Asking rent for unfurnished apartments in the U.S. 1980-2023

The monthly median asking rent for unfurnished apartments in the United States rose by about 130 U.S. dollars between 2020 and 2021, reaching 1,821 U.S. dollars. This was the largest rent hike since the beginning of the observation period. In 2022, rents continued to grow, but at a slower rate.

The U.S. rental market

As rental apartment vacancy rates fall, rents are on the rise. This makes it more difficult for Americans to first, find an apartment to rent, and second, find an apartment which they can afford. Nevertheless, renting has become much more common in recent years, with the number of renter households having substantially increased in the past two decades. In 2021, there were approximately 44 million renter households in the U.S..

Rents in different states

Of course, rents vary from state to state. The most expensive rents are found in Hawaii, California, District of Colombia, New Jersey, and Florida. In fact, Florida was the state with the highest rental growth in 2021. When it comes down to affordability, however, the highest hourly wages which are needed to afford a two-bedroom apartment were in California, Hawaii, Massachusetts, New York, and District of Colombia.