Average monthly apartment rent in the U.S. 2017-2021, by apartment size

In February 2021, the average monthly rent for an apartment in the United States was 1,124 U.S. dollars. During the observation period, rents increased for all apartment types. However, compared with February 2020, there was a slight decrease.

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. In the district of Columbia, rents decreased by over 13 percent on average, while in California, they fell by nearly five percent.