GITNUXREPORT 2026

Rental Statistics

The rental market is large and growing globally with rising prices and strong demand.

Rajesh Patel

Team Lead & Senior Researcher with over 15 years of experience in market research and data analytics.

First published: Feb 13, 2026

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Statistic 1

35% of U.S. renter households were aged 25-34 in 2023, the largest demographic group

Statistic 2

In the U.S., 52.6% of renters were minorities in 2023, compared to 30.2% of homeowners

Statistic 3

Women headed 40% of U.S. renter households in 2022, versus 25% of owner households

Statistic 4

Millennials (born 1981-1996) comprised 42% of U.S. renters in 2023

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In urban U.S. areas, 56% of renters under 35 lived with roommates in 2023

Statistic 6

UK renters aged 25-34 made up 28% of the private rental sector in 2022/23

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22% of U.S. renters earned less than $25,000 annually in 2023, facing severe affordability issues

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In Canada, 29% of renters were recent immigrants in 2021 Census data

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Single-person U.S. renter households increased to 35% in 2023 from 28% in 2010

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U.S. Gen Z renters (18-24) grew 15% YoY to 7.2 million in 2023

Statistic 11

48% of U.S. renters moved within the same county in 2023

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Hispanic renters grew to 22 million in U.S., 25% of total renters in 2023

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15% of U.S. renters were seniors over 65 in 2023, up from 12% in 2013

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In EU, 27% of population rented in 2022, highest in Germany at 51%

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Black/African American households were 44% renters in U.S. 2023, vs 27% white

Statistic 16

Remote workers comprised 28% of U.S. renters seeking new housing in 2023

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62% of U.S. young adults (25-29) rented in 2023, delaying homeownership

Statistic 18

The U.S. rental market is forecasted to grow at 4.1% CAGR to $650 billion by 2028

Statistic 19

Global vacation rental market projected to reach $197 billion by 2032, CAGR 10.4% from 2024

Statistic 20

U.S. multifamily rent growth expected at 3.5% in 2025, moderating from 4.8% in 2024

Statistic 21

Car rental market in Asia-Pacific to grow fastest at 7.2% CAGR through 2030

Statistic 22

UK rents forecasted to rise 4-5% annually until 2027 due to supply shortages

Statistic 23

Single-family rental demand in U.S. to increase 2.5 million units by 2030

Statistic 24

Equipment rental market in North America projected to hit $60 billion by 2028, CAGR 6.1%

Statistic 25

Australia's rental prices expected to grow 5.2% in 2025, per CoreLogic forecasts

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Global peer-to-peer car rental market to reach $15.6 billion by 2030, CAGR 14.5%

Statistic 27

U.S. apartment absorption forecasted at 250,000 units in 2025, down from 320,000 in 2024

Statistic 28

U.S. rent growth to slow to 2.8% in 2025, per Moody's forecast

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Global car rental revenue projected at $120 billion by 2027, CAGR 6.8%

Statistic 30

Multifamily completions in U.S. to peak at 440,000 units in 2025

Statistic 31

India's rental market to double to INR 2.4 trillion by 2028

Statistic 32

U.S. single-family rents to rise 3.7% in 2025, outpacing multifamily

Statistic 33

In 2023, the U.S. rental housing market was valued at approximately $535 billion annually, representing 7.5% of the total housing stock expenditure

Statistic 34

Globally, the car rental market size reached $95.6 billion in 2022 and is projected to grow to $148.6 billion by 2030 at a CAGR of 5.7%

Statistic 35

The U.S. apartment rental sector accounted for 44 million units in 2023, with multifamily properties comprising 22% of all rental units

Statistic 36

In Europe, the vacation rental market generated €18.5 billion in revenue in 2023, driven by platforms like Airbnb

Statistic 37

India's residential rental market was valued at INR 1.2 trillion in FY2023, with urban areas contributing 65%

Statistic 38

The global equipment rental market size stood at $124.4 billion in 2023, expected to reach $188.7 billion by 2032

Statistic 39

U.S. single-family rental homes numbered 16.5 million in 2023, up 5% from 2022

Statistic 40

Australia's rental property market had 2.7 million dwellings rented in 2023, 27% of total housing stock

Statistic 41

The UK private rental sector housed 4.6 million households in 2022/23, 19% of all households

Statistic 42

Brazil's urban rental market valued at BRL 120 billion in 2023, with São Paulo alone at BRL 35 billion

