U.S. rental market – additional information
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.
It appears that in the last decade, the rent has increased by slightly less than 250 U.S. dollars. However, in as little as four years, between 2010 and 2015, the median rent has increased by a similar amount. This is likely due to changes in rental vacancy rates, which have decreased significantly since 2009 across all U.S. regions.
Of course rents, vary from region to region. The most expensive rents are found in the northeast and western regions of the United States. Broken down by state, the highest hourly wages which are needed to afford a two-bedroom apartment were in Hawaii in 2016 - even higher than the hourly wages which were needed in New York and California.
The number of renter occupied housing units in the United States increased from 34.47 million in 1980 to 43.04 million in 2016.