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..
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US Census Bureau. (September 4, 2023). Monthly median asking rent for unfurnished apartments in the United States from 1980 to 2023 (in U.S. dollars) [Graph]. In Statista. Retrieved December 23, 2024, from https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/
US Census Bureau. "Monthly median asking rent for unfurnished apartments in the United States from 1980 to 2023 (in U.S. dollars)." Chart. September 4, 2023. Statista. Accessed December 23, 2024. https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/
US Census Bureau. (2023). Monthly median asking rent for unfurnished apartments in the United States from 1980 to 2023 (in U.S. dollars). Statista. Statista Inc.. Accessed: December 23, 2024. https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/
US Census Bureau. "Monthly Median Asking Rent for Unfurnished Apartments in The United States from 1980 to 2023 (in U.S. Dollars)." Statista, Statista Inc., 4 Sep 2023, https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/
US Census Bureau, Monthly median asking rent for unfurnished apartments in the United States from 1980 to 2023 (in U.S. dollars) Statista, https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/ (last visited December 23, 2024)
Monthly median asking rent for unfurnished apartments in the United States from 1980 to 2023 (in U.S. dollars) [Graph], US Census Bureau, September 4, 2023. [Online]. Available: https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/