Statistic 43

In Q2 2024, U.S. median asking rent for apartments was $1,450 per month, up 3.2% year-over-year

Statistic 44

New York City's average rent reached $3,295 per month in August 2024, a 2.1% increase from the previous year

Statistic 45

Globally, average daily car rental rates increased to $45 in 2023, up 12% from 2022 due to inflation

Statistic 46

In London, average private rental prices rose 8.6% in the year to July 2024, reaching £2,121 per month

Statistic 47

U.S. median rent for single-family homes hit $2,089 in Q2 2024, 4.5% higher than last year

Statistic 48

San Francisco's median rent stood at $2,950 in 2024, down 1.8% YoY but still highest in U.S.

Statistic 49

In Canada, national average rent was CAD 2,178 in July 2024, up 10.7% from July 2023

Statistic 50

Germany's average cold rent increased to €10.41 per sqm in 2023, a 3.4% rise

Statistic 51

Miami's average apartment rent climbed to $2,655 in 2024, up 6.2% YoY

Statistic 52

Average Airbnb nightly rate worldwide was $132 in 2023, varying from $85 in Asia to $200 in North America

Statistic 53

In 2023, U.S. rent as a share of median income reached 30.4%, highest since 2002

Statistic 54

Average rent in Phoenix, AZ, surged 20% YoY to $1,510 in 2023

Statistic 55

Worldwide, luxury car rental daily rates averaged $250 in 2023, up 15% from 2022

Statistic 56

Toronto's average rent hit CAD 2,600 in 2024, a 9.5% annual increase

Statistic 57

Median U.S. rent for studios was $1,377 in Q3 2024, up 1.9% YoY

Statistic 58

Berlin's average rent rose to €13.50 per sqm in 2023, despite rent caps

Statistic 59

Austin, TX, saw rents climb to $1,650 monthly in 2024, +5.3% YoY

Statistic 60

Short-term vacation rental yields averaged 8.2% globally in 2023

Statistic 61

U.S. apartment vacancy rate was 6.6% in Q2 2024, down from 7.0% a year ago

Statistic 62

National U.S. rental vacancy rate for all units was 6.1% in 2023, per Census Bureau data

Statistic 63

U.S. multifamily housing starts totaled 509,000 units annualized in August 2024, up 8.4% MoM

Statistic 64

UK rental supply fell 19% YoY in Q2 2024, with only 256,000 properties available

Statistic 65

Global car rental fleet size reached 3.8 million vehicles in 2023, growing 4.2% annually

Statistic 66

Occupancy rate for U.S. apartments averaged 93.4% in 2023, highest since 2001

Statistic 67

In Australia, rental vacancy rates dropped to 1.2% nationally in Q2 2024, tightening supply

Statistic 68

France's rental market had 7.1% vacancy rate in 2023 for social housing units

Statistic 69

U.S. single-family rental vacancy rate was 5.8% in 2023, lower than multifamily's 6.6%

Statistic 70

India's urban rental vacancy rate averaged 9.5% in major cities in 2023

Statistic 71

U.S. multifamily occupancy hit 94.1% in Q3 2024

Statistic 72

Rental listings in U.S. metros declined 15% YoY in August 2024

Statistic 73

Canada constructed 25,000 new rental apartments in 2023, vacancy at 2.4%

Statistic 74

Europe's hotel and rental occupancy averaged 72% in summer 2023

Statistic 75

U.S. purpose-built rental supply grew 4.7% in 2023 to 20 million units

Statistic 76

Sydney's rental vacancy rate was 1.5% in Q3 2024, lowest in decades

Statistic 77

Spain added 100,000 vacation rental units in 2023, boosting supply 12%

1/77

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From booming multi-billion-dollar markets to the daily reality of rising costs and tight vacancies, the global rental landscape in 2024 is a complex web of numbers that tells a powerful story about how we live.

