People under the age of ** comprised the largest share of renters in the U.S. in 2023. Almost half of the population that lives in a rental apartment fell in this age group, while the eldest generation of 65-year-olds and older accounted for ** percent. This disparity can be explained by the vast differences in homeownership rates between these age groups.

Single-family houses and apartments in large residential buildings with **** or more units were the most popular structure type for American renters in 2023. About ** percent of the population who lived in rental accommodation occupied an apartment in a multifamily building. The share of households renting such apartments was even higher, at about ** percent. In 2023, the average asking rent for an unfurnished apartment in the U.S. declined slightly, after surging for three years in a row.

Graph and download economic data for Housing Inventory Estimate: Renter Occupied Housing Units in the United States (ERNTOCCUSQ176N) from Q2 2000 to Q2 2025 about inventories, housing, and USA.

The online apartment rental services industry is experiencing significant growth because of the booming apartment supply, with over half a million new rental units completed in 2024. Major cities like New York, Dallas and Austin are leading the way in this surge, causing an influx of new, predominantly high-end rental units. As a result, there is increased competition among property managers and a need for more effective digital marketing strategies to reach potential renters. This accelerated growth is predominantly benefiting online rental services, which have seen a climb in listings that, in turn, drive more traffic as renters seek opportunities and deals in markets with slowing rent growth. Overall, industry-wide revenue has climbed at a CAGR of 7.7% to $928.1 million through the end of 2025, including an 8.6% gain in 2025 alone, when profit is expected to reach 23.8%. Leading organizations, such as Zillow and Redfin, are taking advantage of this trend by forming partnerships to expand their listing networks and reach. The consolidation of these digital platforms means renters can access a broader range of apartment listings, streamlining their search process and increasing market transparency. Meanwhile, property marketers are presented with simplified operations and increased marketing leads because of enhanced exposure across major rental platforms. However, smaller markets and affordable housing are not receiving the same benefits, signaling a need for more targeted digital marketing and search tools. The online apartment rental services industry is set to face a shift from oversupply to scarcity by the end of 2030. As apartment construction slows because of high borrowing costs, tighter lending standards and rising project costs, there will be a greater demand for platforms that can help landlords maximize occupancy and optimize rents in a tightening market. To meet this demand, innovations in technology, such as predictive analytics, dynamic pricing and personalized renter experiences, will become a necessity. Amid these changes, the industry is also likely to see a gain in demand for single-family rentals, creating new opportunities for digital platforms to expand their offerings and capture a larger market share. Industry revenue will strengthen at a CAGR of 9.0% to $1.4 billion in 2030.

Graph and download economic data for Rental Vacancy Rate in the United States (RRVRUSQ156N) from Q1 1956 to Q2 2025 about vacancy, rent, rate, and USA.

New York was the state with the highest share of renter households in the United States in 2023. About ** percent of the households lived in rental accommodation in that year. Renting was even more common in the District of Colombia, where about ** percent of households were renters. It is important to note that these figures exclude group quarters, which are institutions and other group living arrangements, such as rooming houses or military barracks.

Graph and download economic data for Consumer Price Index for All Urban Consumers: Rent of Primary Residence in Size Class B/C (CUURX000SEHA) from Dec 1997 to Jul 2025 about primary, rent, urban, consumer, CPI, inflation, price index, indexes, price, and USA.

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

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.

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

Market Size statistics on the Apartment Rental industry in the US

In 2024, there were approximately **** million housing units occupied by renters in the United States. This number has been gradually increasing since 2010 as part of a long-term upward swing since 1975. Meanwhile, the number of unoccupied rental housing units has followed a downward trend, suggesting a growing demand and supply failing to catch up. Why are rental homes in such high demand? This high demand for rental homes is related to the shortage of affordable housing. Climbing the property ladder for renters is not always easy, as it requires prospective homebuyers to save up for a down payment and qualify for a mortgage. In many metros, the median household income is insufficient to qualify for the median-priced home. How many owner occupied homes are there in the U.S.? In 2023, there were over ** million owner occupied homes. Owner occupied housing is when the person who owns a property – either outright or through a mortgage – also resides in the property. Excluded are therefore rental properties, employer-provided housing and social housing.

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 more slowly 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 stubbornly high in 2025, encouraging consumers to rent. Revenue has climbed at a CAGR of 2.6% over the past five years and is expected to reach $295.3 billion by the end of 2025. This includes an anticipated 1.4% 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 will be shaped by varying factors. The apartment supply in the US, which hit a record in 2024, is expected to taper off, which will push rental prices and occupancy rates up to the lessors' benefit. Other factors, such as interest rate cuts, decreasing financial barriers to homeownership and a high rate of urbanization, will also significantly impact the industry. With an estimated 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 1.7% over the next five years, reaching an estimated $321.9 billion in 2030.

Rent Inflation in the United States decreased to 3.70 percent in July from 3.80 percent in June of 2025. This dataset includes a chart with historical data for the United States Rent Inflation.

Graph and download economic data for Rental Income of Persons for United States (M0877BUSM027SNBR) from Jan 1946 to Jul 1968 about rent and USA.

Graph and download economic data for New Privately Owned Housing Starts in the United States by Purpose of Construction, Built for Rent Two or More Units (HOUSTPFR2UMQ) from Q1 1974 to Q2 2025 about 2 units +, housing starts, privately owned, rent, construction, new, housing, and USA.

Graph and download economic data for Rental Vacancy Rate in the South Census Region (RRVRSOQ156N) from Q1 1956 to Q2 2025 about South Census Region, vacancy, rent, rate, and USA.

All Tenant Regressed Rent Index: YoY: Lower Bound data was reported at 3.102 % in Dec 2024. This records a decrease from the previous number of 3.804 % for Sep 2024. All Tenant Regressed Rent Index: YoY: Lower Bound data is updated quarterly, averaging 2.681 % from Dec 1999 (Median) to Dec 2024, with 101 observations. The data reached an all-time high of 7.434 % in Dec 2022 and a record low of -1.162 % in Mar 2010. All Tenant Regressed 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.

United States 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. United States 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. United States 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.

Renters between the age of ** and ** in the United States were most likely to be late on their rental payment, according to an ************ survey. The survey, which was conducted among over ****** Americans, found that about **** percent of those renting their home were behind on rent. Among the ** to 54-year-olds, this share amounted to **** percent. People aged 65 and above were the least likely to delay a rental payment.