In 2023, the average U.S. rent rose 7.5% year over year to $1,709 nationwide. Vacancy is also tightening, with the national multifamily vacancy rate averaging 5.8% in 2023, its lowest level in two decades. Millennials and Gen Z now steer rental decisions toward pet friendly homes, app based payments, and amenity rich units while households handle higher rent-to-income pressure.
Key Takeaways
- 44 million U.S. households rented in 2022, with millennials comprising 40% of renters
- 53% of renters are aged 25-44, making them the largest demographic group in 2023
- Single renters accounted for 38% of the market, while families with children were 29% in 2022
- Rent growth is forecasted at 3.1% annually through 2027, per Moody's Analytics
- By 2030, 50 million U.S. households will rent, up from 44 million in 2022
- PropTech investments in rentals expected to reach $25 billion by 2025
- In 2023, the U.S. rental market saw a 7.5% year-over-year increase in average rent prices, reaching $1,709 nationwide
- The global residential rental market was valued at $1.8 trillion in 2022 and is projected to grow to $2.5 trillion by 2030 at a CAGR of 4.2%
- Short-term rental market revenue in the U.S. reached $22.5 billion in 2023, driven by platforms like Airbnb
- U.S. apartment vacancy rate stood at 6.5% in Q4 2023, down from 7.1% in 2022
- National multifamily vacancy rate averaged 5.8% in 2023, the lowest in two decades
- Vacancy rates in Sun Belt cities like Phoenix dropped to 4.2% in 2023 due to high demand
- The average U.S. apartment rent rose 3.2% in 2023 to $1,721 per month
- In New York City, median rent for a one-bedroom apartment averaged $4,120 in Q3 2023
- Renters spending more than 30% of income on rent increased to 49.8% of households in 2022
With rents rising and households aging, renters are using apps, amenities, and technology to find affordable homes.
Related reading
01 · Category
Demographics and Behavior15 stats
01
44 million U.S. households rented in 2022, with millennials comprising 40% of renters
02
53% of renters are aged 25-44, making them the largest demographic group in 2023
03
Single renters accounted for 38% of the market, while families with children were 29% in 2022
04
27% of renters moved in the past year due to affordability issues in 2023
05
Pet ownership among renters rose to 59% in 2023, influencing property choices
06
35% of Gen Z renters prioritize amenities like gyms in 2023 surveys
07
Remote workers renting longer-term increased to 28% of movers in 2023
08
Female-headed renter households grew 5% to 18 million in 2022
09
62% of renters use apps for payments in 2023, up from 45% in 2020
10
Average renter commute time rose to 28 minutes in urban areas 2023
11
28% of U.S. renters are Black households, facing higher costs
12
Student renters make up 12% of market, 7 million in 2023
13
Hispanic renters grew to 22% of total in 2022
14
Average lease length 12.3 months in 2023
15
Senior renters (55+) now 25% of market in 2023
Interpretation
Demographics and Behavior Interpretation
The rental market is a story of young millennials and Gen Z looking for pet-friendly, amenity-rich homes while juggling rising costs and longer commutes, even as it quietly reshapes into a more diverse, digitally savvy, and multigenerational landscape where nearly everyone is feeling the squeeze.
02 · Category
Future Projections and Trends14 stats
01
Rent growth is forecasted at 3.1% annually through 2027, per Moody's Analytics
02
By 2030, 50 million U.S. households will rent, up from 44 million in 2022
03
PropTech investments in rentals expected to reach $25 billion by 2025
04
EV charging stations in rentals to increase 300% by 2028
05
Smart home tech adoption in rentals projected to hit 70% by 2030
06
Rental market to see 2.5% annual growth through 2028 per CBRE
07
Build-to-rent communities to double to 500,000 units by 2027
08
AI-driven pricing tools to be used in 40% of properties by 2026
09
Sustainability features to boost rents by 10% premium by 2030
10
Co-living spaces projected to house 15% of urban renters by 2028
11
15% rent growth expected in 2024 for top U.S. metros
12
Flex-lease options adopted by 25% of properties in 2023
13
ESG compliance to add 5% to rental costs by 2027
14
Contactless leasing adopted by 55% of landlords in 2023
Interpretation
Future Projections and Trends Interpretation
Rising rents, tech-infused units, and legions of new renters are crafting a future where your landlord might be an algorithm, but your monthly bill will very much be human.
