November 2024 brought a slight bump in rents, with the national average rent price reaching $1,559 per month for a one-bedroom apartment and $1,813 for a two-bedroom, an overall increase of 1%. A look back at January’s Rent Report shows the 2024 rental market behaved much as expected, being mostly calm with a slight uptick in rent prices. But while there’s a leveling off in the national rent trend, the regional differences continue to be sharp.
At the start of 2024, falling rents in the South and rising prices in the Midwest and Northeast showed the stark contrast between these regions. Nearly a year later, this trend remains firmly in place. Southern cities like Austin and San Antonio are consistently leading cities with the sharpest declines. Meanwhile, renters in cities like Detroit, Cleveland, and Milwaukee are seeing higher rent prices.
Rent Prices Then and Now
Throughout 2024, rent prices have avoided the rollercoaster rides of recent years. Compared to the 18% year-over-year jump in 2021 and an additional 12.2% spike in 2022, this year’s steady 1% increase feels like a return to calm waters. While rent prices have risen slightly, the wild fluctuations seen during and after the pandemic appear to be well behind us.
One factor in this steadiness is the vacancy rate, which currently sits at 8.6% nationwide. However, this number masks significant regional differences. The South continues to grapple with higher vacancy rates, contributing to rent declines. For example, Austin’s vacancy rate is 15.4%, while San Antonio and Memphis aren’t far behind with 14% and 13.7% respectively. High vacancy rates across the Sun Belt are leading to declining rent prices, down by -5.4% in Austin alone.
On the flip side, cities like New York are experiencing an entirely different story. With a vacancy rate of just 2.9%, competition for NYC rentals remains fierce. Los Angeles and Boston are also well below the national average with vacancy rates of 5.1% and 5.3%, but they still lag behind New York’s competitive market.
Cities with the Biggest Rent Increases
In October, cities in the Northeast and Midwest dominated the list. Hartford, Connecticut saw the biggest rent increase of 4.4% year-over-year, followed by Buffalo, New York at 4.1% and Providence, Rhode Island at 4%. In November, Detroit saw the largest overall increase in rent prices, followed by Kansas City and Cleveland.
For November 2024, here are the cities with biggest rent increases:
- Detroit, MI (+3.2%)
- Kansas City, MO (+2.9%)
- Cleveland, OH (+2.6%)
- Cincinnati, OH (+2.4%)
- Milwaukee, WI (+2.4%)
Cities with the Biggest Rent Declines
Except for Atlanta, November’s list of the cities with the biggest declines in rent prices is nearly identical to October’s. Last month, Austin topped the list with a decrease of -5% year-over-year, followed by Raleigh, North Carolina at -2.9% and Jacksonville, Florida at -2.5%.
For November 2024, here are the five cities with the biggest rent declines:
- Austin, TX (-5.4%)
- Denver, CO (-3.6%)
- Raleigh, NC (-2.9%)
- San Antonio, TX (-2.8%)
- Jacksonville, FL (-2.7%)
Current Rent Prices Across the US
|
City |
Current Average Rent |
Last Month’s Average Rent |
Year-Over-Year Difference |
|
$2,341 |
$2,341 |
+4.2% |
|
|
$1,586 |
$1,584 |
-1.7% |
|
|
$1,432 |
$1,439 |
-5.2% |
|
|
$3,413 |
$3,417 |
+1.7% |
|
|
$1,606 |
$1,602 |
+0.7% |
|
|
$2,782 |
$2,771 |
+1.4% |
|
|
$1,729 |
$1,758 |
-1.4% |
|
|
$1,452 |
$1,454 |
-1.9% |
|
|
$1,842 |
$1,845 |
+1.9% |
|
|
$1,073 |
$1,075 |
+1.8% |
|
|
$1,316 |
$1,326 |
-2.4% |
|
|
$1,121 |
$1,111 |
+1.9% |
|
|
$1,384 |
$1,394 |
-1.7% |
|
|
$1,638 |
$1,663 |
-4.4% |
|
|
$2,175 |
$2,185 |
-1.6% |
|
|
$1,253 |
$1,265 |
-1% |
|
|
$3,666 |
$3,656 |
+2.9% |
|
|
$1,678 |
$1,688 |
+1.6% |
|
|
$1,189 |
$1,192 |
+0.5% |
|
|
$1,094 |
$1,095 |
+2.9% |
|
|
$2,894 |
$2,916 |
-2.7% |
|
|
$1,292 |
$1,295 |
-2.2% |
|
|
$3,094 |
$3,093 |
+2.3% |
|
|
$1,162 |
$1,154 |
+2.1% |
|
|
$1,286 |
$1,291 |
-1.1% |
|
|
$1,746 |
$1,749 |
+0.3% |
|
|
$2,152 |
$2,155 |
+0.2% |
|
|
$1,421 |
$1,408 |
+2.6% |
|
|
$2,128 |
$2,109 |
+2.1% |
|
|
$1,150 |
$1,142 |
+2.5% |
|
|
$1,346 |
$1,346 |
-0.3% |
|
|
$1,657 |
$1,662 |
-0.9% |
|
|
$3,867 |
$3,871 |
+3% |
|
|
$1,555 |
$1,565 |
-1.6% |
|
|
$1,694 |
$1,700 |
+0% |
|
|
$1,321 |
$1,326 |
-1.6% |
|
|
$1,311 |
$1,308 |
+1.8% |
|
|
$1,496 |
$1,510 |
-0.1% |
|
|
$3,120 |
$2,382 |
+0.8% |
|
|
$1,347 |
$1,351 |
-3.6% |
|
|
$1,360 |
$1,364 |
+2% |
|
|
$1,545 |
$1,547 |
+2.1% |
|
|
$1,092 |
$1,090 |
+2.3% |
|
|
$1,092 |
$1,095 |
-2.5% |
|
|
$2,342 |
$2,343 |
+1.3% |
|
|
$2,899 |
$2,913 |
+1.7% |
|
|
$2,555 |
$2,572 |
+1.9% |
|
|
$2,048 |
$2,051 |
+1.2% |
|
|
$1,629 |
$1,632 |
+0.3% |
|
|
$2,276 |
$2,286 |
+1.4% |
How Current Rent Prices Impact Renters
As the year wraps up, the rental market has remained steady, with only slight fluctuations in prices. If you’re thinking about making a change in the new year, now might be the best time to make your move as rent prices are expected to rise in 2025.
Learn more about what you can expect by comparing the rent prices from this report to those from September and October 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 $1,560 per month.
Which US states had the largest rent increases in 2024?
The states with the largest rent increases compared to last year are Wyoming, Rhode Island, and Kansas. Rent prices in Wyoming are up 5.4% year-over-year, while Rhode Island rent prices are up 4.2% and Kansas rents are up by 4.2%.
Are rents rising or falling in the US?
Overall, rent prices in the US have increased slightly year-over-year, up 1%.
Which states have the cheapest rent?
Right now, the states with the lowest rent prices are Oklahoma, West Virginia, and North Dakota. Renters in Oklahoma pay the lowest overall rent price, with an average of $887 per month.
