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 18 percent annually — the highest increase on record, and in August 2022, the average rental price reached an all-time high of over 1,440 U.S. dollars. Rental growth has since mellowed, with January 2025 recording a decline of about 0.5 percent from the same period one year ago. Despite the softening of the market, many states still experienced rising rents.

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

In 2023, single-family homes and apartments in buildings with five or more units were the most popular structure for renters in the United States. Approximately 100 million people lived in a rental home, with about 44 million occupying an apartment in a multifamily building. That corresponded to about 45 million households in total and 21 million households living in an apartment in a large residential building.

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

Graph and download economic data for Rental Vacancy Rate in the United States (RRVRUSQ156N) from Q1 1956 to Q4 2024 about vacancy, rent, rate, and USA.

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.

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.

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

Price to Rent Ratio in the United States decreased to 133.63 in the third quarter of 2024 from 134.25 in the second quarter of 2024. This dataset includes a chart with historical data for the United States Price to Rent Ratio.

US Rental Equipment Market Size And Forecast

US Rental Equipment Market size is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2024 to 2031.

US Rental Equipment Market Drivers

The market drivers for the US Rental Equipment Market can be influenced by various factors. These may include:

Building and Infrastructure Development: These two sectors have a strong correlation with the need for rental equipment. Construction activity is driven by factors including urbanisation, population growth, and economic expansion, which raises the need for machinery like bulldozers, cranes, and aerial work platforms.
Cost-effectiveness: For firms, renting equipment might be more economical than buying it, particularly for specialised or short-term initiatives. Because of this financial benefit, companies choose to rent equipment instead of purchasing it entirely.
Flexibility and Scalability: Businesses can access a broad selection of equipment through renting without having to make the financial commitment of purchase. This is especially helpful for startups or companies with sporadic project requirements.
Technological Advancements: Automation, GPS tracking, telematics, and other innovations in equipment technology increase the production and efficiency of rental equipment. firms looking to enhance productivity and safety on their job sites using cutting-edge technology are lured to rental firms.
Regulatory Compliance and Environmental Concerns: Organisations are compelled to periodically replace their fleets of equipment due to strict rules pertaining to safety requirements, emissions, and the environment. Businesses can obtain newer, more compliant equipment by renting it instead of having to deal with ownership and maintenance.
Industry Consolidation: Through mergers and acquisitions, the rental equipment sector has witnessed consolidation, giving rise to larger rental corporations with greater geographic reach and product portfolios. Market innovation and competitiveness may be stimulated by this consolidation.
Disaster Response and Recovery: When there are natural disasters or catastrophes, there is a sudden increase in demand for rental equipment, especially in areas that are impacted and require infrastructure reconstruction and repair. When it comes to supplying tools and assistance during these periods, rental companies are essential.
A shift towards equipment rental services: A number of sectors are outsourcing their equipment ownership and maintenance to rental businesses instead of doing it themselves. This change frees up time for firms to concentrate on their core competencies while lessening the burden of equipment administration.

The Report covers US Car Rental Companies & Market Share and the market is segmented by Application Type (Leisure/Tourism, and Business), by Vehicle Type (Luxury/Premium Cars, and Economy/Budget Cars), and by Booking Type (Online Access, and Offline Access).

Renting the typical one-bedroom apartment exceeded 2,500 U.S. dollars in three of United States' cities with population greater than 150,000 people in 2024. In May that year, the average rent for a one-bedroom apartment in Sunnyvale, California was 2,798 U.S. dollars.

As of January 2025, the rent for a two-bedroom apartment in Hawaii was about 120 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 three 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 Housing Inventory Estimate: Vacant Housing Units for Rent in the United States (ERENTUSQ176N) from Q2 2000 to Q4 2024 about vacancy, inventories, rent, housing, and USA.

