In December, rent prices held steady, closing the year exactly as they began—with a 1% increase. The national average rent for December was $1,553 per month for a one-bedroom apartment and $1,807 for a two-bedroom. Throughout 2024, rent prices showed little movement, experiencing only a slight bump to 1.1% during the peak summer months.
While rent prices didn’t fluctuate much in 2024, that’s expected to change in 2025, when rent prices could inch up by as much as 3% by the end of the year.
However, this outlook will depend on several factors, including economic conditions and vacancy rates. In December, the national vacancy rate climbed to 8%, and it is expected to stay at this rate throughout much of 2025. The increased vacancy rate is due largely to a record-breaking number of new apartment buildings completed in 2024—the highest in 40 years.
Cities with the Highest and Lowest Vacancy Rates
The national vacancy rate has been creeping up since 2023, rising from 7.7% to the current 8%. But while the national average falls within a good range (anywhere between 5-10%), much depends on where you’re looking. Cities in the Sun Belt, particularly those in Texas, have a much higher vacancy rate, while those in the Northeast and Midwest have lower than average vacancy rates.
Vacancy rates impact renters in many ways. In cities that have low vacancy rates, it may be more difficult to find a rental. There’s likely to be more competition, and rent rates tend to be higher. In places with high vacancy rates, renters will face less competition and have more negotiating power.
The cities with the highest vacancy rates as of December 2024 are Austin, TX (15%), San Antonio, TX (13.7%), Memphis, TN (13.6%), and Jacksonville, FL (13.5%). Other cities with vacancy rates higher than 10% include Charlotte NC, Atlanta GA, Raleigh NC, Phoenix AZ, Houston TX, and Dallas-Fort Worth TX.
The cities with the lowest vacancy rates include New York, NY (2.8%), Orange County, CA (4.1%), Boston, MA (5.2%), and Chicago, IL (5.3%). Other cities with vacancy rates far below the national average of 8% include San Diego CA, Miami FL, Milwaukee WI, Pittsburgh PA, and San Jose CA.
Looking Ahead to 2025
Rent prices are expected to increase nationally as we head into the new year. However, some places may experience different rent rates in 2025. Cities in the Midwest, such as Kansas City, Detroit, and Cincinnati, will likely see rent prices climbing above the national average. Some of these cities could see rent prices as much as 5% higher year-over-year.
Some cities in the Sun Belt will experience lower than average rent prices. While rent prices in most cities are expected to increase, there are two Texas cities that are forecasted to decrease: San Antonio and Austin. These two cities saw falling rent prices and high vacancy rates throughout 2024, and this is expected to continue into 2025.
Cities with the Biggest Rent Increases
Once again, just like it did in November, Detroit tops the list of cities with the highest rent prices. The top three remain the same, with Kansas City and Cleveland following Detroit. Last month, Cincinnati and Milwaukee rounded out the top five, but two new cities managed to find their way into the top five for December.
For December 2024, here are the cities with biggest rent increases:
- Detroit, MI (+3.2%)
- Kansas City, MO (+3%)
- Cleveland, OH (+2.8%)
- Richmond, VA (+2.7%)
- Washington, DC (+2.7%)
Cities with the Biggest Rent Declines
Except for Raleigh NC, which made the top five in November, the cities with the largest rent declines are about the same, with Austin once again seeing the biggest drops, down 4.8%. Denver once again follows Austin, with San Antonio gaining the third spot, up from fourth last month.
