• The U.S. asking rent rose 0.4% year over year in February to $1,607.
• On a monthly basis, rents rose 0.6% ($10), up from $1,597 in January.
• Cincinnati, Providence, and Baltimore saw the biggest rent increases; Austin, Salt Lake City, and Jacksonville posted the biggest declines. 
• 2025 continues to be a renter’s market: Apartments are coming online at record levels, keeping rents relatively steady and widening the affordability gap between buying and renting.

Average U.S. rental trends

The average rent rose 0.4% year over year in February to $1,607 – the first gain in six months. On a monthly basis, rent prices rose by 0.6% ($10). The price per square foot of an apartment, which has hovered around $1.80 for over a year, fell 0.4% compared to February 2024.

Rents have remained calm so far this year – a welcome respite for renters. Prices have held somewhat steady for over two years, following aggressive growth in 2021 and 2022. Even so, rents are just 5.6% below their record high of $1,704 set in August 2022.

However, these trends could be in the early stages of shifting. New apartment construction has dropped since late 2024 – largely because so many units are still coming online – and may be further hampered by a range of new tariffs. Demand for rentals may also continue to grow as high house prices and unstable mortgage rates push homeownership out of reach for more people. Rents may rise substantially if demand starts to outpace supply.

For now, though, rents are unlikely to post major year-over-year gains.

What today’s rent prices mean for renters

Renters can afford more space than they could a year ago because although rents haven’t changed much, incomes have gone up. However, over the past five years, housing costs have far outpaced wages.

The wage needed to afford the typical apartment recently dropped to $63,680 – the lowest level in nearly three years. Aside from this month, affordability has improved recently thanks to the surge of apartments hitting the market. More apartments means more supply, which helps offset demand and keep prices in check. Vacancy rates are also at three-year highs, and new apartments are cheaper than they’ve been in over two years (because they’re filling up slowly). Plus, fewer renters are moving than ever, meaning renters may face less competition for a unit.

Another important factor: Nearly half of the 50 largest U.S. metros have seen a rise in wealthy renters since 2019, with those in the Sun Belt and Rust Belt posting the largest gains. In Pittsburgh, a renter with an income in the top 20% locally earns more than four times what they need to afford a median-priced home.

Rental trends by bedroom type

Rents rose for 0-1-bed and 2-bed apartments for the first time since June 2024. Asking rents for 3+-bedroom apartments dropped less than 1%.

• Rents for 0-1-bedroom apartments rose 0.4% YoY to $1,467
• Rents for 2-bedroom apartments rose 0.6% YoY to $1,689
• Rents for 3+-bedroom apartments fell 0.5% YoY to $1,990

Metros with the biggest rent increases and decreases

Rents keep climbing in the Midwest

Many historically affordable Midwest and East Coast metros are seeing steady rent growth, primarily because they haven’t built as many new apartments. This supply/demand imbalance has helped drive rents higher. Cincinnati and Providence saw the largest rent increases in February.

Washington, D.C. and Providence are unique because rents aren’t particularly affordable, but they’re still rising because construction hasn’t kept up with strong demand in recent years. Demand for lower-priced rentals is especially high. In Providence, renters moving from Massachusetts are a major driver.

Prices drop steeply in the Sun Belt

In many Sun Belt cities, new apartments continue hitting the market at a fast clip to meet the pandemic-era relocation boom, boosting supply and bringing down rents. This has prompted some property managers to offer rent concessions (free parking, free month of rent, etc) to attract tenants. Rents are falling quickest in Florida and Texas metros where this is most pronounced, like Jacksonville and Austin. 

Additionally, many southern states are grappling with intensifying natural disasters, making an already-falling share of residents hesitant to live there.

Austin again topped the list of the largest rent decreases, continuing its steep decline from post-pandemic highs. Rents are 22% below their August 2023 record high. As people continue moving out, apartment supply outweighs demand, with some saying the rental market is “collapsing.”

Year-over-year rent changes by metro

Historical change in rents by metro area

Rent prices have changed significantly since the pandemic, but some metros have seen much larger changes than others. 

Rents in San Francisco, for example, have dropped more than 20% from February 2022 to February 2025. On the other end of the spectrum, the typical rent in Providence has climbed 27% in the past five years and shows no sign of slowing.

Complete metro-level data

Methodology

According to a Redfin analysis. Asking rent figures in this report cover newly listed units in buildings with five or more units. The median (what we call “average”) is calculated based on a rolling three-month period. For example, the median asking rent for February 2025 covers rentals that were listed on Rent. and Redfin from December 31, 2024 to February 28, 2025. Data on Rent. market trends pages may differ from data shown in this report. 

Metro-level data in this report covers 44 of the 50 most populous U.S. core-based statistical areas (CBSAs). National figures are based on data for the entire U.S.

Asking rents reflect the current costs of new leases. In other words, the amount shown as the median asking rent is not the median of what all renters are paying, but the median asking price of apartments available for rent.

The post February 2025 Average Rent Report: Rents Rise as Construction Slows appeared first on Rent. Research.

• The U.S. asking rent fell 0.1% year over year in January to $1,599.
• On a monthly basis, rents rose 0.5% ($5), up from $1,594 in January.
• Cincinnati, Providence, and Louisville saw the biggest rent increases; Austin, Tampa, and Salt Lake City posted the biggest declines. 
• 2025 continues to be a renter’s market: Apartments are coming online at record levels, pushing rents down and widening the affordability gap between buying and renting.