United States Housing Vacancy Rate: Rental data was reported at 6.800 % in Jun 2018. This records a decrease from the previous number of 7.000 % for Mar 2018. United States Housing Vacancy Rate: Rental data is updated quarterly, averaging 7.400 % from Mar 1956 (Median) to Jun 2018, with 250 observations. The data reached an all-time high of 11.100 % in Sep 2009 and a record low of 5.000 % in Dec 1981. United States Housing Vacancy Rate: Rental data remains active status in CEIC and is reported by US Census Bureau. The data is categorized under Global Database’s USA – Table US.EB008: Housing Vacancy and Home Ownership Rate.

The robust growth of the United States Rent-To-Own Market in the coming years is largely driven by tightened lending standards prevalent among major and subprime lenders. This trend is compelling individuals to seek alternative avenues for accessing essential items such as appliances and computers, fueling the demand for rent-to-own services. The market valued around USD 12.31 Billion in 2023 and it is evident that consumers are increasingly turning to rent-to-own arrangements to fulfill their needs amidst stringent lending conditions. Thus, regulations surrounding rent-to-own in the United States is anticipated help the market grow at a CAGR of around 6.77% from 2024 to 2031.

The accelerating pace of growth in the United States Rent-To-Own Market is underscored by Verified Market Research, with substantial expansion witnessed in recent years and further anticipated in the forecasted period spanning from 2024 to 2031. The significant upward trajectory expected in the market is highlighted by the projected value of approximately USD 19.39 Billion by 2031. As flexible solutions for accessing essential goods without the burden of immediate ownership continue to be sought by consumers, the rent-to-own market is poised to flourish, catering to evolving consumer preferences and economic conditions.

United States Rent-To-Own Market: Definition/Overview

The United States Rent-to-Own Market involves tangible goods being leased with the option for eventual purchase. Regular installment payments, resembling renting, include a portion designated for potential ownership, making this option particularly attractive to individuals lacking upfront capital, conventional financing, or a robust credit history required for outright purchases. Flexibility and accessibility are offered by Rent-to-Own agreements, catering to a segment of the population that may otherwise struggle to acquire needed goods or properties.

Traditionally, Rent-To-Own agreements were primarily focused on real estate transactions, but the modern rent-to-own industry encompasses a broader spectrum, including furniture, appliances, electronics, and even jewelry. The proliferation of e-commerce platforms is anticipated to significantly bolster market revenues, as enticing deals and convenience are offered to consumers by these platforms. Additionally, substantial potential exists within the Hispanic market as loyal rent-to-own customers. Despite a low unemployment rate, dwindling consumer disposable income has led to hesitancy in committing to new property rentals. Several trends, including the surge in international migration, the emergence of the Kiosk model offering low-risk entrepreneurial opportunities, and a declining US homeownership rate, are poised to influence growth. Rent-to-own contracts, also known as “lease purchase,” provide prospective buyers with the opportunity to lease a home with the option to buy it later, contributing to a pathway to homeownership for individuals who may not qualify for traditional mortgages or lack immediate means to purchase the property outright.

Fair Market Rents (FMRs) represent the estimated amount (base rent + essential utilities) that a property in a given area typically rents for. The data is 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.

Data is updated annualy in accordance with 42 USC 1437f which 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, October 1st.In order to calculate rents for units with more than four bedrooms, an extra 15% cost is added to the four bedroom unit value. The formula is to multiply the four bedroom rent by 1.15. For example, in FY21 the rent for a four bedroom unit in the El Centro, California Micropolitan Statistical Area is $1,444. The rent for a five bedroom unit would be $1,444 * 1.15 or $1,661. Each subsequent bedroom is an additional 15%. A six bedroom unit would be $1,444 * 1.3 or $1,877. These values are not included in the feature service.

To learn more about Fair Market Rents visit: https://www.huduser.gov/portal/datasets/fmr.html/, for questions about the spatial attribution of this dataset, please reach out to us at GISHelpdesk@hud.gov. Data Dictionary: DD_Fair Market Rents

Date of Coverage: FY2024 : Oct. 1 - Sept. 30

The average monthly asking rent per square foot of shopping center real estate in the United States increased between 2020 and 2024. This trend was observed in all regions, with the West seeing the highest rents at 29 U.S. dollars per square foot as of the first quarter of 2024. Until 2027, rental growth in the retail sector is forecast to remain positive.