Key Takeaways
- The national average rent was $1,643 per month, an increase of 0.3% over the last year.
- Illinois’ rental market is meeting demand for luxury apartments with more new builds, causing rent prices to increase across the state.
- Chicago has been especially impacted by Illinois’ luxury apartment demand, with limited new supply concentrated around higher-end units that are entering the market at higher price points and raising the city’s average rent.
In May, the national average rent was $1,643 per month for a one-bedroom and $1,907 per month for a two-bedroom, an increase of 0.3% from May 2025. The national vacancy rate remains at 8.4% before the height of summer moving season.
Rents Rise Across Illinois
Illinois’ average rent increased by 3.5% over the past year, and this pattern tracks in cities across the state. This is largely due to an increased supply of luxury rentals to meet the rising demand for higher-end apartments.
With home prices and mortgage rates rising, renting remains more affordable and accessible, especially in metro areas like Chicago. Renters are instead choosing to trade up to luxury apartments, which raises their rent payments but is still more affordable than buying a home.
In Chicago, luxury units accounted for about 85% of lease-ups in the last year, according to CoStar Group data, and over half of rental units currently under construction in Chicago are luxury units. Between an increased supply of more expensive, higher-end units and high demand for luxury rentals, rent in Illinois is poised to continue rising faster than the national average.
May 2026 Rent Growth
West Virginia had the greatest year-over-year increase at 4.1%, and Colorado and Washington, D.C. had the largest decreases at -2.9%.
May 2026 rent increases by city
Rent in Chicago has surged 3.4% higher than last year, a result of market tightening due to a mixture of limited new rentals and demand for luxury apartments. The number of new rental units entering the market dropped in 2025 after a supply surge in 2023 and 2024, but lease-ups have remained relatively stable. On top of this imbalance is a high demand for luxury apartments that’s driving construction on new luxury units that are entering the market at higher price points.
Here are the cities with the biggest rent increases in May:
- Brooklyn, NY: +4.5%
- Chicago, IL: +3.4%
- Pittsburgh, PA: +2.8%
- New York, NY: +2.2%
- Scottsdale, AZ: +2.2%
May 2026 rent decreases by city
Texas and Florida dominate state-level rent decreases. Fort Myers, FL, leads the decline with a 3.6% drop over last year. The city’s vacancy rate sits at 18.5%, as more rental units enter the market with stagnant demand. Property managers are lowering prices and offering more generous rent concessions to stay competitive.
Here are the cities with the biggest rent decreases in May:
- Fort Myers, FL: -3.6%
- Naples, FL: -3.0%
- Sarasota, FL: -2.8%
- San Antonio, TX: -2.7%
- Katy, TX: -2.6%
Current Rent Prices Across the U.S.
