Average Rental Price in US & Market Trends (2024)

FAQs

What is the average rent trend in the US? ›

The average rent in the United States is $1,517/month. This is 0.6% higher than this time last year. The states with the largest rent increases when compared to last year include North Dakota, Vermont, and Mississippi. In North Dakota, rents are 5.2% higher.

The average rent for an apartment in the U.S. is $1,713. The cost of rent varies depending on several factors, including location, size, and quality.

What was the market size of the Apartment Rental industry in the US in 2023? The market size, measured by revenue, of the Apartment Rental industry was $279.4bn in 2023.

How did rent get so expensive? The fast growth of rent costs since 2020 derives from a variety of factors, including: Inflation. Higher costs across the board mean landlords pass on higher costs (such as rising wages for maintenance workers or repair costs) to renters.

An ongoing boom in apartment construction has helped slow down rental inflation — but renters shouldn't expect prices to drop dramatically from their pandemic-padded highs. That means affordability will remain the dominant narrative in rental housing in 2024.

The U.S. state with the lowest average monthly rent: West Virginia. West Virginia has the lowest rent costs with a monthly average of $846, according to the doxo report. It is also the most affordable state for mortgage payments, with an average of $961.

New York City has the highest rent at $3,393.

Rent is nearly as high in Boston, MA ($3,359); Irvine, CA ($3,335); San Francisco, CA ($3,276) and San Jose, CA ($3,107).

The Cost of Living in the United States

The average household in the United States spends $61,334 a year on expenses. On average, 34.9% of spending, or roughly $1,784 a month, is dedicated to housing and housing-related costs. The median price of a single-family home in the United States is $273,992.

Generally, experts recommend spending no more than 30% of monthly pre-tax income on housing. However, it's not always that simple. According to the U.S. Census Bureau, between 2017 and 2021, over 40% of renter households (19 million) spent more than 30% of their income on rent.

Overall, the city with the cheapest average rent in the U.S. was listed as Wichita, Kansas, with a population of nearly 400,000. The average rent for all apartment sizes in Wichita is just $598 a month, the report said — adding that no other city averages under $700.

What is the slowest month for rental properties? ›

Rental rates also tend to be higher during the summer months. The lowest rental rates are found during the winter months—October through April—with demand and prices reaching their nadir between January and March. An apartment search should begin in the middle of the month prior to the target move month.

Rising rents are detrimental to both mental and physical health, experts say. A growing body of research shows high rent burden and the threat of eviction increase the risk of depression and anxiety. They also increase the risk of chronic diseases such as diabetes, obesity and cardiovascular disease.

Consider the following rent increase information: The average rent inflation has been outpacing the average currency inflation by 1.27% since 1980. The last decade alone has seen rent inflation outpacing currency inflation by 40.7% The average rent increase per year has been 3.18% since 2012.

A December 2023 report by Zumper, a privately owned rental platform that links landlords and renters, found the median rent for a one-bedroom and two-bedroom rental was $1,499 and $1,856, respectively. Here's a look at high and low rent prices Zumper found in the four U.S. regions.