Average U.S. rental trends

The average rent fell just 0.1% year over year in January to $1,599. On a monthly basis, rent prices rose by 0.5% ($5). The price per square foot of an apartment, which has hovered around $1.80 for over a year, fell 1.5% compared to January 2024.

Rents have remained calm so far this year – a welcome respite for renters. Prices have held somewhat steady for over two years, following aggressive growth in 2021 and 2022. Rents are 6.2% below their record high of $1,700 set in August 2022.

However, these trends may be in the early stages of shifting. New apartment construction has dropped sharply since late 2024 – largely because so many units are still coming online – and may be further hampered by a range of new tariffs. Demand for rentals may also continue to grow as high mortgage rates push homeownership out of reach for more people. Rents may rise substantially if demand starts to outpace supply.

For now, though, rents are unlikely to post major year-over-year gains.

What today’s rent prices mean for renters

Renters can afford more space than they could a year ago because although rents haven’t changed much, incomes have gone up.

The wage needed to afford the typical apartment has dropped to $63,680 – the lowest level in nearly three years. Affordability continues to improve thanks to a surge of apartments hitting the market. More apartments means more supply, which helps offset demand and keep prices in check. Vacancy rates are also at three-year highs, and new apartments are cheaper than they’ve been in over two years. Plus, fewer renters are moving than ever, meaning renters may face less competition for a unit.

Rental trends by bedroom type

Rents fell across all bedroom types for the seventh consecutive month in January, highlighting how record levels of construction have improved affordability. 

• Rents for 0-1-bedroom apartments fell 0.8% YoY to $1,455
• Rents for 2-bedroom apartments fell 0.5% YoY to $1,672
• Rents for 3+-bedroom apartments fell 1.8% YoY to $1,965

Metros with the biggest rent increases and decreases

Rents keep climbing in the Midwest

Many historically affordable Midwest and East Coast metros are seeing steady rent growth, primarily because they haven’t built as many new apartments. This supply/demand imbalance has helped drive rents higher. Cincinnati and Providence saw the largest rent increases in January.

Washington, D.C., which is unique because rents aren’t particularly affordable, but they’re still rising because construction hasn’t kept up with strong demand in recent years. Demand for lower-priced rentals is especially high.

Prices drop steeply in the Sun Belt

In many Sun Belt cities, new apartments continue hitting the market at a fast clip to meet skyrocketing demand, boosting supply and bringing down rents. This frenzy has prompted some property managers to offer rent concessions (free parking, free month of rent, etc) to attract tenants. Rents are falling quickest in Florida and Texas metros where this is most pronounced, like Tampa and Austin. 

Austin once again topped the list of the largest rent decreases, continuing its steep decline from post-pandemic highs. Rents are 22.2% below their 2023 record of $1,799. As people leave in droves, apartment supply outweighs demand, with some saying the rental market is “collapsing.”

Year-over-year rent changes by metro

Historical change in rents by metro area

Rent prices have changed significantly since the pandemic, but some metros have seen much larger changes than others. 

Rents in San Francisco, for example, have fallen nearly $800 from a record high of $3,455 in 2022 to $2,693 in January 2025. On the other end of the spectrum, the typical rent in Providence has climbed $650 in the past five years.

Complete metro-level data

Methodology

According to a Redfin analysis. Asking rent figures in this report cover newly listed units in buildings with five or more units. The median (what we call “average”) is calculated based on a rolling three-month period. For example, the median asking rent for January 2025 covers rentals that were listed on Rent. and Redfin from November 30, 2025 to January 31, 2025. Data on Rent. market trends pages may differ from data shown in this report. 

Metro-level data in this report covers 44 of the 50 most populous U.S. core-based statistical areas (CBSAs). National figures are based on data for the entire U.S.

Asking rents reflect the current costs of new leases. In other words, the amount shown as the median asking rent is not the median of what all renters are paying, but the median asking price of apartments available for rent.

The post January 2025 Rent Report: Rents Stay Flat, but Change Could be Coming appeared first on Rent. Research.

• The median asking rent fell 0.3% year over year in December to $1,594.
• Rents fell 0.1% ($1) on a monthly basis, down from $1,595 in November.
• Providence, Virginia Beach, and Louisville saw the biggest rent increases; Austin, Tampa, and Jacksonville posted the biggest declines.
• 2025 is starting off as a renter’s market: Apartments are coming online at record levels, pushing rents down and helping widen the affordability gap between buying and renting. 

National rental trends

The median U.S. asking rent fell 0.7% year over year in December to $1,594 – their lowest level since March 2022. On a monthly basis, rent prices fell by 0.1% ($1). The price per square foot of an apartment, which has hovered around $1.80 for the past year, also dipped slightly.

On average, rents returned to calmer waters in 2024 – a welcome respite for renters. Prices have now held relatively steady for two years following explosive growth in 2021 and 2022. Rents are 6.2% below their record high of $1,700 in August 2022.

What today’s rent prices mean for renters

For renters who are looking to move, now may be a great time. Affordability has improved across the board thanks to a surge of new apartments hitting the market – a 50-year high – and rising wages. More apartments means more supply, which helps offset demand and keeps rent prices from surging. As a result, vacancy rates are at three-year highs. Plus, fewer renters are moving than ever, meaning you may face less competition. 

However, trends vary widely depending on where you live. 

