GITNUXREPORT 2025

Apartment Industry Statistics

U.S. apartment industry remains resilient with high occupancy, rising rents, and growing demand.

Jannik Linder

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: April 29, 2025

Our Commitment to Accuracy

Rigorous fact-checking • Reputable sources • Regular updatesLearn more

Statistic 1

The average vacancy rate in U.S. apartments was 5.8% in Q2 2023

Statistic 2

The average age of new apartment construction completion was 32 months in 2023

Statistic 3

The U.S. apartment market experienced a 3.5% year-over-year increase in new supply in 2023

Statistic 4

In 2023, the average apartment complex size was 150 units

Statistic 5

The number of apartment units under construction in the U.S. reached approximately 400,000 by mid-2023

Statistic 6

U.S. apartment vacancy rates peaked at 7% during Q1 2023 due to economic uncertainties

Statistic 7

The number of apartment units delivered in 2023 increased by 10% compared to 2022, totaling roughly 350,000 new units

Statistic 8

The average age of rental apartment buildings in the U.S. is around 25 years, indicating a mix of aging and new properties

Statistic 9

The percentage of new apartments built with accessibility features increased to 35% in 2023, reflecting focus on inclusivity

Statistic 10

Approximately 36 million Americans live in multi-family apartments

Statistic 11

The median age of renters in the U.S. is approximately 32 years

Statistic 12

Approximately 48% of renters in 2023 are under 35 years old

Statistic 13

About 20% of U.S. apartment renters are international residents

Statistic 14

The number of residents aged 65+ living in apartments increased by 6% in 2023, reflecting aging in place

Statistic 15

The percentage of renters experiencing rent burden (paying over 50% of income on rent) was 15% in 2023, a slight decrease from 16% in 2022

Statistic 16

The average income of renters in affordable housing units was around $30,000 annually in 2023

Statistic 17

The average number of residents per apartment unit was 2.3 in 2023, indicating trend towards smaller households

Statistic 18

The total value of the U.S. apartment industry was estimated at over $2 trillion in 2023

Statistic 19

The average cost of apartment maintenance in 2023 was approximately $600 per unit annually

Statistic 20

The average cost to convert a traditional apartment into a fully smart-enabled apartment was estimated at $3,500 per unit in 2023

Statistic 21

The U.S. apartment occupancy rate averaged around 96% in 2023

Statistic 22

Millennials accounted for approximately 43% of the rental market in 2023

Statistic 23

45% of renters are concerned about affordability, according to a 2023 survey

Statistic 24

Approximately 52% of renters in 2023 are spending more than 30% of their income on housing costs

Statistic 25

The occupancy rate in U.S. multifamily complexes increased slightly from 95% in 2022 to 96% in 2023

Statistic 26

The average security deposit for an apartment in the U.S. was $400 in 2023

Statistic 27

The highest concentration of apartments is in the Southeastern U.S., accounting for nearly 30% of the total units

Statistic 28

The demand for affordable housing units increased by 12% in 2023, driven by inflation and income disparities

Statistic 29

The percentage of renters with rent payments delayed in 2023 was 7%, slightly down from 8% in 2022

Statistic 30

The employment rate for property management professionals in the apartment industry was 92% in 2023

Statistic 31

The percentage of rental units that are part of affordable housing programs was 22% in 2023

Statistic 32

The number of co-living apartment communities increased by 25% in 2023, driven by urban Millennials and Gen Z renters

Statistic 33

The total number of multiple-family rental units in the U.S. is projected to exceed 37 million by the end of 2023

Statistic 34

The average rent for a one-bedroom apartment in the U.S. reached $1,200 in 2023

Statistic 35

The average new apartment rent increased by 5% in 2023 compared to the previous year

Statistic 36

Dallas, Texas, saw the highest apartment rent increase among major U.S. cities at 8% in 2023

Statistic 37

The average time to lease a new apartment in 2023 was 25 days

Statistic 38

The national average rent growth rate for apartments was 4.8% in 2023

Statistic 39

The median rent for a two-bedroom apartment in New York City hit $3,200 in 2023

Statistic 40

The average rent arrears for U.S. tenants reached $450 in 2023, up from $370 in 2022

Statistic 41

The average rent price for luxury apartments increased by 6% in 2023, reaching an average of $2,500 per month

Statistic 42

The median rent price for a studio apartment in San Francisco reached $2,800 in 2023, a 4% increase from the previous year

Statistic 43

65% of renters prefer pet-friendly apartments, according to a 2023 survey

Statistic 44

Nearly 70% of renters in newly developed apartments in 2023 reported satisfaction with amenities

Statistic 45

The share of rent payments made via online transfer increased to 85% in 2023, indicating digital adoption

Statistic 46

Approximately 55% of new apartment units constructed in 2023 included at least one green or energy-efficient feature

Statistic 47

Approximately 65% of renters believe that access to amenities significantly influences their choice of apartment

