Hold onto your wallets because 2023 saw rent prices continue their relentless climb across the country, pushing a one-bedroom apartment to a national average of $1,499 a month.
Key Takeaways
- In 2023, the national average rent for a one-bedroom apartment in the United States reached $1,499 per month, marking a 3.2% increase from 2022.
- The median rent for two-bedroom apartments in New York City as of Q4 2023 was $4,200, up 8.5% year-over-year.
- In Los Angeles, average studio apartment rent hit $1,950 in mid-2023, reflecting a 4.1% rise due to high demand.
- National multifamily vacancy rate dropped to 6.2% in Q4 2023 from 6.8% prior year.
- New York City apartment vacancy rate was 2.1% in late 2023, among the tightest markets.
- Los Angeles metro vacancy rate stood at 5.4% in Q3 2023.
- US multifamily housing starts totaled 452,000 units in 2023, a 10% increase from 2022.
- New apartment completions reached 390,000 units nationwide in 2023.
- Inventory of apartments under construction hit 800,000 units in Q4 2023.
- 35% of US renters aged 25-34 lived in apartments in 2022 Census data.
- Households earning $50k-$75k comprised 28% of apartment renters 2023.
- 52% of apartment tenants were single-person households in 2023.
- 68% of apartments built post-2000 had average unit size of 950 sq ft in 2023.
- 42% of US apartments featured in-unit laundry in 2023 surveys.
- Average apartment building height increased to 5.2 stories in new 2023 constructions.
The blog post reports that rental prices grew unevenly across major U.S. cities in 2023.
Building Characteristics
168% of apartments built post-2000 had average unit size of 950 sq ft in 2023.
Verified242% of US apartments featured in-unit laundry in 2023 surveys.
Verified3Average apartment building height increased to 5.2 stories in new 2023 constructions.
Verified455% of multifamily buildings had smart home tech by 2023.
Directional5Elevator-equipped buildings rose to 72% in urban areas 2023.
Single source6Average balcony size in luxury apartments 65 sq ft in 2023.
Verified731% of apartments included fitness centers as standard amenity 2023.
Verified8Energy-efficient appliances in 78% of new apartments 2023.
Verified9Parking spaces per unit averaged 1.4 in suburban apartments 2023.
Directional10Walk-up buildings declined to 18% of total stock 2023.
Single source11Rooftop amenities in 25% of high-rise apartments 2023.
Verified12Average kitchen island size 4 ft in modern units 2023.
Verified13Controlled access entry in 89% of complexes 2023.
Verified14Pool-equipped properties 46% nationally 2023.
Directional15Quartz countertops in 67% of renovated apartments 2023.
Single source16Dog parks on-site in 22% of pet-friendly buildings 2023.
Verified17Average ceiling height 9.2 ft in new builds 2023.
Verified18Bike storage in 58% of urban apartments 2023.
Verified19Package lockers installed in 75% of properties 2023.
Directional20Open floor plans in 82% of one-bedrooms 2023.
Single source21Solar panels on 12% of apartment roofs 2023.
Verified22Co-working spaces in 19% of large complexes 2023.
Verified23EV charging stations at 35% of properties 2023.
Verified24Hardwood-style flooring in 71% of units 2023.
DirectionalBuilding Characteristics Interpretation
While apartments are shrinking to shoebox sizes, we're apparently living in lavishly secure, quartz-countertopped, smart-tech fortresses with excellent laundry and storage for both our cars and bikes.
Rental Prices
1In 2023, the national average rent for a one-bedroom apartment in the United States reached $1,499 per month, marking a 3.2% increase from 2022.
Verified2The median rent for two-bedroom apartments in New York City as of Q4 2023 was $4,200, up 8.5% year-over-year.
Verified3In Los Angeles, average studio apartment rent hit $1,950 in mid-2023, reflecting a 4.1% rise due to high demand.
Verified4Chicago's average one-bedroom rent stood at $1,850 in 2023, with a 2.8% annual growth amid stable inventory.
Directional5San Francisco saw one-bedroom apartments average $2,800 monthly in 2023, down 1.2% from peak due to remote work trends.
Single source6Average rent for a three-bedroom apartment in Miami was $3,100 in Q3 2023, surging 12% from previous year.
Verified7Houston's median two-bedroom rent reached $1,450 in 2023, with modest 1.5% growth.
Verified8In Atlanta, one-bedroom apartments averaged $1,650 monthly in late 2023, up 6.3% YoY.
Verified9Phoenix studio rents averaged $1,400 in 2023, increasing 5.7% driven by population influx.