In some cities, primarily in the Sun Belt, new apartment completions continue at a blistering pace, resulting in more supply and lower rents. This frenzy has prompted some property managers to offer rent concessions (free parking, free month of rent, etc) to attract tenants. Construction has recently slowed, but new apartments will continue hitting the market for the in the near future, which should keep prices lower. 

Meanwhile, cities where apartment construction has been more limited are seeing rents rise. Midwest and East Coast metros, like Providence and Louisville, are seeing the biggest gains. 

Demand from young renters and a fast-growing renter population are also contributing factors. In metros like San Jose and Los Angeles, for example, more than half of households are renters. 

Rental trends by bedroom type

Median rents fell across all bedroom types for the sixth consecutive month in December, highlighting how record levels of construction have improved affordability.

• Rents for 0-1-bedroom apartments fell 1.0% YoY to $1,449
• Rents for 2-bedroom apartments fell 0.6% YoY to $1,665
• Rents for 3+-bedroom apartments fell 2.5% YoY to $1,950

Metros with the biggest rent increases and decreases

Rents keep climbing in the Midwest

Several historically affordable Midwest and East Coast metros continue to see steady rent growth, primarily because they haven’t built as many new apartments. This supply/demand imbalance has helped drive rents higher. 

Washington, D.C. is unique because rents aren’t particularly affordable, but they’re still rising because construction hasn’t kept up with strong demand in recent years. Demand for lower-priced rentals is especially high. 

Prices drop steeply in the Sun Belt

Similar to past months, rents are falling in Sun Belt metros, which built the most apartments during the pandemic in an effort to meet skyrocketing demand. Now, the region is faced with an abundance of supply, rising vacancy rates, and a drop in new construction. New apartments are also cheaper than they’ve been in over two years. 

Austin again topped the list of the largest rent decreases, continuing its steep decline from post-pandemic highs. Rents are 22.6% below their 2023 record of $1,799. As people leave in droves, apartment supply now outweighs demand, leading developers to halt construction and prices to drop.

Year-over-year rent changes by metro

Historical change in rents by metro area

Rent prices have changed significantly since the pandemic, but some metros have seen much larger changes than others. 

The median rent in San Francisco, for example, has fallen nearly $800 from a record high of $3,455 in 2022 to $2,697 in December 2024. On the other end of the spectrum, the typical rent in Providence has climbed $600 in the past five years.

Complete metro-level data

Methodology

According to a Redfin analysis. Asking rent figures in this report cover newly listed units in buildings with five or more units. The median is calculated based on a rolling three-month period. For example, the median asking rent for December 2024 covers rentals that were listed on Rent. and Redfin during the three months ending December 31, 2024. Data on Rent. market trends pages may differ from data shown in this report. 

Metro-level data in this report covers 44 of the 50 most populous U.S. core-based statistical areas (CBSAs). National figures are based on data for the entire U.S.

Asking rents reflect the current costs of new leases. In other words, the amount shown as the median asking rent is not the median of what all renters are paying, but the median asking price of apartments available for rent.

The post December 2024 Rent Report: Rents Fall to Lowest Level in Nearly Three Years appeared first on Rent. Research.

• The median asking rent fell 0.7% year over year in November to $1,595.
• Rents also fell 1.1% ($17) on a monthly basis, down from $1,612 in October.
• Cleveland, Louisville, and Baltimore saw the biggest increases; Austin, Tampa, and Raleigh posted the biggest declines.
• 2025 is shaping up to be a renters market, with the affordability gap between buying and renting likely widening.

National rental trends

The median U.S. asking rent fell 0.7% year over year in November to $1,595. On a monthly basis, rent prices fell by 1.1%. Rents are now at their lowest level since March 2022.

On average, rents have held steady for the past two years. Prices are now 6.2% below their record high of $1,700 in August 2022.

In some cities, primarily in the Sun Belt, new apartment completions have been at record highs, resulting in an abundance of supply and lower rents. This frenzy has prompted some property managers to offer rent concessions (free parking, free month of rent, etc) to attract prospective tenants. Construction has recently slowed, but a wave of new apartments will still come onto the market in the coming months, which should keep rents down into 2025. 

On the other end of the spectrum, cities where apartment construction has been more limited are seeing rents rise. Midwest and East Coast metros like Cleveland and Baltimore are the primary examples. 

Demand from young renters and a fast-growing renter population are also contributing factors. In metros like San Jose and Los Angeles, for example, more than half of households are now renters. 

Rental trends by bedroom type

Median rents fell across all bedroom types in November, highlighting how record levels of construction have improved affordability. 

• Rents for 0-1-bedroom apartments fell 1.7% YoY to $1,450
• Rents for 2-bedroom apartments fell 1.1% YoY to $1,671
• Rents for 3+-bedroom apartments fell 2.3% YoY to $1,955

Metros with the biggest rent increases and decreases

Rents keep climbing in the Midwest

Several historically affordable Midwest and East Coast metros continue to see steady rent growth, primarily because they haven’t built as many new apartments. This supply/demand imbalance has helped drive rents higher. 

Washington, D.C. is unique because rents aren’t particularly affordable, but they’re still rising because construction hasn’t kept up with strong demand in recent years. Demand for lower-priced rentals is especially high. 