Statistic 48

The percentage of apartments offering smart-home technology was 30% in 2023

Statistic 49

The percentage of college students living in apartments increased by 4% in 2023, reflecting socioeconomic shifts

Statistic 50

Approximately 50% of new apartment developments in 2023 incorporated co-living spaces

Statistic 51

The share of rent payments made via mobile apps increased to 75% in 2023, indicating a trend towards mobile payments

Statistic 52

Approximately 40% of apartment complexes offered high-speed internet as standard in 2023

Statistic 53

The proportion of renters with access to on-site laundry facilities was 78% in 2023

Statistic 54

The majority of apartment residents in 2023 expressed a preference for eco-friendly appliances, with 70% indicating sustainability mattered

Statistic 55

The percentage of apartments utilizing renewable energy sources such as solar power was 10% in 2023, indicating early adoption

Statistic 56

The proportion of apartment residents working remotely increased to 55% in 2023, affecting demand patterns

Statistic 57

Approximately 25% of apartments in the U.S. are located within walkable neighborhoods, according to 2023 data

Statistic 58

The share of rental applications submitted online reached 95% in 2023, signifying high digital engagement

Statistic 59

The percentage of apartments that have implemented contactless entry systems reached 40% in 2023, indicating increasing security and convenience

Statistic 60

The number of pet-friendly apartment units increased by 15% in 2023, driven by pet-loving tenant demand

Slide 1 of 60

Sources

Our Reports have been cited by:

Trust Badges - Publications that have cited our reports

Key Highlights

The U.S. apartment occupancy rate averaged around 96% in 2023
The average rent for a one-bedroom apartment in the U.S. reached $1,200 in 2023
Millennials accounted for approximately 43% of the rental market in 2023
Approximately 36 million Americans live in multi-family apartments
The average new apartment rent increased by 5% in 2023 compared to the previous year
The total value of the U.S. apartment industry was estimated at over $2 trillion in 2023
45% of renters are concerned about affordability, according to a 2023 survey
The median age of renters in the U.S. is approximately 32 years
Dallas, Texas, saw the highest apartment rent increase among major U.S. cities at 8% in 2023
The average vacancy rate in U.S. apartments was 5.8% in Q2 2023
Approximately 52% of renters in 2023 are spending more than 30% of their income on housing costs
The average age of new apartment construction completion was 32 months in 2023
65% of renters prefer pet-friendly apartments, according to a 2023 survey

The U.S. apartment industry is booming in 2023, with occupancy rates soaring to 96%, rents reaching new heights, and a vibrant market driven by Millennials, sustainable features, and a surge in digital and pet-friendly amenities.

Construction, Development, and Vacancy Rates

The average vacancy rate in U.S. apartments was 5.8% in Q2 2023
The average age of new apartment construction completion was 32 months in 2023
The U.S. apartment market experienced a 3.5% year-over-year increase in new supply in 2023
In 2023, the average apartment complex size was 150 units
The number of apartment units under construction in the U.S. reached approximately 400,000 by mid-2023
U.S. apartment vacancy rates peaked at 7% during Q1 2023 due to economic uncertainties
The number of apartment units delivered in 2023 increased by 10% compared to 2022, totaling roughly 350,000 new units
The average age of rental apartment buildings in the U.S. is around 25 years, indicating a mix of aging and new properties
The percentage of new apartments built with accessibility features increased to 35% in 2023, reflecting focus on inclusivity

Construction, Development, and Vacancy Rates Interpretation

Amid solid growth with a 3.5% boost in new supply and a 10% rise in deliveries, the U.S. apartment market balances a youthful optimism—evidenced by a 35% focus on accessibility—against lingering uncertainties that sent vacancy rates cresting at 7% in early 2023, all while the average complex size of 150 units and a construction age of 32 months suggest the industry is both building fresh and aging gracefully.

Demographics

Approximately 36 million Americans live in multi-family apartments
The median age of renters in the U.S. is approximately 32 years
Approximately 48% of renters in 2023 are under 35 years old
About 20% of U.S. apartment renters are international residents
The number of residents aged 65+ living in apartments increased by 6% in 2023, reflecting aging in place
The percentage of renters experiencing rent burden (paying over 50% of income on rent) was 15% in 2023, a slight decrease from 16% in 2022
The average income of renters in affordable housing units was around $30,000 annually in 2023
The average number of residents per apartment unit was 2.3 in 2023, indicating trend towards smaller households

Demographics Interpretation

With nearly 36 million Americans calling multi-family apartments home—many under 35, international, or aging in place—it's clear that the apartment industry is a microcosm of a diverse, shifting demographic balancing affordability, household size, and the reality that in the rental market, a little less rent burden and a smaller household could just be the new normal.

