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.

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.

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.

Apartment rents in two states and the District of Columbia in the U.S. exceeded ***** U.S. dollars in April 2025. In Hawaii, the median rent was about ***** U.S. dollars, nearly *** U.S. dollars higher than the national average. At the other end of the spectrum was Nebraska, where renters paid about ***** U.S. dollars for the median new lease. Overall, most states saw rental rates increase year-on-year.

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, New York, NY, was the most expensive rental market for one-bedroom apartments in the United States. The median monthly rental rate of an apartment in New York was ***** U.S. dollars, while in San Francisco, CA which ranked second highest, renters paid on average ***** U.S. dollars.

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.

Rent Inflation in the United States decreased to 3.80 percent in June from 3.90 percent in May of 2025. This dataset includes a chart with historical data for the United States Rent Inflation.

Rents in the United States declined year-on-year for the first time in June 2023, after surging for two years in a row. In November 2021, rents soared by over ** percent annually — the highest increase on record, and in August 2022, the average rental price reached an all-time high of over ***** U.S. dollars. Rental growth has since mellowed, with January 2025 recording a decline of about *** percent from the same period one year ago. Despite the softening of the market, many states still experienced rising rents.

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

In District of Columbia, the average rent per square foot was 2.95 U.S. dollars in 2018, whereas renters in Oregon were expected to pay half as much in rent per square foot. DC was the most expensive state for renters, followed by New York, Hawaii, Massachusetts and California.

Why is DC so expensive?

District of Columbia is the center of the U.S. political system with all three branches of federal government sitting there: Congress (legislative), President (executive) and the Supreme Court (judicial). The above average household incomes of its residents mean that high rents are still sustainable for the rental market.

Limited space in DC

DC has the largest share of apartment dwellers in the country. This is most likely due to limited space, as the federal district has a much higher population density than the states. The political importance of DC and the high population density suggest that the federal district is likely to retain its spot as the most expensive rental market in the future.

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

As of January 2025, the rent for a two-bedroom apartment in Hawaii was about *** U.S. dollars higher than in California. The states of Hawaii and California ranked as the most expensive within the United States for apartment renters. Conversely, an apartment in Arkansas was almost ***** times more affordable than one in Hawaii.In 2025, the average monthly rent in the U.S. declined slightly. Nevertheless, in rents increased in most states, with West Virginia registering the highest growth.

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.

Revenue for apartment lessors has expanded through the end of 2025. Apartment lessors collect rental income from rental properties, where market forces largely determine their rates. The supply of apartment rentals has grown slower than demand, which has elevated rental rates for lessors' benefit. As the Federal Reserve hiked interest rates 11 times between March 2022 and January 2024, homeownership was pushed beyond the reach of many, resulting in a tighter supply and increased demand for rental properties. Despite three interest rate cuts in 2024, mortgage rates have remained high, further encouraging consumers to rent. Revenue has climbed at a CAGR of 2.9% over the past five years and is expected to reach $299.7 billion by the end of 2025. This includes an anticipated 3.0% gain in 2025 alone. The increasing unaffordability of housing is caused by the steady climb of mortgage rates and high prices maintained by a low supply. Supply has been held down as buyers who locked in low rates stay put, and investment groups hold a strategic number of their properties empty as investments. Industry profit has remained elevated because of solid demand for apartment rentals. Through the end of 2030, the apartment rental industry's future performance is likely to be shaped by varying factors. The apartment supply in the US, which hit a record in 2024, is expected to taper off, which will, in turn, push rental prices and occupancy rates up to the lessors' benefit. Other factors, such as further interest rate cuts, decreasing financial barriers to homeownership, and a high rate of urbanization, will also significantly impact the industry. Wth approximately 80.7% of the US population living in urban areas, demand for apartment rentals will strengthen, although rising rental prices could force potential renters to cheaper suburbs. Demand will continue to outpace supply growth, prompting a climb in revenue. Revenue is expected to swell at a CAGR of 2.8% over the next five years, reaching an estimated $344.3 billion in 2030.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Owners' Equivalent Rent of Residences in U.S. City Average (CUSR0000SEHC) from Jan 1983 to May 2025 about rent, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

This map shows the median contract rent (what people pay in existing leases) and the percent of renters by state, county, and census tract. Contract rent is what people actually pay in existing leases, including households who have been renting for years. Median contract rent is usually substantially lower than market rent, which is the amount that units are currently going for if you were to sign a lease today.This map uses these hosted feature layers containing the most recent American Community Survey data. These layers are part of the ArcGIS Living Atlas, and are updated every year when the American Community Survey releases new estimates, so values in the map always reflect the newest data available.

United States - Consumer Price Index for All Urban Consumers: Owners' Equivalent Rent of Residences in U.S. City Average was 423.95500 Index Dec 1982=100 in March of 2025, according to the United States Federal Reserve. Historically, United States - Consumer Price Index for All Urban Consumers: Owners' Equivalent Rent of Residences in U.S. City Average reached a record high of 423.95500 in March of 2025 and a record low of 100.00000 in December of 1982. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Consumer Price Index for All Urban Consumers: Owners' Equivalent Rent of Residences in U.S. City Average - last updated from the United States Federal Reserve on July of 2025.

United States - Consumer Price Index for All Urban Consumers: Rent of Shelter in U.S. City Average was 431.66800 Index Dec 1982=100 in April of 2025, according to the United States Federal Reserve. Historically, United States - Consumer Price Index for All Urban Consumers: Rent of Shelter in U.S. City Average reached a record high of 431.66800 in April of 2025 and a record low of 141.70000 in January of 1990. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Consumer Price Index for All Urban Consumers: Rent of Shelter in U.S. City Average - last updated from the United States Federal Reserve on June of 2025.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Rent of Primary Residence in New York-Newark-Jersey City, NY-NJ-PA (CBSA) (CUURA101SEHA) from Dec 1914 to May 2025 about CT, primary, NJ, New York, rent, PA, NY, urban, consumer, CPI, inflation, price index, indexes, price, and USA.