Prices fall again in the Sun Belt

Similar to past months, rents are falling the most in Sun Belt metros, which built the most apartments since the pandemic in an effort to meet historic demand. Now, they’re faced with an abundance of supply, rising vacancy rates, and a drop in new construction. New apartments are also cheaper than they’ve been in over two years. 
Austin again topped the list of the largest rent decreases, continuing its steep decline from pandemic-induced highs. As people leave in droves, apartment supply now far outweighs demand, leading developers to halt construction.

Year-over-year rent changes by metro

Historical change in rents by metro area

Rent prices have changed significantly since the pandemic, but some metros have seen much larger changes than others. 

The median rent in San Francisco, for example, has fallen nearly $800 from a record high of $3,455 in 2022 to $2,677 in November 2024. On the other end of the spectrum, the typical rent in San Diego rose nearly $1,000 in 2021 before leveling out at $2,850 in November 2024. Nashville saw a similar trend.

Complete metro-level data

Methodology

According to a Redfin analysis. Asking rent figures in this report cover newly listed units in buildings with five or more units. The median is calculated based on a rolling three-month period. For example, the median asking rent for November 2024 covers rentals that were listed on Rent. and Redfin during the three months ending November 30, 2024. Data on Rent. market trends pages may differ from data shown in this report. 

Metro-level data in this report covers 44 of the 50 most populous U.S. core-based statistical areas (CBSAs). National figures are based on data for the entire U.S.

Asking rents reflect the current costs of new leases. In other words, the amount shown as the median asking rent is not the median of

The post November 2024 Rent Report: Rents Fall as Affordability Improves appeared first on Rent. Research.

What’s happening with rents nationwide? 

The median U.S. asking rent rose 0.2% year over year in October to $1,619. This is the sixth consecutive increase following 11 months of decreases. 

In general, rents have held steady for the past two years since they hit their record high of $1,700 in August 2022. And on a monthly basis, rents actually fell by 0.6% ($9) compared to September.

Rents are holding steady nationally but vary widely depending on where you are in the country. In some areas, especially in the Sun Belt, multifamily building completions have been at record highs, and some metros now have too much supply. This has prompted an uptick in rent concessions from some property managers to attract prospective tenants. Construction is now slowing, but a wave of new apartments will still come onto the market in the next few months, which should keep rents lower.

In other areas, where construction has been more limited, rents are rising. Demand from young renters and a fast-growing renter population are also contributing factors. In metros like San Jose and Los Angeles, for example, more than half of households are renters. 

Rental breakout by bedroom type

When looking at all bedroom types combined, rents rose slightly year over year. However, when isolating by bedroom type, rents actually fell for the third month in a row: 

• Rents for 0-1-bedroom apartments fell 0.4% YoY to $1,475
• Rents for 2-bedroom apartments fell 0.1% to $1,699
• Rents for 3+-bedroom apartments fell 1.5% YoY to $1,985

It may seem odd that rents rose when looking at all bedroom types combined but fell when isolating by bedroom type. This is due to the statistal phenomenon known as Simpson’s paradox, where trends that appear in groups of data may disappear or reverse when looking at the data as a whole.

U.S. metros where rents are rising and falling

Why are rents rising in these metros?

Several historically affordable Midwest and East Coast metros continue to see steady rent growth, primarily they haven’t built as many new apartments. This supply-demand imbalance has helped drive rents higher. 

Washington, D.C. is unique because rents aren’t particularly affordable, but they’re still rising because construction hasn’t kept up with strong demand in recent years. Demand for lower-priced rentals is especially high.

Why are rents falling in these metros?

Rents are falling in several Sun Belt metros, which built the most apartments since the pandemic in an effort to meet booming demand. Now, they’re faced with an abundance of supply, a rise in unfilled apartments, and a drop in new construction. Asking rents for new apartments are also lower than they have been in over two years.

This trend has been most obvious in Austin, which experienced a wave of migration during the pandemic and ramped up construction to meet demand. Now, as people leave in droves, apartment supply outweighs demand. Austin also led the nation in year-over-year rent drops from June to August this year.

Year-over-year change by metro

Historical change in median rents by metro area

Rents have changed significantly since the pandemic, but some metros have seen much larger fluctuations than others. 

San Francisco, for example, has fallen nearly $800 from a record high of $3,455 in 2022 to $2,685 in October 2024. On the other end of the spectrum, San Diego rose over $1,000 from $2,190 to $3,233 in just over a year, before leveling out at $2,770 in October 2024. Nashville saw a similar trend.

October 2024: Complete median metro-level data

Methodology

According to a Redfin analysis. Asking rent figures in this report cover newly listed units in buildings with five or more units. The median is calculated based on a rolling three-month period. For example, the median asking rent for October 2024 covers rentals that were listed on Rent. and Redfin during the three months ending October 31, 2024. Data on Rent. market trends pages may differ from data shown in this report. 

Metro-level data in this report covers 45 of the 50 most populous U.S. core-based statistical areas (CBSAs). National figures are based on data for the entire U.S.

Asking rents reflect the current costs of new leases. In other words, the amount shown as the median asking rent is not the median of what all renters are paying, but the median asking price of apartments available for rent.

The post October 2024 Rent Report: East Coast and Midwest See Biggest Gains appeared first on Rent. Research.

• The U.S. median asking rent rose 0.6% year over year in September to $1,634
• However, rents actually fell 0.2% ($2) on a monthly basis, down from $1,636 in August 
• Washington, D.C., Virginia Beach, and Cleveland saw the biggest increases; Jacksonville, Raleigh, and San Diego posted the biggest decreases

What’s happening with rents nationwide? 

