The national average rent in January was $1,556 per month for a one-bedroom apartment and $1,809 for a two-bedroom. Overall, rents have remained relatively stable, increasing by just 0.9% compared to the same time last year. This marks a significant slowdown from early 2022, when rents were climbing at nearly a 10% year-over-year rate. Back then, the fastest growth occurred in the Sun Belt region. However, rent prices in this region have steadily declined since then, mainly because of oversupply and less demand.
Looking ahead, while rent prices nationwide are projected to rise in 2025, two Sun Belt cities—Austin and San Antonio, Texas—are expected to remain outliers, continuing to experience falling rents.
As Construction Slows, Vacancy Rates Decline
Apartment construction hit a 40-year high in 2024, with around 677,000 new units added. However, that number is expected to drop to about 346,000 in 2025. With fewer new apartments available, vacancy rates may shrink, especially if demand remains strong.
Rents could rise by about 3.5% by the end of the year, depending on location and the type of apartment. Demand for mid-priced apartments is likely to stay high, while luxury apartments will continue to face lower demand and higher vacancy rates.
Rent Concessions Gain in Popularity
Because of the high vacancy rate and lower demand for apartments in the past three years, the number of apartment communities offering rent concessions and move-in specials has spiked. In 2022, only about 7% of all apartment communities offered concessions. In January 2025, that number climbed to 39%. This is 14% higher than just a year ago.
With the current vacancy rate at 8.1%, rent concessions and specials could continue, at least until supply and demand come into balance, which is expected to happen later this year.
Cities with the Biggest Rent Increases
In December, Detroit, Michigan, led the nation in overall rent increases for the second consecutive month. Although Detroit remains in the top 10, it dropped out of the top five as several other cities experienced rent hikes slightly above Detroit's 3% increase. Consistent with recent trends, the cities with the highest rent increases are in the Northeast and Midwest.
For January 2025, here are the cities with biggest rent increases:
- Providence, RI (+3.9%)
- Rochester, NY (+3.5%)
- Grand Rapids, MI (+3.3%)
- Omaha, NE (+3.2%)
- Kansas City, MO (+3.2%)
Cities with the Biggest Rent Declines
Austin continues to be the standout when it comes to falling rent prices, down -4.2% to land it at the top of the cities with the biggest rent declines for the eighth month in a row. While San Antonio has made several appearances on this list as well, the downward trend seems to be slowing a bit, pushing it out of the top five. Last month, rent prices in San Antonio were down -2.4%; in January, they were down just -1.7%.
For January 2025, here are the five cities with the biggest rent declines:
- Austin, TX (-4.2%)
- Denver, CO (-3.2%)
- Huntsville, AL (-3.0%)
- Colorado Springs, CO (-2.4%)
- Phoenix, AZ (-1.8%)
Current Rent Prices Across the US
|
City |
Current Average Rent |
Last Month’s Average Rent |
Year-Over-Year Difference |
|
$2,377 |
$2,342 |
+3.6% |
|
|
$1,594 |
$1,587 |
-1.7% |
|
|
$1,438 |
$1,432 |
-4.5% |
|
|
$3,405 |
$3,395 |
+0.6% |
|
|
$1,624 |
$1,622 |
+0.8% |
|
|
$2,831 |
$2,802 |
+1.4% |
|
|
$1,775 |
$1,757 |
+0.5% |
|
|
$1,472 |
$1,461 |
-0.9% |
|
|
$1,873 |
$1,854 |
+1.1% |
|
|
$1,086 |
$1,074 |
+1.2% |
|
|
$1,306 |
$1,306 |
-2.9% |
|
|
$1,138 |
$1,123 |
+1.8% |
|
|
$1,389 |
$1,386 |
-1.6% |
|
|
$1,649 |
$1,638 |
-4.8% |
|
|
$2,235 |
$2,197 |
-0.3% |
|
|
$1,268 |
$1,257 |
-1.7% |
|
|
$3,719 |
$3,678 |
+1.9% |
|
|
$1,670 |
$1,691 |
+0.5% |
|
|
$1,197 |
$1,193 |
+0.3% |
|
|
$1,100 |
$1,098 |
+1.9% |
|
|
$2,901 |
$2,905 |
+2.7% |
|
|
$1,310 |
$1,309 |
-0.4% |
|
|
$3,103 |
$3,096 |
+1.1% |
|
|
$1,169 |
$1,170 |
+1.2% |
|
|
$1,301 |
$1,290 |
0% |
|
|
$1,760 |
$1,759 |
+0.7% |
|
|
$2,157 |
$2,162 |
-0.3% |
|
|
$1,434 |
$1,421 |
+1.8% |
|
|
$2,153 |
$2,138 |
+1.3% |
|
|
$1,159 |
$1,146 |
+1.3% |
|
|
$1,363 |
$1,353 |
-0.1% |
|
|
$1,671 |
$1,661 |
-0.9% |
|
|
$3,890 |
$3,859 |
+1.8% |
|
|
$1,583 |
$1,569 |
-0.2% |
|
|
$1,706 |
$1,692 |
-0.7% |
|
|
$1,334 |
$1,328 |
-1.6% |
|
|
$1,322 |
$1,316 |
+1.4% |
|
|
$1,497 |
$1,497 |
-1% |
|
|
$3,128 |
$3,119 |
0% |
|
|
$1,367 |
$1,358 |
-2.1% |
|
|
$1,376 |
$1,369 |
+1.4% |
|
|
$1,545 |
$1,550 |
+0.2% |
|
|
$1,101 |
$1,097 |
+1.6% |
|
|
$1,100 |
$1,091 |
-2.2% |
|
|
$2,349 |
$2,338 |
+0.6% |
|
|
$2,923 |
$2,904 |
+1.2% |
|
|
$2,587 |
$2,562 |
+1.3% |
|
|
$2,066 |
$2,057 |
+1% |
|
|
$1,657 |
$1,646 |
+0.7% |
|
|
$2,303 |
$2,285 |
+1.2% |
How Current Rent Prices Impact Renters
The overall rent trend for an area is just part of the picture. When you combine this information with the city’s cost of living, you’re better able to plan and budget for your move. For example, if you’re planning to move to New York City, the average rent is $3,890 per month — 150% higher than the national average. Factor in New York City’s cost of living, which is 129.6% higher than the national average, and your budgeting needs should become clear. A trip to the grocery store in NYC costs about 15% more than anywhere else, and you’ll pay nearly 14% more for transportation.
Perhaps the tumbling rent prices in Austin have you considering a move to this popular Texas city. While rent prices have been falling steadily, the average rent is $1,438 per month, which is 8% lower than the national average. The cost of living in Austin is 1.9% lower than the national average, meaning you’ll pay slightly less for groceries, utilities, and transportation.
Learn more about what you can expect by comparing the rent prices from this report to those from November and December 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 $1,556 per month. This is an increase of 0.9% over last year.
Which US states had the largest rent increases?
The states with the largest rent increases when compared to last year are Rhode Island, Delaware, and Virginia. In Rhode Island, rent prices rose 4.1%. Delaware isn't far behind at 4% and rent prices in Virginia have increased 3.9%.
Are rents rising or falling in the US?
Rent prices in the US are up slightly year-over-year, up by 0.9%.
What states have the cheapest rent?
The states with the cheapest rent in the US are Oklahoma, Arkansas, and West Virginia. Renters in Oklahoma pay the least for rent overall, with the average rent costing $890 per month. In Arkansas, the average rent is $920 per month, and West Virginia renters pay an average of $922 per month.
