U.S. median rent reached $1,853 in early 2024. Global rental revenue exceeded one trillion euros in a single year. The market is expanding quickly, but vacancy rates reveal a fragmented landscape of intense competition and regional surplus.
Key Takeaways
- The U.S. rental market grew by 4.8% in 2023, driven by housing shortages.
- Global residential rental revenue reached €1.2 trillion in 2022.
- Rental occupancy rates in Europe averaged 95% in 2023.
- U.S. suburbs 45% of rental growth 2010-2020.
- Sun Belt cities added 2M rental units 2020-2023.
- Northeast US rents 20% above national average.
- In Q1 2024, U.S. median rent reached $1,853, up 3% YoY.
- New York City average rent hit $4,200/month in 2023.
- San Francisco median 1BR rent at $2,950 in 2024.
- 35% of U.S. renters are millennials aged 25-34.
- 44 million U.S. households rent in 2023.
- 25% of UK renters under 30 years old in 2022.
- U.S. national vacancy rate 6.6% in Q4 2023.
- New York metro vacancy 3.2% in 2023.
- UK private rental vacancy averaged 1.1% in 2022.
Rental markets tightened worldwide while the US added construction and rents grew more slowly in late 2023.
Related reading
01 · Category
Market Trends and Growth30 stats
01
The U.S. rental market grew by 4.8% in 2023, driven by housing shortages.
02
Global residential rental revenue reached €1.2 trillion in 2022.
03
Rental occupancy rates in Europe averaged 95% in 2023.
04
U.S. multifamily rental construction starts increased 12% YoY in Q3 2023.
05
The UK private rental sector expanded to 4.6 million households in 2022.
06
Asia-Pacific rental market CAGR projected at 6.5% from 2023-2030.
07
U.S. rent growth slowed to 3.1% annually in late 2023.
08
Australia's rental market saw 10% demand surge in 2023.
09
German rental market turnover hit €45 billion in 2022.
10
U.S. single-family rental market valued at $50 billion in 2023.
11
Canada rental vacancy tightened to 1.5% nationally in 2023.
12
India urban rental market to grow 7% annually till 2028.
13
France rental stock increased by 2% to 7.5 million units in 2022.
14
U.S. institutional investors acquired 15% more rentals in 2023.
15
Spain's rental market rose 8.5% in average rents in 2023.
16
Brazil urban rental demand up 11% in major cities 2023.
17
U.S. rental market share of households hit 36% in 2022.
18
Netherlands rental sector grew to 2.4 million units in 2023.
19
South Africa rental growth at 5.2% amid urbanization.
20
U.S. short-term rental market expanded 15% in 2023.
21
Italy private rentals reached 5.8 million in 2022.
22
Mexico City rental market CAGR 4.8% projected to 2027.
23
U.S. millennial renters to drive 20% market growth by 2030.
24
Sweden rental vacancy fell to 1.8% in Stockholm 2023.
25
UAE rental market rebounded 9% post-COVID in 2023.
26
U.S. proptech investments in rentals hit $10B in 2023.
27
Poland rental stock up 3.5% to 2.1 million units 2022.
28
Argentina rental inflation at 45% in urban areas 2023.
29
U.S. rental affordability index dropped 10 points in 2023.
30
Singapore HDB rental demand surged 12% in 2023.
Interpretation
Market Trends and Growth Interpretation
It appears that the entire world is trying to rent an apartment from the same stubborn landlord, who is responding with a mix of frantic construction, soaring prices, and deep corporate investments, while we all just hope our keys still work tomorrow.
02 · Category
Regional and Urban Statistics20 stats
01
U.S. suburbs 45% of rental growth 2010-2020.
02
Sun Belt cities added 2M rental units 2020-2023.
03
Northeast US rents 20% above national average.
04
Midwest vacancy highest at 8.1% in 2023.
05
West Coast urban rents avg $2,500+ in metros.
06
Florida rental demand up 25% migration-driven.
07
Rural US rental prices rose 6% faster than urban.
08
Texas metros dominate new rental supply 30%.
09
Pacific Northwest vacancy 5.2% avg 2023.
10
Great Lakes region renter share 32% households.
11
Southeast US occupancy 95% in key markets.
12
Mountain West rents up 10% post-pandemic.
13
New England tightest vacancy under 4%.
14
Plains states rental growth slowest at 2.5%.
15
California coastal cities rents 50% national avg.
16
Mid-Atlantic renter migration +15% to suburbs.
17
Southwest US single-family rentals 40% inventory.
18
Upper Midwest stable rents, low turnover.
19
Southern border states vacancy avg 6.5%.
20
NYC metro 1M+ new renters since 2020.
Interpretation
Regional and Urban Statistics Interpretation
The American rental market is a chaotic but logical chessboard where everyone is fleeing to the Sun Belt for space, getting priced out on the coasts, and accidentally discovering that the Midwest has plenty of room, if you can handle the quiet.
03 · Category
Rental Prices28 stats
01
In Q1 2024, U.S. median rent reached $1,853,up 3% YoY.
02
New York City average rent hit $4,200/month in 2023.
03
San Francisco median 1BR rent at $2,950in 2024.
04
UK average private rent £1,216/month in England 2023.
05
Austin TX rents fell 5% to $1,450 median in 2024.