The median U.S. asking rent rose 0.6% year over year in September to $1,634. This is the sixth consecutive increase following 11 months of decreases. 

In general, rents have held steady for the past year and a half since they hit their record high of $1,700 in August 2022. And on a monthly basis, rents actually fell by 0.2% ($2) compared to August.

Rents are holding steady nationally but could look very different depending on where you are in the country. In some areas, especially in the Sun Belt states, multifamily building completions have been at historic highs, and some metros now have too much supply. This has prompted an uptick in rent concessions from some property managers to attract prospective tenants.

In other areas, where construction has been more limited, rents are rising. Demand from young renters and a fast-growing renter population are also contributing factors.

Rental breakout by bedroom type

When looking at all bedroom types combined, rents rose slightly year over year. However, when isolating by bedroom type, rents actually fell for the second month in a row: 

• Rents for 0-1-bedroom apartments fell 0.4% YoY to $1,486
• Rents for 2-bedroom apartments fell 0.2% to $1,711
• Rents for 3+-bedroom apartments fell 1.9% YoY to $1,995

It may seem odd that rents rose when looking at all bedroom types combined but fell when isolating by bedroom type. This is due to the statistical phenomenon known as Simpson’s paradox, where trends that appear in groups of data may disappear or reverse when looking at the data as a whole. 

U.S. metros where rents are rising and falling

Why are rents rising in these metros?

Several historically affordable Midwest and East Coast metros have experienced months of steady rent growth, primarily due to limited new apartment construction. This supply-demand imbalance has helped drive rents higher. 

Washington, D.C. is unique because rents aren’t particularly affordable, but they’re still rising because construction hasn’t kept up with strong demand in recent years.

Why are rents falling in these metros?

Rents are falling in several Sun Belt metros, which built the most apartments since the pandemic in an effort to meet booming demand. Now, they’re faced with an abundance of supply, a rise in unfilled apartments, and a drop in new construction. 

This trend has been most obvious in Austin, which experienced a wave of migration during the pandemic and ramped up construction to meet demand. Now, apartment supply outweighs demand. Austin also led the nation in year-over-year rent drops from June to August this year.

Year-over-year change by metro

Historical change in median rents by metro area

Rents have changed significantly since the pandemic, but some metros have seen much larger fluctuations than others. 

San Francisco, for example, has fallen nearly $800 from a record high of $3,455 in 2022 to $2,683 in September 2024. On the other end of the spectrum, Nashville rose almost $700 from $1,288 to $1,940 in just five months in 2022, before leveling out at $1,561 in September 2024.

September 2024: Complete median metro-level data

Methodology

According to a Redfin analysis. Asking rent figures in this report cover newly listed units in buildings with five or more units. The median is calculated based on a rolling three-month period. For example, the median asking rent for September 2024 covers rentals that were listed on Rent. and Redfin during the three months ending September 30, 2024. Data on Rent. market trends pages may differ from data shown in this report. 

Metro-level data in this report covers 45 of the 50 most populous U.S. core-based statistical areas (CBSAs). National figures are based on data for the entire U.S.

Asking rents reflect the current costs of new leases. In other words, the amount shown as the median asking rent is not the median of what all renters are paying, but the median asking price of apartments available for rent.

The post September 2024 Rent Report: Sun Belt Sees Big Declines appeared first on Rent. Research.

In recent years, rising rental costs have pushed affordability further out of reach for many renters across the U.S., making finding a home for under $1,000 increasingly difficult. In fact, half of all renters now pay more than 30% of their income toward rent, underscoring the gap between market rates and wages. 

This trend is especially obvious in Columbus, OH, where just 5% of rentals on the market are listed for under $1,000. The nationwide average is 7.5%. But just last year, Columbus was much more affordable. 

So what’s happening in the rental market? Why does Columbus now have so few rentals for under $1,000 per month? Let’s dive in to find out. 

In Columbus, 5% of apartments are listed for under $1,000 

Columbus has a rapidly falling share of rental listings below $1,000 in the country, at just 5% – less than half of what the share was just last year. Columbus’ share of $1,000 rentals has dropped largely because of its rising median asking rent, which has risen nearly $500 since 2019, to $1,350. The nationwide median asking rent is $1,634. 

Rising rents and a shrinking share of affordable rentals are largely due to a supply-and-demand imbalance; there simply aren’t enough apartments to meet the demand. Columbus is a booming metro and is expected to grow by over 700,000 people by 2050, many of whom will be renters. This strain is amplified as large tech companies, like Intel and Google, move into the area, bringing an influx of wealth and workers but also putting pressure on housing and infrastructure. To help meet some demand, the city is working to update zoning codes to speed up housing development. 

This sharp dip in affordable rentals is troubling given a growing proportion of income insecure residents. When accounting for the entire Columbus renter population, nearly half are rent-burdened (spend more than 30% of their income on housing). Those living closest to the downtown core are the most rent-burdened, and Black renters are disproportionately impacted. Ohio has no rent control laws and few renter protections. 

Rent-controlled and subsidized homes are an option, but Columbus faces a shortage of 52,700 affordable homes. The gap between wages and housing costs has also worsened in recent years. 

What share of renters in Columbus actually pay less than $1,000/month?

Even though $1,000 listings are almost nonexistent, 40.4% of Columbus renters still pay less than $1,000 per month. This share is tied to the apartment unit and not an individual renter.

