaging 2.750 % from Dec 1999 (Median) to Dec 2024, with 101 observations. The data reached an all-time high of 7.529 % in Dec 2022 and a record low of -1.098 % in Mar 2010. United States All Tenant Regressed Rent Index: YoY data remains active status in CEIC and is reported by U.S. Bureau of Labor Statistics. The data is categorized under Global Database’s United States – Table US.I127: Tenant Rent Index: Old Methodology.

Graph and download economic data for Housing Inventory Estimate: Vacant Housing Units for Rent in the United States (ERENTUSQ176N) from Q2 2000 to Q1 2025 about vacancy, inventories, rent, housing, and USA.

DISCLAIMER:The information regarding the Assistance and Section 8 contracts, and properties is being furnished for the convenience of interested parties. The information has been compiled from multiple data sources within FHA or its contractors. This information does not purport to be complete or all inclusive. No representation or warranty, express or implied, as to any of the information contained in these files is made by HUD, FHA or any of their respective contractors, representatives or agents, or any officer, Director, employee, or any of the above. INSTRUCTIONS:This database was created to provide HUD partners/clients with a way of measuring the potential impact of expiring project-based subsidy contracts in their communities. It represents the most comprehensive picture of project-based subsidies yet developed, but like any "snap-shot", its usefulness has limits, although, Multifamily plans to refresh this data on a monthly basis. Below, we give a summary of what to keep in mind when viewing the information:Download of the Assistance and Section 8 Contracts - This compressed, (self extracting) file is offered in Microsoft Access Version 7.0 for Windows 95. It is important to note that this is a very large file and the speed for completing the download of the file is dependent on the bandwidth of you Internet Service provider (ISP) and the speed of your connection to the internet. The database contains two tables, one on the contract level, the other on the property level. To see property level data you must link these two tables by the property id field.Contract Expiration Data and Units - Please keep in mind that you will often find more than one contract will share the same property information. The field “assisted_units_count” , in the contract level table counts the number of units funded in that unique contract; the term “property_total_unit_count” shows how many units are in the entire property. A project with 100 units and two 50-units Section 8 contracts would have two records in the contract table and one record in the property table.Rent/Fair Market Rents - For each contract, we display the overall average ratio of gross contract rents to FMR taking into account the number of units and FMR for each bedroom size. Please note that this ratio is a guide only. In addition, since FMRs are determined by county and metro area, errors in project address data may lead to incorrect FMR benchmarks. Lastly, project rents change frequently and are therefore more subject to error. In creating this database, HUD staff processed over 24,000 address records and over 70,000 rent records. While considerable effort was made to assure the accuracy of the data used, absolute certainty is impossible.HUD-Held and HUD-Owned Status - The classification of projects as "HUD-Held" or "HUD-Owned" is based solely on status codes in HUD's accounting systems and has not been independently verified. For the most current status of a particular insured mortgage, contact the local HUD Field Office.Opportunity Zone Indicator - If a property is located in an Opportunity Zone, the field “is_opportunity_zone_ind” will show ‘Y’.