In October, the national rent price inched slightly higher. The average rent price in the United States is $1,558 per month, which is an increase of 1% since last year.
However, the story continues to be the Sun Belt, where prices have declined steadily for most of the year. They fell again in October for all but five markets, going against the national trend. And, once again, renters in many cities across the Northeast and Midwest saw rent prices increase by more than the national average.
Record-Breaking Building Begins to Slow
By the end of 2024, roughly 636,000 new apartments will be delivered, according to Jay Lybik, National Director of Multifamily Analytics for Apartments.com. This is the largest influx of new apartments in the last 40 years, resulting in increased vacancies and lower rent prices, particularly in the Sun Belt where much of the construction occurred.
This is expected to change in 2025, when the number of new apartments projected to be delivered is about half of this year’s total. With far fewer new apartments available, this could drive down the vacancy rate and lead to higher rent prices. Much depends on next year’s economy, though, which could have an impact on demand.
Cities with the Biggest Rent Increases
In September, Washington, DC topped the cities with the biggest rent increases at 3.5%. DC was closely followed by Richmond, Virginia and Detroit, Michigan, both with a 3.4% increase. Cleveland, Ohio and Louisville, Kentucky rounded out the top five with increases of 3.3%.
For October 2024, here are the cities with biggest rent increases:
- Hartford, CT (+4.4%)
- Buffalo, NY (+4.1%)
- Providence, RI (+4.0%)
- Grand Rapids, MI (+3.8)
- Detroit, MI (+3.6%)
Cities with the Biggest Rent Declines
October’s top five cities with the biggest rent declines is nearly identical to September’s, just with slightly larger decreases. Austin led the way in September with a -4.7% decline. In October, it topped the list again at -5.0%. Raleigh’s percentage didn’t change, keeping it in the second spot. Jacksonville, Phoenix, and Atlanta all saw slightly larger declines than in September.
For October 2024, here are the five cities with the biggest rent declines:
- Austin, TX (-5.0%)
- Raleigh, NC (-2.9%)
- Jacksonville, FL (-2.5%)
- Phoenix, AZ (-2.4%)
- Atlanta, GA (-2.3%)
Current Rent Prices Across the US
|
City |
Current Average Rent |
Last Month’s Average Rent |
Year-Over-Year Difference |
|
$2,341 |
$2,360 |
+4.1% |
|
|
$1,584 |
$1,586 |
-1.5% |
|
|
$1,439 |
$1,451 |
-4.6% |
|
|
$3,417 |
$3,479 |
+1.7% |
|
|
$1,602 |
$1,610 |
+0.5% |
|
|
$2,771 |
$2,775 |
+1.4% |
|
|
$1,758 |
$1,776 |
+0.3% |
|
|
$1,454 |
$1,462 |
-1.4% |
|
|
$1,845 |
$1,849 |
+2.1% |
|
|
$1,075 |
$1,074 |
+2.2% |
|
|
$1,326 |
$1,328 |
-1.4% |
|
|
$1,111 |
$1,110 |
+1.5% |
|
|
$1,394 |
$1,397 |
-0.9% |
|
|
$1,663 |
$1,686 |
-3% |
|
|
$2,185 |
$2,203 |
-1.1% |
|
|
$1,265 |
$1,268 |
-0.1% |
|
|
$3,656 |
$3,647 |
+3.5% |
|
|
$1,688 |
$1,674 |
+1.8% |
|
|
$1,192 |
$1,192 |
+0.9% |
|
|
$1,095 |
$1,092 |
+2.9% |
|
|
$2,916 |
$2,923 |
-2% |
|
|
$1,295 |
$1,306 |
-1.8% |
|
|
$3,093 |
$3,126 |
+1.8% |
|
|
$1,154 |
$1,159 |
+1.8% |
|
|
$1,291 |
$1,293 |
-0.4% |
|
|
$1,749 |
$1,755 |
+0.6% |
|
|
$2,155 |
$2,161 |
+0.4% |
|
|
$1,408 |
$1,411 |
+2% |
|
|
$2,109 |
$2,118 |
+2.1% |
|
|
$1,142 |
$1,135 |
+1.8% |
|
|
$1,346 |
$1,351 |
-0.3% |
|
|
$1,662 |
$1,668 |
-0.4% |
|
|
$3,871 |
$3,871 |
+3% |
|
|
$1,565 |
$1,575 |
-0.9% |
|
|
$1,700 |
$1,705 |
+0.3% |
|
|
$1,326 |
$1,336 |
-0.9% |
|
|
$1,308 |
$1,313 |
+1.6% |
|
|
$1,510 |
$1,515 |
+0.9% |
|
|
$2,382 |
$2,380 |
+0.8% |
|
|
$1,351 |
$1,358 |
-3.4% |
|
|
$1,364 |
$1,359 |
+2.5% |
|
|
$1,547 |
$1,548 |
+2.6% |
|
|
$1,090 |
$1,090 |
+2.1% |
|
|
$1,095 |
$1,100 |
-2.2% |
|
|
$2,343 |
$2,338 |
+1.5% |
|
|
$2,913 |
$2,888 |
+2.3% |
|
|
$2,572 |
$2,577 |
+2.6% |
|
|
$2,051 |
$2,052 |
+1.4% |
|
|
$1,632 |
$1,622 |
+0.6% |
|
|
$2,286 |
$2,298 |
+2.1% |
How Current Rent Prices Impact Renters
Even though rent prices have stabilized, there’s a good chance they’ll start to climb next year. Knowing what rent prices are doing in your area is important when it’s time to negotiate your rent, plan a move, or renew your lease.
Learn more about what you can expect by comparing the rent prices from this report to those from August and September 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 $1,558 per month.
Which US states had the largest rent increases in the last year?
The states with the largest rent increases compared to last year are Wyoming, Kansas, and Virginia.
Which US states currently have the cheapest rent?
The states with the lowest rent prices right now are Oklahoma, West Virginia, and North Dakota.
Are rent prices rising or falling in the US?
Rent prices in the US have increased slightly, up 1% over last year.
