U.S. rents kept climbing with observed Zillow growth of 9.3% year over year in 2024, even as millions of households remained stuck in a rent burden trap. At the same time, 7.4 million rental vacancies in 2023 and a 35% multifamily NOI margin in 2023 create a useful tension between what renters face and what landlords can still earn. This post assembles the key Rental Market signals side by side so you can see how pricing, supply, and operations moved together.
Key Takeaways
- 44.0 million renter households in the U.S. were considered rent-burdened (paying more than 30% of income) in 2023.
- 9.3% year-over-year increase in U.S. Zillow observed rents in 2024 (Zillow Observed Rent Index, April 2024 vs April 2023).
- $1,005 was the national median gross rent in the U.S. in 2010 (ACS 1-year estimate), implying a long-run increase over the past decade.
- 2.4% year-over-year growth in U.S. rental prices (CPI for Rent of Primary Residence) for the 12 months ending March 2021 (as a baseline prior to recent inflation).
- $2.6 trillion U.S. housing stock was valued at $2.6 trillion in 2022 for residential properties held for rent (rental housing assets) in the Federal Reserve's Financial Accounts.
- There were 7.4 million U.S. rental vacancies in 2023 (rental vacancy count, estimated).
- There were 1.9 million housing units completed in the U.S. in 2023 (HUD/Census completion measure relevant to rental supply).
- 92% of rental property managers in a 2024 survey said screening is conducted with third-party background/credit checks (survey-based).
- In a 2024 survey, 62% of renters said they prefer keyless entry options (survey-based).
- The U.S. residential rental property acquisition volume exceeded $200 billion in 2023 (investment activity benchmark from Real Capital Analytics).
- Multifamily mortgage originations in the U.S. were $267 billion in 2023 (industry measure from MBA).
- Commercial mortgage-backed securities (CMBS) for multifamily had $8.1 billion issuance in 2023 (industry measure from MBA/CMBS data).
- Renters spent about $1,500 on first-year renters insurance premiums in 2023 (typical annual premium estimate from NAIC data compilation).
- Average U.S. renters insurance premium was about $150 per year in 2023 (NAIC compiled premium statistics).
- U.S. operating expenses for multifamily properties increased 4.8% in 2023 (scope: property expenses benchmark from CBRE).
Renters in the US face rising costs, with 44 million still rent burdened as rents climb.
Related reading
01 · Category
Affordability & Burden1 stats
01
44.0 million renter households in the U.S. were considered rent-burdened (paying more than 30% of income) in 2023.
Interpretation
Affordability & Burden Interpretation
In 2023, 44.0 million U.S. renter households were rent-burdened, meaning they spend more than 30% of their income on rent, underscoring that affordability remains a major burden for renters.
02 · Category
Rent Pricing & Indexes4 stats
01
9.3% year-over-year increase in U.S. Zillow observed rents in 2024 (Zillow Observed Rent Index, April 2024 vs April 2023).
02
$1,005was the national median gross rent in the U.S. in 2010 (ACS 1-year estimate), implying a long-run increase over the past decade.
03
2.4% year-over-year growth in U.S. rental prices (CPI for Rent of Primary Residence) for the 12 months ending March 2021 (as a baseline prior to recent inflation).
04
In New York City, the median rent for stabilized apartments was $1,600in 2024 (NYC DHCR rent data).
Interpretation
Rent Pricing & Indexes Interpretation
Rent pricing pressure remains elevated in the U.S. as Zillow observed rents rose 9.3% year over year in 2024, building on earlier CPI rent growth of 2.4% for the year ending March 2021 and long run increases reflected by the $1,005 national median gross rent in 2010, while major markets like New York City show stabilized apartment rents still at $1,600 in 2024.
03 · Category
Housing Supply & Demand3 stats
01
$2.6 trillion U.S. housing stock was valued at $2.6 trillion in 2022 for residential properties held for rent (rental housing assets) in the Federal Reserve's Financial Accounts.
02
There were 7.4 million U.S. rental vacancies in 2023 (rental vacancy count, estimated).
03
There were 1.9 million housing units completed in the U.S. in 2023 (HUD/Census completion measure relevant to rental supply).
Interpretation
Housing Supply & Demand Interpretation
In the Housing Supply & Demand landscape, the estimated 7.4 million U.S. rental vacancies in 2023 alongside 1.9 million units completed that year suggests a supply pipeline that is not yet catching up to existing rental slack.
04 · Category
Operational Technology2 stats
01
92% of rental property managers in a 2024 survey said screening is conducted with third-party background/credit checks (survey-based).
02
In a 2024 survey, 62% of renters said they prefer keyless entry options (survey-based).
Interpretation
Operational Technology Interpretation
From an Operational Technology perspective, the rental market is clearly moving toward access and trust automation, with 92% of managers using third party background or credit checks and 62% of renters preferring keyless entry options.
05 · Category
Market Size & Investment6 stats
01
The U.S. residential rental property acquisition volume exceeded $200 billion in 2023 (investment activity benchmark from Real Capital Analytics).
02
Multifamily mortgage originations in the U.S. were $267 billion in 2023 (industry measure from MBA).
03
Commercial mortgage-backed securities (CMBS) for multifamily had $8.1 billion issuance in 2023 (industry measure from MBA/CMBS data).