|
City |
Current Average Rent |
Last Month’s Average Rent |
Year-Over-Year Difference |
|
$2,373 |
$2,380 |
-0.7% |
|
|
$1,635 |
$1,628 |
+0% |
|
|
$1,394 |
$1,388 |
-3.5% |
|
|
$3,583 |
$3,516 |
+1.7% |
|
|
$1,636 |
$1,633 |
-0.1% |
|
|
$3,025 |
$2,994 |
+1.3% |
|
|
$1,880 |
$1,854 |
+0.2% |
|
|
$1,475 |
$1,467 |
-1.9% |
|
|
$2,046 |
$2,036 |
+3.5% |
|
|
$1,145 |
$1,138 |
+1.5% |
|
|
$1,300 |
$1,299 |
-1.7% |
|
|
$1,174 |
$1,168 |
+0.1% |
|
|
$1,411 |
$1,401 |
-1% |
|
|
$1,627 |
$1,623 |
-3.2% |
|
|
$2,295 |
$2,278 |
+1.2% |
|
|
$1,268 |
$1,266 |
-2.1% |
|
|
$3,821 |
$3,787 |
+2.2% |
|
|
$1,733 |
$1,733 |
-0.3% |
|
|
$1,184 |
$1,185 |
-1.3% |
|
|
$1,123 |
$1,122 |
-0.2% |
|
|
$2,930 |
$2,929 |
+0.2% |
|
|
$1,306 |
$1,301 |
-0.1% |
|
|
$3,257 |
$3,254 |
+2.1% |
|
|
$1,254 |
$1,249 |
+1.7% |
|
|
$1,281 |
$1,279 |
-2.4% |
|
|
$1,828 |
$1,828 |
+0.4% |
|
|
$2,180 |
$2,184 |
-0.4% |
|
|
$1,515 |
$1,515 |
+0.9% |
|
|
$2,237 |
$2,225 |
+0.5% |
|
|
$1,215 |
$1,207 |
+2.6% |
|
|
$1,417 |
$1,411 |
+1.7% |
|
|
$1,681 |
$1,674 |
-2.6% |
|
|
$4,141 |
$4,093 |
+2.1% |
|
|
$1,581 |
$1,578 |
-1.4% |
|
|
$1,781 |
$1,775 |
+1.4% |
|
|
$1,301 |
$1,304 |
-3.6% |
|
|
$1,420 |
$1,421 |
+1.4% |
|
|
$1,520 |
$1,520 |
-0.8% |
|
|
$3,557 |
$3,524 |
+1.9% |
|
|
$1,383 |
$1,378 |
-1.9% |
|
|
$1,443 |
$1,439 |
+1% |
|
|
$1,574 |
$1,565 |
-1% |
|
|
$1,151 |
$1,150 |
+1.2% |
|
|
$1,072 |
$1,074 |
-3.5% |
|
|
$2,397 |
$2,390 |
-0.5% |
|
|
$3,396 |
$3,329 |
+9.3% |
|
|
$2,756 |
$2,714 |
+3.2% |
|
|
$2,099 |
$2,088 |
-1.2% |
|
|
$1,645 |
$1,643 |
-2.4% |
|
|
$2,266 |
$2,255 |
-1.9% |
How Current Rent Prices Impact Renters
Rents are beginning to rise in preparation for moving season. April and May are the hottest months for the rental market, so renters may see higher prices and fewer concessions, and units may get leased up quickly. Be prepared for more competition and go into your apartment search with a plan!
Need help comparing cities? Our Cost of Living Calculator makes it easy. You can also compare the rent prices from this report to those from April and March to determine the overall trend and visit the U.S. Rent Trends page to view the most current rent prices available across the U.S.
Methodology:
The rent data in this report is sourced from CoStar Group’s Market Trend reports. CoStar Group is the leading authority in commercial real estate information, analytics, and news, trusted by real estate professionals for more than 37 years. By combining this data with Apartments.com internal data and public record, we’re able to deliver the most up-to-date rental information available.
To determine overall rent trends, we evaluate rent prices from more than 2,400 cities across the nation, including the top 80 national markets. This analysis includes year-over-year and month-over-month rent changes to provide a comprehensive view of market dynamics. This report covers a diverse range of property types to ensure a holistic view of the rental market.
FAQs
What is the average rent in the U.S. right now?
The average rent in the U.S. is currently $1,643 per month, a year-over-year increase of 0.3%.
Which states had the largest rent increases in May 2026?
The states with the largest rent increases in May were West Virginia, Illinois, and Rhode Island. West Virginia’s rent increased by 4.1% compared to last year, Illinois’ average rent increased by 3.5%, and Rhode Island’s average rent increased by 2.6%.
Which states have the cheapest rent right now?
The states with the cheapest rent are Oklahoma, Arkansas, and North Dakota. Oklahoma has the cheapest rent in the U.S. at $912/month, a 0.8% increase over last year.
Are rent prices rising or falling in the U.S.?
Rent prices in the U.S. are rising, averaging 0.3% more than last year.
