Average monthly apartment rent in the U.S. 2017-2023, by apartment size

The average monthly rent for all apartment types in the United States rose substantially in 2021. As of February 2023, the average monthly rent for a two-bedroom apartment in the United States reached 1,320 U.S. dollars, up from 1,282 U.S. dollars a year before.

Where are the most expensive apartments in the U.S.?

Apartment rents vary widely from state to state. To afford a two-bedroom apartment in California, for example, a renter needed to earn an average hourly wage of nearly 37 U.S. dollars, which was approximately double the average wage in North Carolina and three times as much as the average wage in Arkansas. In fact, rental costs were considerably higher than the hourly minimum wage in all U.S. states.

How did rents change in different states in the U.S.?

Between 2020 and 2021, some of the most expensive states to rent an apartment saw prices drop. As of March 2022, rents increased across all states, with some states seeing an increase of over 20 percent.