U.S. Residential Rental Market - statistics & facts

Though owning a single-family home may be an integral part of the American Dream, there are many advantages to renting over purchasing a residential property. In recent years the United States has seen a substantial increase in house prices, making renting the more affordable option. According to the house price-to-rent ratio – an index that measures the development of house prices relative to rents since 2015 – house price growth has outpaced rental growth by more than 40 percent. While this may be the case, rents have also grown notably in recent years. Especially high was the increase between the fourth quarter of 2020 and the fourth quarter of 2021 when the median asking rent for an unfurnished apartment increased from about 1,600 U.S. dollars to 1,800 U.S. dollars.

How much does renting an apartment in different states in the U.S. cost?

Finding an affordable apartment can be especially challenging in major cities where competition is fierce. For example, in cities such as San Francisco, Boston, New York, and Seattle, the average credit score of apartment renters was above 700. As of February 2022, the average rent of a two-bedroom apartment was almost 1,300 U.S. dollars. Nevertheless, some states, such as Hawaii, California, and the District of Columbia, had average rents much higher than the national average. In Hawaii, renters paid over 1,900 U.S. dollars for a comparable apartment. These states tend to have higher average wages, but often this is not enough for the rent of a two-bedroom apartment. In Massachusetts, renters would have to hold 1.4 full-time jobs on mean wage or 2.7 full-time jobs on minimum wage to afford such an apartment.

A profile of the American renter

Almost half of U.S. renters in 2020 were under the age of 30. This is understandable because before purchasing their own home, a young adult needs to first save up a substantial amount for a mortgage down payment. About one in four Millennial renters in 2022 expected to always rent, instead of getting on the property ladder. Though affordability is not the only reason for that, it is the most common one. Unsurprisingly, Millennials comprise the highest share of renter applicants, followed by Gen Z. The majority of American renters live in single-family homes, followed by structures with five or more units, such as apartment buildings. Multifamily housing units - apartments, townhouses, and condos, to name a few - are gaining in popularity, especially in urban areas where space is limited.

This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.

Monthly three bedroom apartment rent U.S.: 1,284 U.S. dollars

Monthly three bedroom apartment rent in California: 2,430 U.S. dollars

Annual change in monthly apartment rent Florida: 29%

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Apartments

Average monthly apartment rent in the U.S. 2017-2022, by apartment size

Apartments

Studio apartment rent in the different states in the U.S. in 2021

Annual change in average monthly apartment rent in the United States as of March 2021 and March 2022, by state

Apartments

Year-on-year apartment rent change in the U.S. 2021-2022, by state

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Overview

Premium Statistic Average monthly apartment rent in the U.S. 2017-2022, by apartment size
Average monthly apartment rent in the U.S. 2017-2022, by apartment size
Average monthly apartment rent in the United States from January 2017 to February 2022, by apartment size (in U.S. dollars)
Premium Statistic Share of residents who are renters in the U.S. 2020, by age
Share of residents who are renters in the U.S. 2020, by age
Distribution of residents who live in rental accommodation in the United States in 2020, by age
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Share of residents who are renters in the U.S. 2020, by structure type
Distribution of residents who live in rental accommodation in the United States in 2020, by structure type
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Number of renter occupied homes in the U.S. 1975-2021
Number of renter occupied housing units in the United States from 1975 to 2021 (in millions)
Basic Statistic Rental vacancy rates in the U.S. 2000-2021, by region
Rental vacancy rates in the U.S. 2000-2021, by region
Rental vacancy rates in the United States from 2000 to 2021, by region
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Number of unoccupied rental housing units in the United States from 2012 to 2nd quarter 2022
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Rental costs

Premium Statistic Asking rent for unfurnished apartments in the U.S. 1980-2021
Asking rent for unfurnished apartments in the U.S. 1980-2021
Monthly median asking rent for unfurnished apartments in the United States from 1980 to 2021 (in U.S. dollars)
Premium Statistic Rent for small and medium apartments in different states in the U.S. 2022
Rent for small and medium apartments in different states in the U.S. 2022
Average monthly rent for one and two bedroom apartments in the United States as of September 2022, by state (in U.S. dollars)
Premium Statistic Year-on-year apartment rent change in the U.S. 2021-2022, by state
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Average monthly rent of studio apartments in selected cities the United States in 2022 (in U.S. dollars)
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Affordability

Premium Statistic Quarterly house price to rent ratio in the U.S. Q1 2015-Q3-2022
Quarterly house price to rent ratio in the U.S. Q1 2015-Q3-2022
House price to rent ratio in the United States from 1st quarter 2015 to 3rd quarter 2022
Basic Statistic Hourly wages needed to afford a two-bedroom apartment in the U.S. 2022, by state
Hourly wages needed to afford a two-bedroom apartment in the U.S. 2022, by state
Hourly wages needed to afford a two-bedroom apartment in the United States in 2022, by state (in U.S. dollars)
Basic Statistic Gross rent as a share of household income in the U.S. 2020
Gross rent as a share of household income in the U.S. 2020
Share of gross rent in household income in the United States in 2020
Premium Statistic Share of renters with rent arrears in the U.S. 2022, by age group
Share of renters with rent arrears in the U.S. 2022, by age group
Share of renters with unpaid rent in the United States in as of July 2022, by age group
Premium Statistic Share of renters with rent arrears in the U.S. 2022, by race
Share of renters with rent arrears in the U.S. 2022, by race
Share of renters with unpaid rent in the United States in as of July 2022, by race

Home ownership plans

Premium Statistic Homeownership rate in the U.S. 1990-2022
Homeownership rate in the U.S. 1990-2022
Homeownership rate in the United States from 1990 to 2022
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Share of Millennials expecting to rent in the future in the U.S. 2018-2022
Share of Millennial renters who expect to always rent in the United States from 2018 to 2022
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Main reasons non-owners don't currently own a home U.S. 2021
Reasons why non-owners currently do not own a home in the United States in 2021
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Attitude towards home buying in 2022, by generation
Share of American adults who feel better or worse about their ability to buy a home in 2022 compared to 2021, by generation

Dossier on the topic

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Key figures

The most important key figures provide you with a compact summary of the topic of "Rental market in the U.S." and take you straight to the corresponding statistics.

Homeownership rate in the U.S.
65.9%
Detailed statistics
Homeownership rate in the U.S. 1990-2022
Multifamily property rent as a share of household income in Manhattan, NY
56.3%
Detailed statistics
Multifamily property rent as a share of household income in the U.S. 2021, by city
Share of non-homeowners who can't afford to buy a home because of down payment
36%
Detailed statistics
Main reasons non-owners don't currently own a home U.S. 2021

Share of renters living in single-family homes in the U.S.
42%
Detailed statistics
Share of residents who are renters in the U.S. 2020, by structure type
Share of renters under 30 years old in the U.S.
47%
Detailed statistics
Share of residents who are renters in the U.S. 2020, by age
Number of housing cost burdened households among renters in the U.S.
44m
Detailed statistics
Number of housing cost burdened households in the U.S. among renters 2003-2019

Share of renters aged 25-39 with unpaid rent
12.7%
Detailed statistics
Share of renters with rent arrears in the U.S. 2022, by age group
Share of black renters with accumulated rent arrears
26.5%
Detailed statistics
Share of renters with rent arrears in the U.S. 2022, by race