Industry Value and Financial Metrics

The total value of the U.S. apartment industry was estimated at over $2 trillion in 2023
The average cost of apartment maintenance in 2023 was approximately $600 per unit annually
The average cost to convert a traditional apartment into a fully smart-enabled apartment was estimated at $3,500 per unit in 2023

Industry Value and Financial Metrics Interpretation

With the U.S. apartment industry valued at over $2 trillion in 2023, investing roughly $600 annually per unit in maintenance and an extra $3,500 to smarten them up suggests that owners are betting smart—both in tech and dollars—to keep pace in a market where modernization is as crucial as occupancy.

Market Fundamentals and Demographics

The U.S. apartment occupancy rate averaged around 96% in 2023
Millennials accounted for approximately 43% of the rental market in 2023
45% of renters are concerned about affordability, according to a 2023 survey
Approximately 52% of renters in 2023 are spending more than 30% of their income on housing costs
The occupancy rate in U.S. multifamily complexes increased slightly from 95% in 2022 to 96% in 2023
The average security deposit for an apartment in the U.S. was $400 in 2023
The highest concentration of apartments is in the Southeastern U.S., accounting for nearly 30% of the total units
The demand for affordable housing units increased by 12% in 2023, driven by inflation and income disparities
The percentage of renters with rent payments delayed in 2023 was 7%, slightly down from 8% in 2022
The employment rate for property management professionals in the apartment industry was 92% in 2023
The percentage of rental units that are part of affordable housing programs was 22% in 2023
The number of co-living apartment communities increased by 25% in 2023, driven by urban Millennials and Gen Z renters
The total number of multiple-family rental units in the U.S. is projected to exceed 37 million by the end of 2023

Market Fundamentals and Demographics Interpretation

Despite a nearly full occupancy rate of 96% driven largely by Millennials and a thriving co-living sector, nearly half of renters feel the pinch of affordability—highlighting a housing market where rising costs and income disparities continue to challenge many, even as the U.S. edges closer to 37 million rental units ready to house an increasingly diverse and budget-conscious population.

Rent Trends and Pricing Dynamics

The average rent for a one-bedroom apartment in the U.S. reached $1,200 in 2023
The average new apartment rent increased by 5% in 2023 compared to the previous year
Dallas, Texas, saw the highest apartment rent increase among major U.S. cities at 8% in 2023
The average time to lease a new apartment in 2023 was 25 days
The national average rent growth rate for apartments was 4.8% in 2023
The median rent for a two-bedroom apartment in New York City hit $3,200 in 2023
The average rent arrears for U.S. tenants reached $450 in 2023, up from $370 in 2022
The average rent price for luxury apartments increased by 6% in 2023, reaching an average of $2,500 per month
The median rent price for a studio apartment in San Francisco reached $2,800 in 2023, a 4% increase from the previous year

Rent Trends and Pricing Dynamics Interpretation

As rent prices across America’s cities continue their upward march—culminating in a median NYC two-bedroom hitting $3,200 and Dallas roaring ahead with an 8% spike—tenants are effectively caught in a 25-day lease limbo while rent arrears swell to $450, highlighting both a blistering housing market and the pressing need for affordable options.

Resident Preferences and Lifestyle Factors

65% of renters prefer pet-friendly apartments, according to a 2023 survey
Nearly 70% of renters in newly developed apartments in 2023 reported satisfaction with amenities
The share of rent payments made via online transfer increased to 85% in 2023, indicating digital adoption
Approximately 55% of new apartment units constructed in 2023 included at least one green or energy-efficient feature
Approximately 65% of renters believe that access to amenities significantly influences their choice of apartment
The percentage of apartments offering smart-home technology was 30% in 2023
The percentage of college students living in apartments increased by 4% in 2023, reflecting socioeconomic shifts
Approximately 50% of new apartment developments in 2023 incorporated co-living spaces
The share of rent payments made via mobile apps increased to 75% in 2023, indicating a trend towards mobile payments
Approximately 40% of apartment complexes offered high-speed internet as standard in 2023
The proportion of renters with access to on-site laundry facilities was 78% in 2023
The majority of apartment residents in 2023 expressed a preference for eco-friendly appliances, with 70% indicating sustainability mattered
The percentage of apartments utilizing renewable energy sources such as solar power was 10% in 2023, indicating early adoption
The proportion of apartment residents working remotely increased to 55% in 2023, affecting demand patterns
Approximately 25% of apartments in the U.S. are located within walkable neighborhoods, according to 2023 data
The share of rental applications submitted online reached 95% in 2023, signifying high digital engagement
The percentage of apartments that have implemented contactless entry systems reached 40% in 2023, indicating increasing security and convenience
The number of pet-friendly apartment units increased by 15% in 2023, driven by pet-loving tenant demand

Resident Preferences and Lifestyle Factors Interpretation

In 2023, the apartment industry savvy enough to embrace digital payments (75% mobile, 85% online transfers) and contactless entry (40%) still finds pet-friendly, eco-conscious, and amenity-rich units (with 65% valuing amenities and 70% preferring sustainable appliances) at the heart of tenant preferences—proving that whether it’s cats or smart tech, today’s renters demand convenience, sustainability, and a little fur-ever love.