GITNUXREPORT 2026

Rent Statistics

Rents are hitting record highs while renters face worsening affordability across the US.

Sarah Mitchell

Senior Researcher specializing in consumer behavior and market trends.

First published: Feb 13, 2026

Our Commitment to Accuracy

Rigorous fact-checking · Reputable sources · Regular updatesLearn more

Statistic 1

In New York City, median rent for a 1-bedroom was $4,350 in August 2024

Statistic 2

San Francisco average rent hit $2,910 for 1BR in Q2 2024, down 4% YoY

Statistic 3

Median rent in Austin TX was $1,510 for all units in July 2024

Statistic 4

Boston MA 2-bedroom median rent $3,200 in 2024

Statistic 5

Miami FL average rent $2,650 for 1BR in Q3 2024, up 8%

Statistic 6

Chicago IL studio rents averaged $1,750 in 2024

Statistic 7

Los Angeles CA median rent $2,795 in August 2024

Statistic 8

Seattle WA average 2BR rent $2,450 in Q2 2024

Statistic 9

Denver CO 1BR median $1,850 July 2024

Statistic 10

Phoenix AZ rents averaged $1,650 all types in 2024

Statistic 11

Atlanta GA median rent $1,795 in Q3 2024

Statistic 12

Washington DC 1BR average $2,400 in 2024

Statistic 13

Portland OR studio median $1,550 August 2024

Statistic 14

Nashville TN average rent $1,850 for 2BR in 2024

Statistic 15

Charlotte NC median $1,700 all units Q2 2024

Statistic 16

Orlando FL 1BR rents $1,950 in 2024

Statistic 17

Minneapolis MN average $1,650 2BR July 2024

Statistic 18

Las Vegas NV median rent $1,550 in Q3 2024

Statistic 19

Detroit MI affordable rents at $1,200 median 1BR 2024

Statistic 20

Houston TX 3BR average $2,100 in 2024

Statistic 21

Philadelphia PA studio $1,650 August 2024

Statistic 22

San Diego CA median $2,900 1BR Q2 2024

Statistic 23

Sacramento CA average rent $2,050 all types 2024

Statistic 24

Indianapolis IN median $1,350 1BR July 2024

Statistic 25

Columbus OH 2BR $1,450 in 2024

Statistic 26

San Antonio TX average $1,400 median rent Q3 2024

Statistic 27

Kansas City MO studio $1,100 2024

Statistic 28

Cleveland OH median $1,050 all units 2024

Statistic 29

National rent-to-income ratio worsened to 29.3% in 2023

Statistic 30

22.4 million US renter households spent >30% income on rent in 2022

Statistic 31

Cost-burdened renters (30-50% income) at 20.1 million, severely burdened 7.8 million in 2021 ACS

Statistic 32

Median renter income $47,260 in 2023, requiring $1,182 affordable rent max

Statistic 33

In NYC, 52% renters cost-burdened, median rent $3,500 vs income $75k

Statistic 34

40% of US renters "rent-burdened" in 2024, highest in 20 years

Statistic 35

Affordable units for lowest income renters dropped to 7.4 million vs 16.8M needed