Key Takeaways

In 2023, the U.S. rental housing market was valued at approximately $535 billion annually, representing 7.5% of the total housing stock expenditure
Globally, the car rental market size reached $95.6 billion in 2022 and is projected to grow to $148.6 billion by 2030 at a CAGR of 5.7%
The U.S. apartment rental sector accounted for 44 million units in 2023, with multifamily properties comprising 22% of all rental units
In Q2 2024, U.S. median asking rent for apartments was $1,450 per month, up 3.2% year-over-year
New York City's average rent reached $3,295 per month in August 2024, a 2.1% increase from the previous year
Globally, average daily car rental rates increased to $45 in 2023, up 12% from 2022 due to inflation
U.S. apartment vacancy rate was 6.6% in Q2 2024, down from 7.0% a year ago
National U.S. rental vacancy rate for all units was 6.1% in 2023, per Census Bureau data
U.S. multifamily housing starts totaled 509,000 units annualized in August 2024, up 8.4% MoM
35% of U.S. renter households were aged 25-34 in 2023, the largest demographic group
In the U.S., 52.6% of renters were minorities in 2023, compared to 30.2% of homeowners
Women headed 40% of U.S. renter households in 2022, versus 25% of owner households
The U.S. rental market is forecasted to grow at 4.1% CAGR to $650 billion by 2028
Global vacation rental market projected to reach $197 billion by 2032, CAGR 10.4% from 2024
U.S. multifamily rent growth expected at 3.5% in 2025, moderating from 4.8% in 2024

The rental market is large and growing globally with rising prices and strong demand.

Demographics

35% of U.S. renter households were aged 25-34 in 2023, the largest demographic group
In the U.S., 52.6% of renters were minorities in 2023, compared to 30.2% of homeowners
Women headed 40% of U.S. renter households in 2022, versus 25% of owner households
Millennials (born 1981-1996) comprised 42% of U.S. renters in 2023
In urban U.S. areas, 56% of renters under 35 lived with roommates in 2023
UK renters aged 25-34 made up 28% of the private rental sector in 2022/23
22% of U.S. renters earned less than $25,000 annually in 2023, facing severe affordability issues
In Canada, 29% of renters were recent immigrants in 2021 Census data
Single-person U.S. renter households increased to 35% in 2023 from 28% in 2010
U.S. Gen Z renters (18-24) grew 15% YoY to 7.2 million in 2023
48% of U.S. renters moved within the same county in 2023
Hispanic renters grew to 22 million in U.S., 25% of total renters in 2023
15% of U.S. renters were seniors over 65 in 2023, up from 12% in 2013
In EU, 27% of population rented in 2022, highest in Germany at 51%
Black/African American households were 44% renters in U.S. 2023, vs 27% white
Remote workers comprised 28% of U.S. renters seeking new housing in 2023
62% of U.S. young adults (25-29) rented in 2023, delaying homeownership

Demographics Interpretation

The rental market is a vibrant, diverse, and often financially strained ecosystem where the young, the urban, and historically marginalized groups are disproportionately building their lives on a foundation that is increasingly expensive, impermanent, and shared.

Forecasts and Projections

The U.S. rental market is forecasted to grow at 4.1% CAGR to $650 billion by 2028
Global vacation rental market projected to reach $197 billion by 2032, CAGR 10.4% from 2024
U.S. multifamily rent growth expected at 3.5% in 2025, moderating from 4.8% in 2024
Car rental market in Asia-Pacific to grow fastest at 7.2% CAGR through 2030
UK rents forecasted to rise 4-5% annually until 2027 due to supply shortages
Single-family rental demand in U.S. to increase 2.5 million units by 2030
Equipment rental market in North America projected to hit $60 billion by 2028, CAGR 6.1%
Australia's rental prices expected to grow 5.2% in 2025, per CoreLogic forecasts
Global peer-to-peer car rental market to reach $15.6 billion by 2030, CAGR 14.5%
U.S. apartment absorption forecasted at 250,000 units in 2025, down from 320,000 in 2024
U.S. rent growth to slow to 2.8% in 2025, per Moody's forecast
Global car rental revenue projected at $120 billion by 2027, CAGR 6.8%
Multifamily completions in U.S. to peak at 440,000 units in 2025
India's rental market to double to INR 2.4 trillion by 2028
U.S. single-family rents to rise 3.7% in 2025, outpacing multifamily

Forecasts and Projections Interpretation

The data suggests we’re on track to become a planet of renters, where everything from your apartment to your holiday and your hedge trimmer is part of a booming, multi-trillion-dollar subscription model for life.

