The national median rent approached $2,000 in recent quarters. Renters in nearly half of all US households now spend over 30% of their income on housing.
Key Takeaways
- In New York City, median rent for a 1-bedroom was $4,350 in August 2024
- National rent-to-income ratio worsened to 29.3% in 2023
- National rental vacancy rate 6.9% in Q2 2024, up from 5.6% low
- 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
- National rents increased 3.1% YoY in 2023, with Sun Belt metros leading at 5-7%
Rent prices are rising steadily, with the biggest increases affecting affordability for many households.
Related reading
01 · Category
City-Specific Rent Data28 stats
01
In New York City, median rent for a 1-bedroom was $4,350in August 2024
02
San Francisco average rent hit $2,910for 1BR in Q2 2024, down 4% YoY
03
Median rent in Austin TX was $1,510for all units in July 2024
04
Boston MA 2-bedroom median rent $3,200in 2024
05
Miami FL average rent $2,650for 1BR in Q3 2024, up 8%
06
Chicago IL studio rents averaged $1,750in 2024
07
Los Angeles CA median rent $2,795in August 2024
08
Seattle WA average 2BR rent $2,450in Q2 2024
09
Denver CO 1BR median $1,850July 2024
10
Phoenix AZ rents averaged $1,650all types in 2024
11
Atlanta GA median rent $1,795in Q3 2024
12
Washington DC 1BR average $2,400in 2024
13
Portland OR studio median $1,550August 2024
14
Nashville TN average rent $1,850for 2BR in 2024
15
Charlotte NC median $1,700all units Q2 2024
16
Orlando FL 1BR rents $1,950in 2024
17
Minneapolis MN average $1,6502BR July 2024
18
Las Vegas NV median rent $1,550in Q3 2024
19
Detroit MI affordable rents at $1,200median 1BR 2024
20
Houston TX 3BR average $2,100in 2024
21
Philadelphia PA studio $1,650August 2024
22
San Diego CA median $2,9001BR Q2 2024
23
Sacramento CA average rent $2,050all types 2024
24
Indianapolis IN median $1,3501BR July 2024
25
Columbus OH 2BR $1,450in 2024
26
San Antonio TX average $1,400median rent Q3 2024
27
Kansas City MO studio $1,1002024
28
Cleveland OH median $1,050all units 2024
Interpretation
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.
02 · Category
Rent Affordability and Burden20 stats
01
National rent-to-income ratio worsened to 29.3% in 2023
02
22.4 million US renter households spent >30% income on rent in 2022
03
Cost-burdened renters (30-50% income) at 20.1 million, severely burdened 7.8 million in 2021 ACS
04
Median renter income $47,260in 2023, requiring $1,182 affordable rent max
05
In NYC, 52% renters cost-burdened, median rent $3,500 vs income $75k
06
40% of US renters "rent-burdened" in 2024, highest in 20 years
07
Affordable units for lowest income renters dropped to 7.4 million vs 16.8M needed
08
Wage needed for 2BR affordable rent nationally $26.84/hr in 2024
09
Black renters 50% cost-burdened vs 37% white in 2021
10
Young adults 18-34: 55% rent-burdened in 2023
11
Seniors 65+ renters: 45% burdened, up from 38% in 2019
12
Rural renters face 32% burden rate vs urban 28% in 2022
13
Suburbs saw rent burden rise to 27% in 2023
14
Minimum wage covers only 19% of median rent nationally 2024
15
In high-cost metros, 70% renters burdened, e.g., SF 74%
16
Rent vouchers cover only 1 in 4 eligible households
17
Rent burden for families with children 34% vs 25% non-families 2022
18
Post-COVID, eviction filings up 20%, correlating with 15% burden increase
19
1BR affordability wage $25.82/hr, 2BR $32.41/hr in 2024
20
States with highest burden: CA 49%, NY 48%, FL 44% in 2023
Interpretation
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.
03 · Category
Rental Market Trends10 stats
01
National rental vacancy rate 6.9% in Q2 2024, up from 5.6% low
02
Multifamily vacancy averaged 7.2% in 2024 YTD
03
Single-family rental vacancy 5.1% Q1 2024
04
Inventory of available rentals up 15% YoY to 3.2M units July 2024
05
Construction completions added 440k multifamily units in 2023
06
Asking rents declined in 40% of metros in 2024 due to supply
07
Lease renewals averaged 65% nationally in 2024, down from 70%
08
Concessions offered in 52% markets, averaging 4 weeks free rent Q3 2024
09
Sublet listings up 25% YoY on platforms in 2024
10
Remote work drove 12% increase in suburban rental demand 2023
Interpretation
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.