Directional10Denver's average rent for two-bedrooms was $1,950 in 2023, with 3.9% growth.
Single source11Seattle one-bedroom rents hit $2,100 in Q4 2023, up 2.4% annually.
Verified12Boston's median three-bedroom rent was $3,800 in 2023, rising 7.2%.
Verified13Dallas average studio rent stood at $1,300 in 2023, with 4.6% increase.
Verified14Philadelphia two-bedroom rents averaged $1,700 monthly in 2023, up 3.1%.
Directional15San Diego one-bedroom average was $2,450 in 2023, growing 5.2% YoY.
Single source16Washington's DC metro area saw two-bedroom rents at $2,300 in 2023, +4.8%.
Verified17Orlando three-bedroom average rent reached $2,100 in Q3 2023, up 9.1%.
Verified18Portland OR studio rents averaged $1,600 in 2023, with 2.9% growth.
Verified19Nashville one-bedroom rents hit $1,750 in 2023, surging 7.5%.
Directional20Las Vegas two-bedroom average was $1,550 monthly in 2023, +5.3%.
Single source21Detroit's median rent for studios was $950 in 2023, up 1.8%.
Verified22Minneapolis three-bedrooms averaged $1,900 in 2023, growing 3.7%.
Verified23Charlotte NC one-bedrooms at $1,550 in 2023, +6.4% YoY.
Verified24Austin TX two-bedrooms averaged $1,850, up 4.2% in 2023.
Directional25Sacramento studios at $1,750 monthly average in 2023, +3.5%.
Single source26Cleveland one-bedrooms averaged $1,100 in 2023, modest 2.1% rise.
Verified27Indianapolis two-bedrooms at $1,250 average, +4.9% in 2023.
Verified28Kansas City three-bedrooms averaged $1,500, up 3.3% YoY 2023.
Verified29Columbus OH studios at $1,050 monthly, +5.6% in 2023.
Directional30San Antonio one-bedrooms averaged $1,300 in 2023, growing 6.7%.
Single sourceRental Prices Interpretation
The rent, much like an intrusive roommate, is going up almost everywhere, proving that your paycheck's race against your landlord is one you're clearly losing.
Supply and Demand
1US multifamily housing starts totaled 452,000 units in 2023, a 10% increase from 2022.
Verified2New apartment completions reached 390,000 units nationwide in 2023.
Verified3Inventory of apartments under construction hit 800,000 units in Q4 2023.
Verified4Demand for apartments outpaced supply by 150,000 units in top 50 metros 2023.
Directional5Absorption rate for new apartments averaged 85% within first year in 2023.
Single source6NYC added 15,000 new apartment units in 2023, boosting supply 2%.
Verified7LA metro saw 25,000 new units completed, demand absorbed 90%.
Verified8Chicago multifamily starts declined 5% to 12,000 units in 2023.
Verified9SF Bay Area under-construction apartments totaled 40,000 units end-2023.
Directional10Miami added 18,000 units, with demand exceeding by 10%.
Single source11Houston completed 22,000 apartments in 2023, absorption 92%.
Verified12Atlanta supply increased 15% with 20,000 new units.
Verified13Phoenix apartment completions hit 16,000 units 2023.
Verified14Denver added 14,000 units, demand strong at 88% absorption.
Directional15Seattle pipeline had 25,000 units under construction Q4 2023.
Single source16Boston completed 10,000 apartments, tight supply persisted.
Verified17Dallas multifamily starts rose 12% to 18,000 units 2023.
Verified18Philly added 12,000 units, absorption rate 82%.
Verified19San Diego completions totaled 11,000 units in 2023.
Directional20DC area supply grew with 13,000 new apartments.
Single source21Orlando under construction: 15,000 units end 2023.
Verified22Portland completed 9,000 apartments, demand soft.
Verified23Nashville added 17,000 units, high absorption 95%.
Verified24Las Vegas pipeline 20,000 units under construction 2023.
Directional25Detroit supply stagnant at 5,000 completions.
Single source26Minneapolis added 8,000 units 2023.
Verified27Charlotte completions 14,000, demand robust.
Verified28Austin under construction peaked at 30,000 units.
Verified29Sacramento added 10,000 apartments 2023.
Directional30Cleveland supply low with 4,000 new units.
Single source31Indianapolis pipeline 12,000 units Q4 2023.
VerifiedSupply and Demand Interpretation
The construction industry is furiously trying to outpace our collective need for apartments, and frankly, it's still not winning the race, as demand continues to stubbornly devour new supply.
Tenant Demographics
135% of US renters aged 25-34 lived in apartments in 2022 Census data.