Market Overview

In 2023, the U.S. rental housing market was valued at approximately $535 billion annually, representing 7.5% of the total housing stock expenditure
Globally, the car rental market size reached $95.6 billion in 2022 and is projected to grow to $148.6 billion by 2030 at a CAGR of 5.7%
The U.S. apartment rental sector accounted for 44 million units in 2023, with multifamily properties comprising 22% of all rental units
In Europe, the vacation rental market generated €18.5 billion in revenue in 2023, driven by platforms like Airbnb
India's residential rental market was valued at INR 1.2 trillion in FY2023, with urban areas contributing 65%
The global equipment rental market size stood at $124.4 billion in 2023, expected to reach $188.7 billion by 2032
U.S. single-family rental homes numbered 16.5 million in 2023, up 5% from 2022
Australia's rental property market had 2.7 million dwellings rented in 2023, 27% of total housing stock
The UK private rental sector housed 4.6 million households in 2022/23, 19% of all households
Brazil's urban rental market valued at BRL 120 billion in 2023, with São Paulo alone at BRL 35 billion

Market Overview Interpretation

The world is collectively spending hundreds of billions to prove that while the dream may be ownership, the practical reality for a huge portion of humanity is simply borrowing a roof, a car, or a power tool.

Pricing Trends

In Q2 2024, U.S. median asking rent for apartments was $1,450 per month, up 3.2% year-over-year
New York City's average rent reached $3,295 per month in August 2024, a 2.1% increase from the previous year
Globally, average daily car rental rates increased to $45 in 2023, up 12% from 2022 due to inflation
In London, average private rental prices rose 8.6% in the year to July 2024, reaching £2,121 per month
U.S. median rent for single-family homes hit $2,089 in Q2 2024, 4.5% higher than last year
San Francisco's median rent stood at $2,950 in 2024, down 1.8% YoY but still highest in U.S.
In Canada, national average rent was CAD 2,178 in July 2024, up 10.7% from July 2023
Germany's average cold rent increased to €10.41 per sqm in 2023, a 3.4% rise
Miami's average apartment rent climbed to $2,655 in 2024, up 6.2% YoY
Average Airbnb nightly rate worldwide was $132 in 2023, varying from $85 in Asia to $200 in North America
In 2023, U.S. rent as a share of median income reached 30.4%, highest since 2002
Average rent in Phoenix, AZ, surged 20% YoY to $1,510 in 2023
Worldwide, luxury car rental daily rates averaged $250 in 2023, up 15% from 2022
Toronto's average rent hit CAD 2,600 in 2024, a 9.5% annual increase
Median U.S. rent for studios was $1,377 in Q3 2024, up 1.9% YoY
Berlin's average rent rose to €13.50 per sqm in 2023, despite rent caps
Austin, TX, saw rents climb to $1,650 monthly in 2024, +5.3% YoY
Short-term vacation rental yields averaged 8.2% globally in 2023

Pricing Trends Interpretation

While the global rental market feverishly demands your wallet's attendance, New York City rents are throwing a black-tie gala at over $3,200 a month, proving that inflation hasn't merely knocked on the door but has moved in and started redecorating.

Supply and Demand

U.S. apartment vacancy rate was 6.6% in Q2 2024, down from 7.0% a year ago
National U.S. rental vacancy rate for all units was 6.1% in 2023, per Census Bureau data
U.S. multifamily housing starts totaled 509,000 units annualized in August 2024, up 8.4% MoM
UK rental supply fell 19% YoY in Q2 2024, with only 256,000 properties available
Global car rental fleet size reached 3.8 million vehicles in 2023, growing 4.2% annually
Occupancy rate for U.S. apartments averaged 93.4% in 2023, highest since 2001
In Australia, rental vacancy rates dropped to 1.2% nationally in Q2 2024, tightening supply
France's rental market had 7.1% vacancy rate in 2023 for social housing units
U.S. single-family rental vacancy rate was 5.8% in 2023, lower than multifamily's 6.6%
India's urban rental vacancy rate averaged 9.5% in major cities in 2023
U.S. multifamily occupancy hit 94.1% in Q3 2024
Rental listings in U.S. metros declined 15% YoY in August 2024
Canada constructed 25,000 new rental apartments in 2023, vacancy at 2.4%
Europe's hotel and rental occupancy averaged 72% in summer 2023
U.S. purpose-built rental supply grew 4.7% in 2023 to 20 million units
Sydney's rental vacancy rate was 1.5% in Q3 2024, lowest in decades
Spain added 100,000 vacation rental units in 2023, boosting supply 12%

Supply and Demand Interpretation

The world is feverishly building new apartments and rental cars, but somehow, despite all this frantic construction, renters everywhere are still left desperately scanning a shrinking, highly-occupied market while frantically calculating their odds.