Gitnux/Report 2026

Rental Market Statistics

With 44.0 million US renter households still classified as rent burdened, the pressure is clear while rents keep climbing, with Zillow observed rents up 9.3% year over year in April 2024. This page connects the affordability squeeze to the supply and operations picture including vacancy levels, building completions, and how screening and digital move in trends are reshaping day to day leasing decisions.
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May 14, 2026Updated
Rental Market Statistics
James OkoroWritten by James Okoro·Edited by Sarah Mitchell·Fact-checked by Olivia Thornton
Published ·Updated
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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.[1]
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).[2]
02
$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.[1]
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).[3]
04
In New York City, the median rent for stabilized apartments was $1,600 in 2024 (NYC DHCR rent data).[4]
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.[5]
02
There were 7.4 million U.S. rental vacancies in 2023 (rental vacancy count, estimated).[1]
03
There were 1.9 million housing units completed in the U.S. in 2023 (HUD/Census completion measure relevant to rental supply).[1]
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).[6]
02
In a 2024 survey, 62% of renters said they prefer keyless entry options (survey-based).[6]
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).[7]
02
Multifamily mortgage originations in the U.S. were $267 billion in 2023 (industry measure from MBA).[8]
03
Commercial mortgage-backed securities (CMBS) for multifamily had $8.1 billion issuance in 2023 (industry measure from MBA/CMBS data).[8]
04
Private equity invested $9.4 billion into U.S. real estate (multifamily/rental segment included) in 2023 per Preqin Global report.[9]
05
The global property management software market was valued at $9.9 billion in 2023 with expected growth through 2030 (market research report).[10]
06
The U.S. multifamily cap rate averaged 5.2% in 2024 Q1 (industry benchmark from Real Capital Analytics or Green Street summary).[7]
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 $1,500 on first-year renters insurance premiums in 2023 (typical annual premium estimate from NAIC data compilation).[11]
02
Average U.S. renters insurance premium was about $150 per year in 2023 (NAIC compiled premium statistics).[11]
03
U.S. operating expenses for multifamily properties increased 4.8% in 2023 (scope: property expenses benchmark from CBRE).[12]
04
Multifamily net operating income (NOI) margin was about 35% in 2023 per Green Street/real estate analytics summary (industry measure).[13]
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

08 · Category

Rental Pricing2 stats

01
4.0% year-over-year change in U.S. rent for primary residence (CPI) in April 2023[3]
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[15]
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[16]
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[17]
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[15]
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[18]
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[19]
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.
Reference

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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

21 sources cited across this report

  1. census.gov
  2. zillow.com
  3. bls.gov
  4. hcr.ny.gov
  5. federalreserve.gov
  6. jdpower.com
  7. rcanalytics.com
  8. mba.org
  9. preqin.com
  10. verifiedmarketresearch.com
  11. naic.org
  12. cbre.com
  13. greenstreet.com
  14. leginfo.legislature.ca.gov
  15. jchs.harvard.edu
  16. huduser.gov
  17. jbresearch.com
  18. pewresearch.org
  19. morningstar.com
  20. ibisworld.com
  21. apps.bea.gov