A higher share of Columbus residents pay less than $1,000 per month because many signed leases long ago when rents were much lower, or they live in subsidized (usually via Section 8) or public housing. Property owners do often raise rents for existing tenants, but those increases are typically smaller than the increases they institute when looking for a new tenant.

Unsurprisingly, the share of renters spending less than $1,000 on rent has dropped in the past decade, from 74.4% in 2012 to 40.4% today, underscoring how affordability in Columbus has worsened. 

The share of $1,000 rentals has declined nationwide

Nationwide, 7.5% of listings on the market cost less than $1,000. This is a 0.1 percentage point (ppts) increase from the same time last year, but well below the 10% share in September 2019. Why are $1,000 rentals becoming less common?

The primary reason is because rents have increased dramatically. Rents skyrocketed during the pandemic because of a moving frenzy, housing boom, and lack of new construction. They reached a record high of $1,700 in August 2022, with some metros seeing $700 increases over only a few months. 

Rents have since stopped rising and even declined in a few places over the past few months, but are still up nearly 21% from before the pandemic. This has massively strained lower-income renters. 

How many renters nationwide pay less than $1,000/month? 

Nationwide, 32.1% of renter households pay under $1,000 in monthly rent. This far outweighs the share of $1,000 listings, but is the lowest share on record. In comparison, 37% of renters paid less than $1,000 in 2022, and in 2012, the share was 50.4%. 

This gap exists largely because many renters signed their leases years ago when housing was more affordable. Many of these renters are also staying put because they can’t afford the typical apartment on the market today. Property owners do often raise rents for existing tenants, but these increases are usually smaller than the increases they apply when seeking a new tenant. 

Renters who are paying less than $1,000 a month are also more likely to have lived in their apartment for five years or longer.

Metro-level highlights

Around the country, there are 13 metros that have less than 1% of rentals listed for under $1,000, while 7 metros have fewer than 0.1%. The four metros with the lowest share of $1,000 rentals are New York (0.01%), Miami (0.02%), San Francisco (0.03%), and Washington, D.C. (0.03%). Median asking rents in these areas all top $2,000. 

At the other end of the spectrum, five metros have over 20% of rentals listed for under $1,000: New Orleans (27.2%), Memphis (26.7%), Cleveland (24.9%), Houston (24.3%), and St. Louis (22.2%). These places are all among the most affordable for renters in the country, with median rents around $400 below the national average. 

It’s worth noting that many of the most affordable metros have seen large rent increases lately – likely because low rents have fueled a rise in demand. The median asking rent in Cleveland, for example, rose 11.1% year over year in September – one of the largest jumps in the country. Louisville also saw a sizable increase. 

When looking at the share of renters paying less than $1,000, New Orleans tops the charts at 63.5%, with Cleveland (63.5%) and Louisville (57.6%) close behind. 

Two interesting metros are Phoenix and Las Vegas, which saw some of the largest year-over-year declines in the share of renters paying under $1,000. Phoenix dropped 15.7 ppts (28.1% to 12.4%), and Las Vegas fell 14.7 ppts (32.5% to 17.8%). Both cities surged in popularity during the pandemic, which drove up demand for housing and, in turn, rents.

$1,000 rentals: Complete metro-level data

Methodology

Based on a Redfin analysis of data from the U.S. Census Bureau, Redfin.com, and Rent.com. 

The data on the share of rental housing by price point and length of stay comes from the U.S. Census Bureau’s 2012-2023 American Community Surveys (ACS*) for units in apartment buildings with five or more units. 2020 data is excluded due to pandemic-related data collection issues. This data has been inflation-adjusted and represents 2023 dollars.

The data on the share of rental listings by price point comes from Redfin and Rent. and covers units in apartment buildings with five or more units. This data, which is based on asking rents, has been inflation-adjusted to reflect values in September 2024 dollars.

*ACS data was retrieved from IPUMS USA:

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0

The post Columbus, OH Has a Rapidly Falling Share of Rentals for Under $1,000  appeared first on Rent. Research.

In recent years, rising rental costs have pushed affordability further out of reach for many renters across the U.S., making finding a home for under $1,000 increasingly difficult. In fact, half of all renters now pay more than 30% of their income toward rent, underscoring the gap between market rates and wages. 

This trend is especially obvious in Riverside, CA, where just 0.14% of rentals on the market are listed for under $1,000. The nationwide average is 7.5%. 

So what’s happening in the rental market? Why does Riverside have so few rentals for under $1,000 per month? Let’s dive in to find out. 

In Riverside, there are almost zero apartment listings for under $1,000 

Riverside has the seventh-lowest share of rental listings below $1,000 in the country, at just 0.14% – a small increase from last year. Riverside has so few $1,000 rentals largely because of its high median asking rent, which currently sits at $2,325 – up over $600 since 2019. The nationwide median asking rent is $1,634. 

Riverside’s high rents are primarily due to a supply and demand imbalance. A majority of the Inland Empire population are now renters, and construction has not kept pace with demand. 

This trend is troubling given the higher proportion of lower-income renters, and it has put more pressure on the most vulnerable. When accounting for the entire Riverside County renter population, over 40% are rent-burdened (spend more than 30% of their income on housing), and nearly a third are severely rent-burdened (spend more than 50% of their income on housing). A Riverside County renter now needs to earn 2.3x the minimum wage to afford a typical apartment. 