For December 2024, here are the five cities with the biggest rent declines:
- Austin, TX (-4.8%)
- Denver, CO (-2.9%)
- San Antonio, TX (-2.4%)
- Jacksonville, FL (-2.2%)
- Phoenix, AZ (-2.1%)
Current Rent Prices Across the US
|
City |
Current Average Rent |
Last Month’s Average Rent |
Year-Over-Year Difference |
|
$2,342 |
$2,341 |
+2.1% |
|
|
$1,587 |
$1,586 |
-2% |
|
|
$1,432 |
$1,432 |
-4.7% |
|
|
$3,395 |
$3,413 |
+0.4% |
|
|
$1,622 |
$1,606 |
+0.7% |
|
|
$2,802 |
$2,782 |
+1.2% |
|
|
$1,757 |
$1,729 |
-0.6% |
|
|
$1,461 |
$1,452 |
-1.3% |
|
|
$1,854 |
$1,842 |
+0.2% |
|
|
$1,074 |
$1,073 |
+0.7% |
|
|
$1,306 |
$1,316 |
-2.9% |
|
|
$1,123 |
$1,121 |
+0.6% |
|
|
$1,386 |
$1,384 |
-1.8% |
|
|
$1,638 |
$1,638 |
-5.5% |
|
|
$2,197 |
$2,175 |
-2% |
|
|
$1,257 |
$1,253 |
-2.2% |
|
|
$3,678 |
$3,666 |
+1.3% |
|
|
$1,691 |
$1,678 |
+1.7% |
|
|
$1,193 |
$1,189 |
+0.1% |
|
|
$1,098 |
$1,094 |
+1.9% |
|
|
$2,905 |
$2,894 |
+2.8% |
|
|
$1,309 |
$1,292 |
-0.3% |
|
|
$3,096 |
$3,094 |
+1% |
|
|
$1,170 |
$1,162 |
+1.4% |
|
|
$1,290 |
$1,286 |
-0.9% |
|
|
$1,759 |
$1,746 |
+0.6% |
|
|
$2,162 |
$2,152 |
+0.1% |
|
|
$1,421 |
$1,421 |
+1.2% |
|
|
$2,138 |
$2,128 |
+0.9% |
|
|
$1,146 |
$1,150 |
+0.7% |
|
|
$1,353 |
$1,346 |
-0.9% |
|
|
$1,661 |
$1,657 |
-1.3% |
|
|
$3,859 |
$3,867 |
+0.9% |
|
|
$1,569 |
$1,555 |
-1.2% |
|
|
$1,692 |
$1,694 |
-1.3% |
|
|
$1,328 |
$1,321 |
-1.6% |
|
|
$1,316 |
$1,311 |
+0.6% |
|
|
$1,497 |
$1,496 |
-0.9% |
|
|
$3,119 |
$3,120 |
+0.7% |
|
|
$1,358 |
$1,347 |
-2.4% |
|
|
$1,369 |
$1,360 |
+0.9% |
|
|
$1,550 |
$1,545 |
+0.6% |
|
|
$1,097 |
$1,092 |
+1.3% |
|
|
$1,091 |
$1,092 |
-2.9% |
|
|
$2,338 |
$2,342 |
+0.2% |
|
|
$2,904 |
$2,899 |
+0.5% |
|
|
$2,562 |
$2,555 |
+0.3% |
|
|
$2,057 |
$2,048 |
+0.6% |
|
|
$1,646 |
$1,629 |
+0.2% |
|
|
$2,285 |
$2,276 |
+2% |
How Current Rent Prices Impact Renters
When evaluating rent prices, be sure to consider the overall cost of living. For example, even though rent prices are expected to continue growing in cities like Kansas City, the cost of living in Kansas City is 6.7% lower than the national average, and rent prices are a whopping 24.7% lower than the national average. And while rent prices are falling (and are expected to continue falling) in Austin, Texas, the cost of living is just 1.9% lower than the national average, and rent prices are 7.7% lower than average.
If you’re planning to move in 2025, you might have an easier time finding rent concessions and specials. The availability of rent deals has skyrocketed, climbing from about 7% at the end of 2022 to 39% in December. With the vacancy rate hovering at 8%, apartment communities might offer specials to entice renters to their property. You might also find property managers and landlords more willing to negotiate if you’re planning to renew your lease in the new year.
Learn more about what you can expect by comparing the rent prices from this report to those from October and November to determine the overall trend and visit the US Rent Trends page to view the most current rent prices available across the US based on CoStar data.
FAQs
What is the average rent in the US right now?
According to Apartments.com, the average rent in the United States is currently $1,553 per month.
Which US states had the largest rent increases in 2024?
The states with the largest rent increases compared to last year are Rhode Island, Virginia, and Delaware. Rent prices in Rhode Island are up 4.1% year-over-year, while Virginia rent prices are up 3.9% and Delaware rents are up by 3.8%.
Are rents rising or falling in the US?
Overall, rent prices in the US have increased slightly year-over-year, up 0.8%.
Which states have the cheapest rent?
Right now, the states with the lowest rent prices are Oklahoma, Arkansas, and West Virginia. Renters in Oklahoma pay the lowest overall rent price, with an average of $887 per month.