Statistic 36

Wage needed for 2BR affordable rent nationally $26.84/hr in 2024

Statistic 37

Black renters 50% cost-burdened vs 37% white in 2021

Statistic 38

Young adults 18-34: 55% rent-burdened in 2023

Statistic 39

Seniors 65+ renters: 45% burdened, up from 38% in 2019

Statistic 40

Rural renters face 32% burden rate vs urban 28% in 2022

Statistic 41

Suburbs saw rent burden rise to 27% in 2023

Statistic 42

Minimum wage covers only 19% of median rent nationally 2024

Statistic 43

In high-cost metros, 70% renters burdened, e.g., SF 74%

Statistic 44

Rent vouchers cover only 1 in 4 eligible households

Statistic 45

Rent burden for families with children 34% vs 25% non-families 2022

Statistic 46

Post-COVID, eviction filings up 20%, correlating with 15% burden increase

Statistic 47

1BR affordability wage $25.82/hr, 2BR $32.41/hr in 2024

Statistic 48

States with highest burden: CA 49%, NY 48%, FL 44% in 2023

Statistic 49

National rental vacancy rate 6.9% in Q2 2024, up from 5.6% low

Statistic 50

Multifamily vacancy averaged 7.2% in 2024 YTD

Statistic 51

Single-family rental vacancy 5.1% Q1 2024

Statistic 52

Inventory of available rentals up 15% YoY to 3.2M units July 2024

Statistic 53

Construction completions added 440k multifamily units in 2023

Statistic 54

Asking rents declined in 40% of metros in 2024 due to supply

Statistic 55

Lease renewals averaged 65% nationally in 2024, down from 70%

Statistic 56

Concessions offered in 52% markets, averaging 4 weeks free rent Q3 2024

Statistic 57

Sublet listings up 25% YoY on platforms in 2024

Statistic 58

Remote work drove 12% increase in suburban rental demand 2023

Statistic 59

In Q2 2024, the national median rent in the US reached $1,987 for all property types, marking a 3.2% increase year-over-year

Statistic 60

As of August 2024, the average rent for a 1-bedroom apartment in the US was $1,641, while 2-bedrooms averaged $1,952

Statistic 61

US median asking rent stood at $1,653 in July 2024, down 1% from the previous year according to Zillow's Observed Rent Index

Statistic 62

In 2023, the average US rent was $1,699 per month, with single-family homes at $2,029 and multifamily at $1,579

Statistic 63

National rent growth slowed to 0.4% year-over-year in June 2024, the lowest since 2020

Statistic 64

By bedroom count, US average rents in 2024: studios $1,487, 1BR $1,543, 2BR $1,884, 3BR+ $2,391

Statistic 65

US rent affordability hit a record low in 2023, with median rent consuming 30% of median income

Statistic 66

In 2022, national multifamily rent averaged $1,668, up 10.5% from 2021

Statistic 67

CoreLogic's Single-Family Rent Index rose 4.7% YoY in Q1 2024 to an index value of 196.2

Statistic 68

US average apartment rent in urban areas was $1,795 in 2023, suburban $1,512, rural $1,236

Statistic 69

Median US rent for apartments under $1,000 fell to 2% of listings in 2023 from 5% in 2020

Statistic 70

In 2024, national rent per square foot averaged $1.85 for apartments

Statistic 71

BLS data shows US median weekly earnings for renters at $1,050 in Q2 2024, implying rent burden of 29%

Statistic 72

National vacancy rate for rental units was 6.6% in Q1 2024

Statistic 73

US rent index (CPI) increased 3.6% YoY as of July 2024

Statistic 74

Average US rent in 2023 was $23,880 annually, up from $21,336 in 2022

Statistic 75

Multifamily rents grew 2.8% nationally in 2024 YTD

Statistic 76

In Sun Belt states, average rents were $1,650 in 2023 vs $1,950 in Northeast

Statistic 77

National median gross rent was $1,413 in 2022 ACS data

Statistic 78

Rent inflation cooled to 2.1% in Midwest US in 2024

Statistic 79

US pet-friendly rents averaged $1,750 in 2023, 5% higher than non-pet

Statistic 80

Luxury apartment rents nationally hit $2,500 median in 2024

Statistic 81

National student housing rent averaged $1,200 for shared units in 2023

Statistic 82

US furnished apartment rents were 20-30% higher, averaging $2,200 monthly in 2024