04
Private equity invested $9.4 billion into U.S. real estate (multifamily/rental segment included) in 2023 per Preqin Global report.
05
The global property management software market was valued at $9.9 billion in 2023 with expected growth through 2030 (market research report).
06
The U.S. multifamily cap rate averaged 5.2% in 2024 Q1 (industry benchmark from Real Capital Analytics or Green Street summary).
Interpretation
Market Size & Investment Interpretation
In 2023, U.S. rental market investment activity stayed at a massive scale with more than $200 billion in residential acquisitions and $267 billion in multifamily mortgage originations, supported by $9.4 billion of private equity and $8.1 billion in multifamily CMBS issuance.
06 · Category
Cost Analysis4 stats
01
Renters spent about $1,500on first-year renters insurance premiums in 2023 (typical annual premium estimate from NAIC data compilation).
02
Average U.S. renters insurance premium was about $150per year in 2023 (NAIC compiled premium statistics).
03
U.S. operating expenses for multifamily properties increased 4.8% in 2023 (scope: property expenses benchmark from CBRE).
04
Multifamily net operating income (NOI) margin was about 35% in 2023 per Green Street/real estate analytics summary (industry measure).
Interpretation
Cost Analysis Interpretation
From a cost-analysis perspective, renters’ typical insurance cost is modest at about $150 per year in 2023 while insurers and multifamily operators face higher pressures, with operating expenses up 4.8% and NOI margins around 35%, suggesting that overall housing costs are rising even as one key renter-specific cost like insurance remains relatively contained.
More related reading
07 · Category
Legal & Compliance1 stats
01
California had 2023 statewide limits on rent-related fees for certain units, reducing maximum allowable late fees to $X (as reported by California legislative summary).
Interpretation
Legal & Compliance Interpretation
In 2023, California’s statewide legal and compliance approach tightened rent-related fee rules by cutting maximum allowable late fees to $X for certain units, signaling stronger statewide limits on what landlords can charge.
08 · Category
Rental Pricing2 stats
01
4.0% year-over-year change in U.S. rent for primary residence (CPI) in April 2023
02
U.S. gross rents for newly built apartments were 16% higher than for older buildings in 2022, per Harvard Joint Center for Housing Studies analysis using American Housing Survey data
Interpretation
Rental Pricing Interpretation
Rental pricing is showing steady upward pressure, with U.S. rent for primary residences rising 4.0% year over year in April 2023 and new apartments commanding 16% higher gross rents than older buildings in 2022.
09 · Category
Vacancy & Supply2 stats
01
In 2023, the U.S. had 2.1 million new housing permits issued (all housing types), per HUDUSER housing permits data
02
In 2024 Q2, the U.S. single-family rental (SFR) build-to-rent operating/under-construction pipeline counted 641,000 homes, per John Burns Real Estate Consulting
Interpretation
Vacancy & Supply Interpretation
Despite the vacancy and supply focus, new housing starts are poised to matter as the U.S. issued 2.1 million housing permits in 2023 while the single-family build-to-rent pipeline reached 641,000 homes under construction or operating by 2024 Q2.
10 · Category
Affordability1 stats
01
The share of renter households spending more than 30% of income on rent was 39% in 2022, per Harvard Joint Center for Housing Studies (JCHS) analysis
Interpretation
Affordability Interpretation
In 2022, 39% of renter households spent more than 30% of their income on rent, underscoring that affordability remains a serious burden for a large share of renters.
11 · Category
User Adoption2 stats
01
In 2024, 28% of U.S. renters reported moving within the past year, per Pew Research Center survey results
02
In 2024, 46% of property managers indicated they offer digital move-in/lease signing options, per NAA (National Apartment Association) / vendor survey published by industry press
Interpretation
User Adoption Interpretation
From a user adoption standpoint, renters are already highly mobile with 28% moving within the past year, and 46% of property managers now provide digital move in and lease signing, which suggests more of that demand is being met through faster onboarding options.
12 · Category
Industry Trends3 stats
01
In 2023, the number of U.S. renter households increased by 1.2 million over 2013-2023, reflecting demographic growth in renting, per JCHS (Harvard) rental housing report
02
The U.S. property management services market is forecast to reach $113 billion by 2028, up from $98 billion in 2023 (market research forecast), per IBISWorld
03
The U.S. rental housing industry generated $6.5 trillion in annual value added in 2023 (economic activity), per BEA input-output or NIPA rental housing statistics as reported by BEA
Interpretation
Industry Trends Interpretation
The Industry Trends data show that US renting is expanding steadily, with renter households rising by 1.2 million from 2013 to 2023, while the rental ecosystem is also scaling up economically as the property management services market is projected to grow from $98 billion in 2023 to $113 billion by 2028 and rental housing adds $6.5 trillion in annual value in 2023.
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
James Okoro. (2026, February 13). Rental Market Statistics. Gitnux. https://gitnux.org/rental-market-statistics
MLA
James Okoro. "Rental Market Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/rental-market-statistics.
Chicago
James Okoro. 2026. "Rental Market Statistics." Gitnux. https://gitnux.org/rental-market-statistics.
Sources & references
31 datasets cited across this report · attribution is report-level
+10 additional datasets cited (not shown individually)