More related reading
04 · Category
US National Rent Statistics30 stats
01
In Q2 2024, the national median rent in the US reached $1,987for all property types, marking a 3.2% increase year-over-year
02
As of August 2024: June 2026, the average rent for a 1-bedroom apartment in the US was $1,641,while 2-bedrooms averaged $1,952
03
US median asking rent stood at $1,653in July 2024, down 1% from the previous year according to Zillow's Observed Rent Index
04
In 2023, the average US rent was $1,699per month, with single-family homes at $2,029 and multifamily at $1,579
05
National rent growth slowed to 0.4% year-over-year in June 2024, the lowest since 2020
06
By bedroom count, US average rents in 2024: studios $1,487,1BR $1,543, 2BR $1,884, 3BR+ $2,391
07
US rent affordability hit a record low in 2023, with median rent consuming 30% of median income
08
In 2022, national multifamily rent averaged $1,668,up 10.5% from 2021
09
CoreLogic's Single-Family Rent Index rose 4.7% YoY in Q1 2024 to an index value of 196.2
10
US average apartment rent in urban areas was $1,795in 2023, suburban $1,512, rural $1,236
11
Median US rent for apartments under $1,000fell to 2% of listings in 2023 from 5% in 2020
12
In 2024, national rent per square foot averaged $1.85for apartments
13
BLS data shows US median weekly earnings for renters at $1,050in Q2 2024, implying rent burden of 29%
14
National vacancy rate for rental units was 6.6% in Q1 2024
15
US rent index (CPI) increased 3.6% YoY as of July 2024: June 2026
16
Average US rent in 2023 was $23,880annually, up from $21,336 in 2022
17
Multifamily rents grew 2.8% nationally in 2024 YTD
18
In Sun Belt states, average rents were $1,650in 2023 vs $1,950 in Northeast
19
National median gross rent was $1,413in 2022 ACS data
20
Rent inflation cooled to 2.1% in Midwest US in 2024
21
US pet-friendly rents averaged $1,750in 2023, 5% higher than non-pet
22
Luxury apartment rents nationally hit $2,500median in 2024
23
National student housing rent averaged $1,200for shared units in 2023
24
US furnished apartment rents were 20-30% higher, averaging $2,200 monthly in 2024
25
Senior housing rents averaged $1,450in 2023 for independent living
26
National average for garden-style apartments was $1,650in Q2 2024
27
Mid-rise multifamily rents at $1,950nationally in 2024
28
High-rise rents averaged $2,800in gateway markets nationally
29
US rent for EVs-charging units premium of 8%, averaging $1,720 in 2024
30
National average rent concession reached 5.2 weeks free in Q3 2024
Interpretation
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.
05 · Category
Year-Over-Year Rent Growth23 stats
01
National rents increased 3.1% YoY in 2023, with Sun Belt metros leading at 5-7%
02
US rent growth was 2.6% YoY in Q2 2024, down from 4.8% peak in 2022
03
Multifamily rents rose 4.2% YoY nationally in 2023 per NMHC
04
Single-family rent growth slowed to 3.8% YoY in 2024
05
Rent inflation per CPI was 5.2% YoY in mid-2023, cooling to 1.7% by 2024
06
Northeast US rents grew 2.9% YoY in 2024, Midwest 1.8%
07
Suburban rents up 3.5% YoY vs urban 2.1% in 2024
08
Luxury segment rent growth 4.1% YoY in 2023, Class B/C 2.7%
09
Student housing rents increased 4.5% YoY in 2023-24 academic year
10
Pet-inclusive rents rose 6.2% YoY in pet-friendly markets 2024
11
EV charging apartments saw 5.8% YoY rent premium growth in 2024
12
Furnished short-term rents up 7.3% YoY amid remote work in 2023
13
Senior living rents grew 3.9% YoY in 2024
14
Garden apartments rent growth 2.4% YoY Q2 2024
15
High-rise rents up 3.7% YoY in urban cores 2024
16
Rent growth in Phoenix was 4.8% YoY 2023, Austin 5.2%
17
NYC rents surged 8.6% YoY in 2023 post-pandemic
18
SF Bay Area rent decline -2.1% YoY 2024
19
Miami rents +9.1% YoY Q1 2024
20
Chicago rent growth 1.9% YoY 2024
21
Denver +3.4% YoY rent increase mid-2024
22
Atlanta +6.7% YoY 2023
23
Seattle -1.2% YoY rent change 2024
Interpretation
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.
Reference
Cite This Report
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APA
Stefan Wendt. (2026, February 13). Rent Statistics. Gitnux. https://gitnux.org/rent-statistics
MLA
Stefan Wendt. "Rent Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/rent-statistics.
Chicago
Stefan Wendt. 2026. "Rent Statistics." Gitnux. https://gitnux.org/rent-statistics.
Sources & references
48 datasets cited across this report · attribution is report-level