Statistic 83

Senior housing rents averaged $1,450 in 2023 for independent living

Statistic 84

National average for garden-style apartments was $1,650 in Q2 2024

Statistic 85

Mid-rise multifamily rents at $1,950 nationally in 2024

Statistic 86

High-rise rents averaged $2,800 in gateway markets nationally

Statistic 87

US rent for EVs-charging units premium of 8%, averaging $1,720 in 2024

Statistic 88

National average rent concession reached 5.2 weeks free in Q3 2024

Statistic 89

National rents increased 3.1% YoY in 2023, with Sun Belt metros leading at 5-7%

Statistic 90

US rent growth was 2.6% YoY in Q2 2024, down from 4.8% peak in 2022

Statistic 91

Multifamily rents rose 4.2% YoY nationally in 2023 per NMHC

Statistic 92

Single-family rent growth slowed to 3.8% YoY in 2024

Statistic 93

Rent inflation per CPI was 5.2% YoY in mid-2023, cooling to 1.7% by 2024

Statistic 94

Northeast US rents grew 2.9% YoY in 2024, Midwest 1.8%

Statistic 95

Suburban rents up 3.5% YoY vs urban 2.1% in 2024

Statistic 96

Luxury segment rent growth 4.1% YoY in 2023, Class B/C 2.7%

Statistic 97

Student housing rents increased 4.5% YoY in 2023-24 academic year

Statistic 98

Pet-inclusive rents rose 6.2% YoY in pet-friendly markets 2024

Statistic 99

EV charging apartments saw 5.8% YoY rent premium growth in 2024

Statistic 100

Furnished short-term rents up 7.3% YoY amid remote work in 2023

Statistic 101

Senior living rents grew 3.9% YoY in 2024

Statistic 102

Garden apartments rent growth 2.4% YoY Q2 2024

Statistic 103

High-rise rents up 3.7% YoY in urban cores 2024

Statistic 104

Rent growth in Phoenix was 4.8% YoY 2023, Austin 5.2%

Statistic 105

NYC rents surged 8.6% YoY in 2023 post-pandemic

Statistic 106

SF Bay Area rent decline -2.1% YoY 2024

Statistic 107

Miami rents +9.1% YoY Q1 2024

Statistic 108

Chicago rent growth 1.9% YoY 2024

Statistic 109

Denver +3.4% YoY rent increase mid-2024

Statistic 110

Atlanta +6.7% YoY 2023

Statistic 111

Seattle -1.2% YoY rent change 2024

1/111

Sources

Trusted by 500+ publications

+497

Feeling squeezed by the rent? While national data shows the median rent hovering around $1,987 as of mid-2024, a closer look reveals a complex landscape of slowing growth, record-high affordability challenges, and dramatic regional differences that every renter needs to understand.

Key Takeaways

In Q2 2024, the national median rent in the US reached $1,987 for all property types, marking a 3.2% increase year-over-year
As of August 2024, the average rent for a 1-bedroom apartment in the US was $1,641, while 2-bedrooms averaged $1,952
US median asking rent stood at $1,653 in July 2024, down 1% from the previous year according to Zillow's Observed Rent Index
In New York City, median rent for a 1-bedroom was $4,350 in August 2024
San Francisco average rent hit $2,910 for 1BR in Q2 2024, down 4% YoY
Median rent in Austin TX was $1,510 for all units in July 2024
National rents increased 3.1% YoY in 2023, with Sun Belt metros leading at 5-7%
US rent growth was 2.6% YoY in Q2 2024, down from 4.8% peak in 2022
Multifamily rents rose 4.2% YoY nationally in 2023 per NMHC
National rent-to-income ratio worsened to 29.3% in 2023
22.4 million US renter households spent >30% income on rent in 2022
Cost-burdened renters (30-50% income) at 20.1 million, severely burdened 7.8 million in 2021 ACS
National rental vacancy rate 6.9% in Q2 2024, up from 5.6% low
Multifamily vacancy averaged 7.2% in 2024 YTD
Single-family rental vacancy 5.1% Q1 2024

Rents are hitting record highs while renters face worsening affordability across the US.