Rent-controlled and subsidized homes are an option, but Riverside County faces a shortage of 113,722 affordable homes. California on the whole has a massive shortage of housing that began in the 1970’s – around 3-4 million statewide, or 20-30% of the housing stock. 

California does have renter protections, though, including rent control and eviction support. The region also recently adopted new housing policies to ease the housing crisis. 

What share of renters in Riverside actually pay less than $1,000/month?

Even though $1,000 listings are almost nonexistent, 21.7% of Riverside renters still pay less than $1,000 per month. This share is tied to the apartment unit and not an individual renter.

A higher share of Riverside residents pay less than $1,000 per month because many signed leases long ago when rents were much lower, or they live in subsidized (usually via Section 8) or public housing. Property owners do often raise rents for existing tenants, but those increases are typically smaller than the increases they institute when looking for a new tenant.

Unsurprisingly, the share of renters spending less than $1,000 on rent has dropped in the past decade, from 36.2% in 2012 to 21.7% today. However, this drop is relatively small compared to some other metros. In nearby Orlando, for example, nearly 50% of renters spent less than $1,000 on rent in 2012. Today, that figure has dropped to just 11%. 

The share of $1,000 rentals has declined nationwide

Nationwide, 7.5% of listings on the market cost less than $1,000. This is a 0.1 percentage point (ppts) increase from the same time last year, but well below the 10% share in September 2019. Why are $1,000 rentals becoming less common?

The primary reason is because rents have increased dramatically. Rents skyrocketed during the pandemic because of a moving frenzy, housing boom, and lack of new construction. They reached a record high of $1,700 in August 2022, with some metros seeing $700 increases over only a few months. 

Rents have since stopped rising and even declined in a few places over the past few months, but are still up nearly 21% from before the pandemic. This has massively strained lower-income renters. 

How many renters nationwide pay less than $1,000/month? 

Nationwide, 32.1% of renter households pay under $1,000 in monthly rent. This far outweighs the share of $1,000 listings, but is the lowest share on record. In comparison, 37% of renters paid less than $1,000 in 2022, and in 2012, the share was 50.4%. 

This gap exists largely because many renters signed their leases years ago when housing was more affordable. Many of these renters are also staying put because they can’t afford the typical apartment on the market today. Property owners do often raise rents for existing tenants, but these increases are usually smaller than the increases they apply when seeking a new tenant. 

Renters who are paying less than $1,000 a month are also more likely to have lived in their apartment for five years or longer.

Metro-level highlights

Around the country, there are 13 metros that have less than 1% of rentals listed for under $1,000, while 7 metros have fewer than 0.1%. The four metros with the lowest share of $1,000 rentals are New York (0.01%), Miami (0.02%), San Francisco (0.03%), and Washington, D.C. (0.03%). Median asking rents in these areas all top $2,000. 

At the other end of the spectrum, five metros have over 20% of rentals listed for under $1,000: New Orleans (27.2%), Memphis (26.7%), Cleveland (24.9%), Houston (24.3%), and St. Louis (22.2%). These places are all among the most affordable for renters in the country, with median rents around $400 below the national average. 

It’s worth noting that many of the most affordable metros have seen large rent increases lately – likely because low rents have fueled a rise in demand. The median asking rent in Cleveland, for example, rose 11.1% year over year in September – one of the largest jumps in the country. Louisville also saw a sizable increase. 

When looking at the share of renters paying less than $1,000, New Orleans tops the charts at 63.5%, with Cleveland (63.5%) and Louisville (57.6%) close behind. 

Two interesting metros are Phoenix and Las Vegas, which saw some of the largest year-over-year declines in the share of renters paying under $1,000. Phoenix dropped 15.7 ppts (28.1% to 12.4%), and Las Vegas fell 14.7 ppts (32.5% to 17.8%). Both cities surged in popularity during the pandemic, which drove up demand for housing and, in turn, rents.

$1,000 rentals: Complete metro-level data

Methodology

Based on a Redfin analysis of data from the U.S. Census Bureau, Redfin.com, and Rent.com. 

The data on the share of rental housing by price point and length of stay comes from the U.S. Census Bureau’s 2012-2023 American Community Surveys (ACS*) for units in apartment buildings with five or more units. 2020 data is excluded due to pandemic-related data collection issues. This data has been inflation-adjusted and represents 2023 dollars.

The data on the share of rental listings by price point comes from Redfin and Rent. and covers units in apartment buildings with five or more units. This data, which is based on asking rents, has been inflation-adjusted to reflect values in September 2024 dollars.

*ACS data was retrieved from IPUMS USA:

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0

The post Riverside, CA Has Virtually Zero Rentals Listed for Under $1,000 appeared first on Rent. Research.

In recent years, rising rental costs have pushed affordability further out of reach for many renters across the U.S., making finding a home for under $1,000 increasingly difficult. In fact, half of all renters now pay more than 30% of their income toward rent, underscoring the gap between market rates and wages. 

Cincinnati, OH bucks this trend; 16.6% of apartments on the market are listed for under $1,000. The nationwide average is 7.5%. But Cincinnati used to be much more affordable. 

So what’s happening in the rental market? Why does Cincinnati have a large share of rentals for under $1,000 per month, and why is the share dropping? Let’s dive in to find out. 

