Residential rents in urban areas in the United States have grown faster than the general basket of products and services of the urban population. In 2024, the consumer price index (CPI) for rent of primary residences reached *** index points, more than 100 index points more than the CPI for all items. The CPI measures the development of prices, with 1984 chosen as a base year. An index value of *** indicates that rents have quadrupled since 1984.

The monthly median asking rent for unfurnished apartments in the United States rose by about ** U.S. dollars in 2024. In the third quarter of 2024, the median rent amounted to ***** U.S. dollars, up from ***** 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 **** 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 ** percent in 2021, and remained elevated, despite a slight decline in 2023.

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 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.

Rent Inflation in the United States decreased to 3.90 percent in May from 4 percent in April of 2025. This dataset includes a chart with historical data for the United States Rent Inflation.

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 Senate Districts for New Mexico as posted on the Census Bureau website for 2006.

Syria Retail Trade Price Index: Rent data was reported at 162.000 2000=100 in 2005. This records an increase from the previous number of 134.000 2000=100 for 2004. Syria Retail Trade Price Index: Rent data is updated yearly, averaging 103.000 2000=100 from Dec 1998 (Median) to 2005, with 8 observations. The data reached an all-time high of 162.000 2000=100 in 2005 and a record low of 100.000 2000=100 in 2000. Syria Retail Trade Price Index: Rent data remains active status in CEIC and is reported by Central Bureau of Statistics . The data is categorized under Global Database’s Syrian Arab Republic – Table SY.I009: Retail Trade Price Index: 2000=100.

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 Senate Districts for New Mexico as posted on the Census Bureau website for 2006.

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 Senate Districts for New Mexico as posted on the Census Bureau website for 2006.

VITAL SIGNS INDICATOR Rent Payments (EC8)

FULL MEASURE NAME Median rent payment

LAST UPDATED August 2019

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 1970-2000 https://nhgis.org Note: Count 1 and Count 2; Form STF1; Form SF3a

U.S. Census Bureau: American Community Survey 2005-2017 http://api.census.gov Note: Form B25058; 1-YR

Bureau of Labor Statistics: Consumer Price Index 1970-2017 http://www.bls.gov/data/ Note: All Urban Consumers Data Table (by metro)

CONTACT INFORMATION vitalsigns.info@bayareametro.gov

METHODOLOGY NOTES (across all datasets for this indicator) Rent data reflects median rent payments rather than list rents (refer to measure definition above). Larger geographies (metro and county) rely upon ACS 1-year data, while smaller geographies rely upon ACS 5-year rolling average data. 1970 Census data for median rent payments has been imputed by ABAG staff 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 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.

In 2023, the rental price index in Luxembourg increased by 1.9 index points year-on-year. The index measures the development of the average rent paid by households, with 2015 used as a baseline year and an index value of 100. These figures are seasonally adjusted, which means that the effect of seasonal variations was eliminated from the data. In 2023, the rent price index reached 111.1 index points, suggesting an increase of 11 percent since 2015.

Japan Consumer Price Index (CPI): Tokyo: Housing: Rent data was reported at 96.800 2000=100 in Jul 2006. This stayed constant from the previous number of 96.800 2000=100 for Jun 2006. Japan Consumer Price Index (CPI): Tokyo: Housing: Rent data is updated monthly, averaging 82.800 2000=100 from Jan 1970 (Median) to Jul 2006, with 439 observations. The data reached an all-time high of 101.200 2000=100 in Sep 1999 and a record low of 29.300 2000=100 in Feb 1970. Japan Consumer Price Index (CPI): Tokyo: Housing: Rent data remains active status in CEIC and is reported by Statistical Bureau. The data is categorized under Global Database’s Japan – Table JP.I038: Consumer Price Index: Tokyo: 2000=100.

Netherlands Consumer Price Index (CPI): HE: Imputed Rent Value data was reported at 119.400 2000=100 in Dec 2006. This stayed constant from the previous number of 119.400 2000=100 for Nov 2006. Netherlands Consumer Price Index (CPI): HE: Imputed Rent Value data is updated monthly, averaging 108.800 2000=100 from Jan 2000 (Median) to Dec 2006, with 84 observations. The data reached an all-time high of 119.400 2000=100 in Dec 2006 and a record low of 98.700 2000=100 in Jun 2000. Netherlands Consumer Price Index (CPI): HE: Imputed Rent Value data remains active status in CEIC and is reported by Statistics Netherlands. The data is categorized under Global Database’s Netherlands – Table NL.I007: Consumer Price Index: 2000=100.

This group consists of vacant units offered for rent and those offered both for rent and sale.

NOTE: Data based on a sample except in P3, P4, H3, and H4. For.information on confidentiality protection, sampling error,.nonsampling error, definitions, and count corrections see.http://www.census.gov/prod/cen2000/doc/sf3.pdf

Oman Consumer Price Index (CPI): Rent, Maintenance, Water and Fuel (RF) data was reported at 143.900 2000=100 in Feb 2014. This records an increase from the previous number of 143.720 2000=100 for Jan 2014. Oman Consumer Price Index (CPI): Rent, Maintenance, Water and Fuel (RF) data is updated monthly, averaging 129.600 2000=100 from Nov 2004 (Median) to Feb 2014, with 112 observations. The data reached an all-time high of 143.900 2000=100 in Feb 2014 and a record low of 98.300 2000=100 in Nov 2005. Oman Consumer Price Index (CPI): Rent, Maintenance, Water and Fuel (RF) data remains active status in CEIC and is reported by National Center for Statistics and Information. The data is categorized under Global Database’s Oman – Table OM.I005: Consumer Price Index: 2000=100. Rebased from 2000=100 to 2012=100 Replacement series ID: 303125704

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.

Slovenia SI: Rent Price Index: sa data was reported at 170.500 2015=100 in 2024. This records an increase from the previous number of 160.237 2015=100 for 2023. Slovenia SI: Rent Price Index: sa data is updated yearly, averaging 101.488 2015=100 from Dec 2000 (Median) to 2024, with 25 observations. The data reached an all-time high of 170.500 2015=100 in 2024 and a record low of 56.560 2015=100 in 2000. Slovenia SI: Rent Price Index: 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 Slovenia – Table SI.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Annual.

Price to Rent Ratio in Iceland decreased to 153.90 in the first quarter of 2025 from 154.47 in the fourth quarter of 2024. This dataset includes a chart with historical data for Iceland Price to Rent Ratio.

Latvia Consumer Price Index (CPI): 2000=100: HW: Rent data was reported at 210.800 2000=100 in Oct 2018. This records an increase from the previous number of 209.500 2000=100 for Sep 2018. Latvia Consumer Price Index (CPI): 2000=100: HW: Rent data is updated monthly, averaging 152.500 2000=100 from Jan 1996 (Median) to Oct 2018, with 274 observations. The data reached an all-time high of 219.000 2000=100 in Oct 2008 and a record low of 52.700 2000=100 in Feb 1996. Latvia Consumer Price Index (CPI): 2000=100: HW: Rent data remains active status in CEIC and is reported by Central Statistical Bureau of Latvia. The data is categorized under Global Database’s Latvia – Table LV.I008: Consumer Price Index: 2000=100.