City-Specific Rent Data

In New York City, median rent for a 1-bedroom was $4,350 in August 2024
San Francisco average rent hit $2,910 for 1BR in Q2 2024, down 4% YoY
Median rent in Austin TX was $1,510 for all units in July 2024
Boston MA 2-bedroom median rent $3,200 in 2024
Miami FL average rent $2,650 for 1BR in Q3 2024, up 8%
Chicago IL studio rents averaged $1,750 in 2024
Los Angeles CA median rent $2,795 in August 2024
Seattle WA average 2BR rent $2,450 in Q2 2024
Denver CO 1BR median $1,850 July 2024
Phoenix AZ rents averaged $1,650 all types in 2024
Atlanta GA median rent $1,795 in Q3 2024
Washington DC 1BR average $2,400 in 2024
Portland OR studio median $1,550 August 2024
Nashville TN average rent $1,850 for 2BR in 2024
Charlotte NC median $1,700 all units Q2 2024
Orlando FL 1BR rents $1,950 in 2024
Minneapolis MN average $1,650 2BR July 2024
Las Vegas NV median rent $1,550 in Q3 2024
Detroit MI affordable rents at $1,200 median 1BR 2024
Houston TX 3BR average $2,100 in 2024
Philadelphia PA studio $1,650 August 2024
San Diego CA median $2,900 1BR Q2 2024
Sacramento CA average rent $2,050 all types 2024
Indianapolis IN median $1,350 1BR July 2024
Columbus OH 2BR $1,450 in 2024
San Antonio TX average $1,400 median rent Q3 2024
Kansas City MO studio $1,100 2024
Cleveland OH median $1,050 all units 2024

City-Specific Rent Data Interpretation

Forget the classic American dream of a house with a white picket fence; the new national fantasy is simply finding a city where the rent won't require you to subsist on instant ramen and sheer panic.

Rent Affordability and Burden

National rent-to-income ratio worsened to 29.3% in 2023
22.4 million US renter households spent >30% income on rent in 2022
Cost-burdened renters (30-50% income) at 20.1 million, severely burdened 7.8 million in 2021 ACS
Median renter income $47,260 in 2023, requiring $1,182 affordable rent max
In NYC, 52% renters cost-burdened, median rent $3,500 vs income $75k
40% of US renters "rent-burdened" in 2024, highest in 20 years
Affordable units for lowest income renters dropped to 7.4 million vs 16.8M needed
Wage needed for 2BR affordable rent nationally $26.84/hr in 2024
Black renters 50% cost-burdened vs 37% white in 2021
Young adults 18-34: 55% rent-burdened in 2023
Seniors 65+ renters: 45% burdened, up from 38% in 2019
Rural renters face 32% burden rate vs urban 28% in 2022
Suburbs saw rent burden rise to 27% in 2023
Minimum wage covers only 19% of median rent nationally 2024
In high-cost metros, 70% renters burdened, e.g., SF 74%
Rent vouchers cover only 1 in 4 eligible households
Rent burden for families with children 34% vs 25% non-families 2022
Post-COVID, eviction filings up 20%, correlating with 15% burden increase
1BR affordability wage $25.82/hr, 2BR $32.41/hr in 2024
States with highest burden: CA 49%, NY 48%, FL 44% in 2023

Rent Affordability and Burden Interpretation

America's renters are collectively drowning in a sea of spreadsheet cells, where your income dictates your buoyancy and nearly half the country is trying to tread water with an anchor tied to their wallet.

Rental Market Trends

National rental vacancy rate 6.9% in Q2 2024, up from 5.6% low
Multifamily vacancy averaged 7.2% in 2024 YTD
Single-family rental vacancy 5.1% Q1 2024
Inventory of available rentals up 15% YoY to 3.2M units July 2024
Construction completions added 440k multifamily units in 2023
Asking rents declined in 40% of metros in 2024 due to supply
Lease renewals averaged 65% nationally in 2024, down from 70%
Concessions offered in 52% markets, averaging 4 weeks free rent Q3 2024
Sublet listings up 25% YoY on platforms in 2024
Remote work drove 12% increase in suburban rental demand 2023

Rental Market Trends Interpretation

The rental market is finally blinking, with vacancy rates creeping up like an uninvited guest and a surge of new supply forcing landlords to sweeten the deal, proving that even in housing, you can't ignore the laws of supply and reluctant demand.