Verified2Households earning $50k-$75k comprised 28% of apartment renters 2023.
Verified352% of apartment tenants were single-person households in 2023.
Verified4Millennial renters (born 1981-1996) made up 42% of market in 2023.
Directional524% of renters in apartments were families with children under 18, 2022.
Single source6Black or African American renters occupied 19% of apartments nationally 2023.
Verified715% of apartment renters were seniors over 65 in 2023.
Verified8Gen Z (18-24) represented 18% of new apartment leases 2023.
Verified9Hispanic/Latino renters comprised 22% of apartment dwellers 2023.
Directional1062% of renters under 35 preferred urban apartments 2023 survey.
Single source11Dual-income households 55% of two-bedroom apartment tenants.
Verified12Women-headed households 38% of apartment renters 2022.
Verified13Remote workers increased to 29% of apartment tenants 2023.
Verified14Students comprised 12% of urban apartment occupancy 2023.
Directional15Low-income (<$35k) renters 31% of total apartments 2023.
Single source16Married couples without kids 22% of renters 2023.
Verified17Asian renters 7% of apartment market nationally 2023.
Verified18Pet-owning households 48% of apartment tenants 2023.
Verified19First-time renters under 25 at 25% of new leases 2023.
Directional20High-income (>$100k) renters grew to 19% in 2023.
Single source21Single parents 11% of apartment household heads 2023.
Verified22Veterans renting apartments 8% of total military 2023.
Verified23LGBTQ+ identified renters 9% in urban apartments 2023 survey.
Verified24Immigrants recent (past 5 yrs) 14% of renters 2023.
Directional25Empty nesters 10% of mid-size apartment tenants.
Single sourceTenant Demographics Interpretation
The modern American apartment is a demographic chameleon, simultaneously serving as a starter pad for Gen Z, a pragmatic perch for high-earning millennials, a family launchpad for young couples, and a surprising haven for nearly a third of low-income renters—all while being, statistically speaking, just as likely to house a pet as a child.
Vacancy Rates
1National multifamily vacancy rate dropped to 6.2% in Q4 2023 from 6.8% prior year.
Verified2New York City apartment vacancy rate was 2.1% in late 2023, among the tightest markets.
Verified3Los Angeles metro vacancy rate stood at 5.4% in Q3 2023.
Verified4Chicago's apartment vacancy averaged 6.7% throughout 2023.
Directional5San Francisco vacancy rate rose to 7.9% in 2023 due to supply increases.
Single source6Miami's vacancy rate fell to 4.2% in Q4 2023 amid tourism boom.
Verified7Houston apartment vacancy was stable at 7.1% average in 2023.
Verified8Atlanta vacancy rate at 6.5% in mid-2023, slightly up from 2022.
Verified9Phoenix saw vacancy drop to 5.8% in 2023 with migration growth.
Directional10Denver's multifamily vacancy averaged 5.2% in Q4 2023.
Single source11Seattle vacancy rate was 4.9% in late 2023, tight market.
Verified12Boston apartments had 3.8% vacancy rate average in 2023.
Verified13Dallas vacancy stood at 7.4% in Q3 2023.
Verified14Philadelphia's rate was 6.1% average for 2023.
Directional15San Diego vacancy at 4.6% in 2023, low due to desirability.
Single source16Washington DC vacancy rate 5.3% in Q4 2023.
Verified17Orlando apartments averaged 6.9% vacancy in 2023.
Verified18Portland OR vacancy rose to 7.2% mid-2023.
Verified19Nashville vacancy at 4.3% in late 2023, very competitive.
Directional20Las Vegas rate was 6.4% average 2023.
Single source21Detroit's high vacancy at 9.2% persisted in 2023.
Verified22Minneapolis vacancy averaged 5.7% in Q3 2023.
Verified23Charlotte NC at 6.3% vacancy rate 2023.
Verified24Austin TX vacancy dropped to 5.1% in 2023.
Directional25Sacramento vacancy rose to 7.6% average 2023.
Single source26Cleveland apartments had 8.1% vacancy in 2023.
Verified27Indianapolis vacancy at 6.8% Q4 2023.
Verified28Kansas City rate averaged 7.0% in 2023.
Verified29Columbus OH vacancy 6.6% mid-2023.
Directional30San Antonio vacancy fell to 5.9% in 2023.
Single sourceVacancy Rates Interpretation
The national apartment market may be loosening its belt, but a few cities are still squeezing tenants for every cent—Bostonians and New Yorkers, we see you clutching your leases like a winning lottery ticket.
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