In Cincinnati, 16.6% of rentals are listed for under $1,000 

Cincinnati has the seventh-highest share of rental listings below $1,000 in the country, at 16.6% – a drop from 22.5% last year. However, Cincinnati still has a high share of $1,000 rentals largely because of its low asking rent, which currently sits at just $1,341. The nationwide median asking rent is $1,634. 

Even though Cincinnati has one of the lowest median rents in the nation, it’s worth noting that the metro has seen large increases lately – likely because lower rents have fueled demand. Rents have risen around $400 since 2019, and rose 7.3% year over year in September.

Rent increases, paired with a dwindling share of rentals listed for under $1,000, have had compounded effects on low-income residents. Primarily, many Cincinnati renters can’t afford to pay the median rent; 24.8% of residents live in poverty. Black and Hispanic residents are much more likely than white residents to be living in poverty and more likely to rent. Ohio also has no rent control laws. 

These factors help explain why nearly a quarter of renters are severely cost-burdened (spend more than 50% on housing). Cincinnati needs at least 49,000 additional affordable units to meet residents’ needs.

Low-income renters have the option to use Housing Choice Vouchers (aka Section 8), but it can be hard to find a building that accepts them, in part because there simply aren’t enough. There is also a budget shortfall heading into next year.

What share of renters in Cincinnati actually pay less than $1,000/month?

Even though nearly a quarter of listings are on the market for under $1,000, far more (54.9%) Cincinnati renters pay less than $1,000 per month. This share is tied to the apartment unit and not an individual renter.

A much higher share of renters pay less than $1,000 per month because many signed leases long ago when rents were much lower. Unsurprisingly, this share has decreased in the past decade, from 80% in 2012 to 54.9% today. Steadily rising rents are the primary culprit behind the drop.

However, this drop is relatively small compared to some other metros. In nearby Orlando, for example, nearly 50% of renters spent less than $1,000 on rent in 2012. Today, that figure has dropped to just 11%. 

The share of $1,000 rentals has declined nationwide

Nationwide, 7.5% of listings on the market cost less than $1,000. This is a 0.1 percentage point (ppts) increase from the same time last year, but well below the 10% share in September 2019. Why are $1,000 rentals becoming less common?

The primary reason is because rents have increased dramatically. Rents skyrocketed during the pandemic because of a moving frenzy, housing boom, and lack of new construction. They reached a record high of $1,700 in August 2022, with some metros seeing $700 increases over only a few months. 

Rents have since stopped rising and even declined in a few places over the past few months, but are still up nearly 21% from before the pandemic. This has massively strained lower-income renters. 

How many renters nationwide pay less than $1,000/month? 

Nationwide, 32.1% of renter households pay under $1,000 in monthly rent. This far outweighs the share of $1,000 listings, but is the lowest share on record. In comparison, 37% of renters paid less than $1,000 in 2022, and in 2012, the share was 50.4%. 

This gap exists largely because many renters signed their leases years ago when housing was more affordable. Many of these renters are also staying put because they can’t afford the typical apartment on the market today. Property owners do often raise rents for existing tenants, but these increases are usually smaller than the increases they apply when seeking a new tenant. 

Renters who are paying less than $1,000 a month are also more likely to have lived in their apartment for five years or longer.

Metro-level highlights

Around the country, there are 13 metros that have less than 1% of rentals listed for under $1,000, while 7 metros have fewer than 0.1%. The four metros with the lowest share of $1,000 rentals are New York (0.01%), Miami (0.02%), San Francisco (0.03%), and Washington, D.C. (0.03%). Median asking rents in these areas all top $2,000. 

At the other end of the spectrum, five metros have over 20% of rentals listed for under $1,000: New Orleans (27.2%), Memphis (26.7%), Cleveland (24.9%), Houston (24.3%), and St. Louis (22.2%). These places are all among the most affordable for renters in the country, with median rents around $400 below the national average. 

It’s worth noting that many of the most affordable metros have seen large rent increases lately – likely because low rents have fueled a rise in demand. The median asking rent in Cleveland, for example, rose 11.1% year over year in September – one of the largest jumps in the country. Louisville also saw a sizable increase. 

When looking at the share of renters paying less than $1,000, New Orleans tops the charts at 63.5%, with Cleveland (63.5%) and Louisville (57.6%) close behind. 

Two interesting metros are Phoenix and Las Vegas, which saw some of the largest year-over-year declines in the share of renters paying under $1,000. Phoenix dropped 15.7 ppts (28.1% to 12.4%), and Las Vegas fell 14.7 ppts (32.5% to 17.8%). Both cities surged in popularity during the pandemic, which drove up demand for housing and, in turn, rents.

$1,000 rentals: Complete metro-level data

Methodology

Based on a Redfin analysis of data from the U.S. Census Bureau, Redfin.com, and Rent.com. 

The data on the share of rental housing by price point and length of stay comes from the U.S. Census Bureau’s 2012-2023 American Community Surveys (ACS*) for units in apartment buildings with five or more units. 2020 data is excluded due to pandemic-related data collection issues. This data has been inflation-adjusted and represents 2023 dollars.

The data on the share of rental listings by price point comes from Redfin and Rent. and covers units in apartment buildings with five or more units. This data, which is based on asking rents, has been inflation-adjusted to reflect values in September 2024 dollars.

*ACS data was retrieved from IPUMS USA:

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0

The post Cincinnati Has a Rapidly Falling Share of Rentals for Under $1,000  appeared first on Rent. Research.