US National Rent Statistics

In Q2 2024, the national median rent in the US reached $1,987 for all property types, marking a 3.2% increase year-over-year
As of August 2024, the average rent for a 1-bedroom apartment in the US was $1,641, while 2-bedrooms averaged $1,952
US median asking rent stood at $1,653 in July 2024, down 1% from the previous year according to Zillow's Observed Rent Index
In 2023, the average US rent was $1,699 per month, with single-family homes at $2,029 and multifamily at $1,579
National rent growth slowed to 0.4% year-over-year in June 2024, the lowest since 2020
By bedroom count, US average rents in 2024: studios $1,487, 1BR $1,543, 2BR $1,884, 3BR+ $2,391
US rent affordability hit a record low in 2023, with median rent consuming 30% of median income
In 2022, national multifamily rent averaged $1,668, up 10.5% from 2021
CoreLogic's Single-Family Rent Index rose 4.7% YoY in Q1 2024 to an index value of 196.2
US average apartment rent in urban areas was $1,795 in 2023, suburban $1,512, rural $1,236
Median US rent for apartments under $1,000 fell to 2% of listings in 2023 from 5% in 2020
In 2024, national rent per square foot averaged $1.85 for apartments
BLS data shows US median weekly earnings for renters at $1,050 in Q2 2024, implying rent burden of 29%
National vacancy rate for rental units was 6.6% in Q1 2024
US rent index (CPI) increased 3.6% YoY as of July 2024
Average US rent in 2023 was $23,880 annually, up from $21,336 in 2022
Multifamily rents grew 2.8% nationally in 2024 YTD
In Sun Belt states, average rents were $1,650 in 2023 vs $1,950 in Northeast
National median gross rent was $1,413 in 2022 ACS data
Rent inflation cooled to 2.1% in Midwest US in 2024
US pet-friendly rents averaged $1,750 in 2023, 5% higher than non-pet
Luxury apartment rents nationally hit $2,500 median in 2024
National student housing rent averaged $1,200 for shared units in 2023
US furnished apartment rents were 20-30% higher, averaging $2,200 monthly in 2024
Senior housing rents averaged $1,450 in 2023 for independent living
National average for garden-style apartments was $1,650 in Q2 2024
Mid-rise multifamily rents at $1,950 nationally in 2024
High-rise rents averaged $2,800 in gateway markets nationally
US rent for EVs-charging units premium of 8%, averaging $1,720 in 2024
National average rent concession reached 5.2 weeks free in Q3 2024

US National Rent Statistics Interpretation

While the national median rent flirted with $2,000, the real story is a market in reluctant equilibrium, where "affordability" has become a wistful concept, concessions are the new currency, and your pet's rent premium is growing faster than your paycheck.

Year-Over-Year Rent Growth

National rents increased 3.1% YoY in 2023, with Sun Belt metros leading at 5-7%
US rent growth was 2.6% YoY in Q2 2024, down from 4.8% peak in 2022
Multifamily rents rose 4.2% YoY nationally in 2023 per NMHC
Single-family rent growth slowed to 3.8% YoY in 2024
Rent inflation per CPI was 5.2% YoY in mid-2023, cooling to 1.7% by 2024
Northeast US rents grew 2.9% YoY in 2024, Midwest 1.8%
Suburban rents up 3.5% YoY vs urban 2.1% in 2024
Luxury segment rent growth 4.1% YoY in 2023, Class B/C 2.7%
Student housing rents increased 4.5% YoY in 2023-24 academic year
Pet-inclusive rents rose 6.2% YoY in pet-friendly markets 2024
EV charging apartments saw 5.8% YoY rent premium growth in 2024
Furnished short-term rents up 7.3% YoY amid remote work in 2023
Senior living rents grew 3.9% YoY in 2024
Garden apartments rent growth 2.4% YoY Q2 2024
High-rise rents up 3.7% YoY in urban cores 2024
Rent growth in Phoenix was 4.8% YoY 2023, Austin 5.2%
NYC rents surged 8.6% YoY in 2023 post-pandemic
SF Bay Area rent decline -2.1% YoY 2024
Miami rents +9.1% YoY Q1 2024
Chicago rent growth 1.9% YoY 2024
Denver +3.4% YoY rent increase mid-2024
Atlanta +6.7% YoY 2023
Seattle -1.2% YoY rent change 2024

Year-Over-Year Rent Growth Interpretation

The national rental market is a rollercoaster of extremes, where you're either fleeing Miami's 9.1% surge, celebrating San Francisco's rare discount, or paying a premium for the privilege of your pet's company and your car's outlet.

Sources & References

Logos provided by Logo.dev