06
Miami 1BR average $2,300,up 8% YoY Q1 2024.
07
Toronto average rent $2,550CAD in 2023 peak.
08
Berlin controlled rents averaged €12/sqm in 2023.
09
Phoenix AZ median rent $1,650,down 2% in 2024.
10
London Zone 2 rents £2,100/month average 2023.
11
Chicago 2BR median $2,100in early 2024.
12
Sydney median rent AUD 650/week in 2023.
13
Los Angeles median rent $2,750,up 4.5% YoY.
14
Manchester UK rents up 7% to £1,050/month 2023.
15
Denver CO average $1,900,stabilized in 2024.
16
Paris studio rents €900/month average 2023.
17
Atlanta GA median $1,700,+6% growth 2024.
18
Vancouver BC rents $2,700CAD median 2023.
19
Seattle WA 1BR $2,100,down 1% in 2024.
20
Edinburgh Scotland rents £1,200/month 2023.
21
Houston TX median $1,450,flat YoY 2024.
22
Madrid Spain €1,050/month average 2023.
23
Portland OR $1,800median rent 2024.
24
Dublin Ireland €2,200/month city centre 2023.
25
Dallas TX $1,6002BR average Q1 2024.
26
Amsterdam €1,800/month median 2023.
27
Nashville TN $1,750up 5% YoY 2024.
28
Barcelona €950/sqm annual controlled 2023.
Interpretation
Rental Prices Interpretation
The global rental market is a dizzying carousel where New Yorkers might faint at $4,200 a month while Berliners clutch their €12 per square meter in quiet triumph, proving that your address is now the ultimate luxury item with a price tag that either soars, plummets, or just stares back at you, flat and unblinking.
More related reading
04 · Category
Tenant and Landlord Demographics21 stats
01
35% of U.S. renters are millennials aged 25-34.
02
44 million U.S. households rent in 2023.
03
25% of UK renters under 30 years old in 2022.
04
Female-headed renter households 54% in US 2022.
05
Gen Z renters grew 20% since 2019 in US.
06
15% of U.S. landlords own 10+ properties.
07
Black Americans 21% more likely to rent than own.
08
Average U.S. renter household income $52,000in 2023.
09
28% of Canadian renters are immigrants.
10
Corporate landlords control 3% of US rentals but 20% units.
11
Single-person renter households 35% in EU 2022.
12
40% of Australian renters aged 20-39 in 2023.
13
Hispanic renters 20% of US total, up 15% decade.
14
Mom-and-pop landlords 80% of US market.
15
Elderly renters over 65: 12% of US households.
16
55% of German renters in households earning <€3,000/month.
17
Student renters 10% of UK private market.
18
Married couples 28% of US renter households.
19
Female landlords 40% in small-scale US ownership.
20
Low-income renters (<$35k) 40% spend >50% income on rent.
21
NYC 65% renter households, diverse ethnic mix.
Interpretation
Tenant and Landlord Demographics Interpretation
Here's a witty but serious one-sentence interpretation of those statistics: The modern rental landscape is a generational tug-of-war where millennials and Gen Z are flooding the market, often paying dearly to a sea of small landlords, while stark disparities in income, race, and age paint a picture of housing that is equal parts opportunity and inequality.
05 · Category
Vacancy and Occupancy20 stats
01
U.S. national vacancy rate 6.6% in Q4 2023.
02
New York metro vacancy 3.2% in 2023.
03
UK private rental vacancy averaged 1.1% in 2022.
04
Atlanta vacancy rate dropped to 5.8% Q1 2024.
05
Canada national rental vacancy 2.2% in 2023.
06
Phoenix AZ occupancy 94% in multifamily 2023.
07
Germany urban vacancy rate 2.5% in 2022.
08
Chicago metro vacancy rose to 7.1% 2024.
09
Australia major cities vacancy 1.0% Oct 2023.
10
Houston TX vacancy 8.2% Q4 2023.
11
France Paris vacancy under 2% in 2023.
12
Dallas-Fort Worth occupancy 93.5% 2023.
13
Spain national vacancy 2.8% urban 2022.
14
Seattle WA vacancy 4.5% early 2024.
15
Netherlands vacancy rate 2.3% in 2023.
16
Miami metro vacancy 5.9% Q1 2024.
17
Italy major cities average 4.1% vacancy 2022.
18
Denver CO vacancy eased to 6.2% 2024.
19
Singapore private rental vacancy 3.5% 2023.
20
Los Angeles vacancy 4.8% in 2023.
Interpretation
Vacancy and Occupancy Interpretation
While the global rental market is a chaotic quilt of tight squeezes and surprising slack, it's clear that finding a decent apartment in a major city is less a search and more a competitive blood sport, with New York and London making a shoebox in Manhattan look as elusive as a unicorn while Houston and Chicago offer the rare, unsettling luxury of choice.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Rachel Svensson. (2026, February 13). Property Rental Statistics. Gitnux. https://gitnux.org/property-rental-statistics
MLA
Rachel Svensson. "Property Rental Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/property-rental-statistics.
Chicago
Rachel Svensson. 2026. "Property Rental Statistics." Gitnux. https://gitnux.org/property-rental-statistics.
Sources & references
83 datasets cited across this report · attribution is report-level