03 · Category
Market Overview15 stats
01
In 2023, the U.S. rental market saw a 7.5% year-over-year increase in average rent prices, reaching $1,709 nationwide
02
The global residential rental market was valued at $1.8 trillion in 2022 and is projected to grow to $2.5 trillion by 2030 at a CAGR of 4.2%
03
Short-term rental market revenue in the U.S. reached $22.5 billion in 2023, driven by platforms like Airbnb
04
Multifamily rental construction starts hit 509,000 units in 2022, the highest since 1973
05
U.S. renter households grew by 1.5 million from 2020 to 2022, representing 36% of all households
06
The U.S. rental market cap rate averaged 5.8% in 2023 for multifamily properties
07
Institutional investors owned 20% of single-family rentals in 2023
08
Vacation rental supply grew 15% YoY in popular U.S. destinations in 2023
09
Rental assistance programs served 5 million households in 2022
10
Corporate housing rentals increased 12% in 2023 due to remote work trends
11
Canada rental vacancy rate at 1.5% in major cities 2023
12
Europe short-term rentals generated €15 billion in 2023
13
Asia-Pacific rental market to grow at 6.5% CAGR to 2030
14
New multifamily supply to peak at 400,000 units in 2024
15
Single-family rental inventory up 7% to 17 million homes 2023
Interpretation
Market Overview Interpretation
In the relentless tug-of-war between landlord ledgers and tenant budgets, the rental market has transformed into a financial hydra where rising rents, booming construction, and corporate landlords multiply faster than solutions, proving that while everyone needs a home, not everyone gets to own one.
More related reading
04 · Category
Occupancy and Vacancy13 stats
01
U.S. apartment vacancy rate stood at 6.5% in Q4 2023, down from 7.1% in 2022
02
National multifamily vacancy rate averaged 5.8% in 2023, the lowest in two decades
03
Vacancy rates in Sun Belt cities like Phoenix dropped to 4.2% in 2023 due to high demand
04
94% of U.S. apartments were occupied in 2022, with physical vacancy at 6%
05
Short-term rental occupancy rates averaged 52% globally in 2023
06
Suburban vacancy rates fell to 5.2% in 2023 from 6.8% in 2021
07
Class A luxury apartments had 4.1% vacancy vs 7.5% for Class C in 2023
08
Seasonal vacancy in vacation rentals peaked at 65% off-season in Florida 2023
09
Lease renewal rates hit 60% in 2023 amid high rents
10
Singapore HDB flat rental vacancy at 5.8% in 2023
11
U.S. rental debt collections down 20% in 2023 post-pandemic
12
70% occupancy threshold for profitability in multifamily 2023
13
Eviction filings dropped 15% in 2023 to 800,000 cases
Interpretation
Occupancy and Vacancy Interpretation
The rental market is squeezing everyone into a smaller, more expensive box, but at least we're all being slightly more civil about it now that the pandemic eviction frenzy has cooled.
05 · Category
Pricing and Costs17 stats
01
The average U.S. apartment rent rose 3.2% in 2023 to $1,721 per month
02
In New York City, median rent for a one-bedroom apartment averaged $4,120in Q3 2023
03
Renters spending more than 30% of income on rent increased to 49.8% of households in 2022
04
Median rent for single-family homes in the U.S. was $2,036in September 2023, up 5.8% YoY
05
Utility costs for renters averaged $150per month in 2023, adding 9% to total housing expenses
06
Median two-bedroom rent nationwide hit $1,884in 2023, up 4.5% YoY
07
Security deposit averages reached $1,300for apartments in 2023
08
Rent-to-income ratio for millennials averaged 32% in major cities in 2023
09
Broker fees in NYC equated to one month's rent, averaging $4,000in 2023
10
Maintenance costs for landlords rose 8% to $1,200 per unit annually in 2023
11
Australia median rent rose 10.2% to AUD 550 weekly in 2023
12
UK average rent £1,216 monthly in England 2023, up 8.6%
13
Furnished rentals premium averaged 20% higher rents in 2023
14
Landlord insurance costs up 12% to $1,500 annually in 2023
15
Pet rent fees averaged $25-50 monthly in 2023
16
Late rent payments occurred in 10% of cases monthly 2023
17
Rent control affects 2% of U.S. rentals but 40% in select cities 2023
Interpretation
Pricing and Costs Interpretation
The rental market has become a financial obstacle course where even your pet needs a side hustle to afford its own rent, while nearly half of all households are now spending an unsustainable portion of their income just to keep a roof overhead.
Reference
Cite This Report
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APA
David Kowalski. (2026, February 27). Rental Industry Statistics. Gitnux. https://gitnux.org/rental-industry-statistics
MLA
David Kowalski. "Rental Industry Statistics." Gitnux, 27 Feb 2026, https://gitnux.org/rental-industry-statistics.
Chicago
David Kowalski. 2026. "Rental Industry Statistics." Gitnux. https://gitnux.org/rental-industry-statistics.
Sources & references
53 datasets cited across this report · attribution is report-level