The landscape of U.S. real estate is very diverse across many states and major metropolitan areas. Average rent prices across these different locales is a rental real estate data point that helps real estate investors understand how rent prices vary from market-to-market across the U.S. Our in-depth analysis offers a comprehensive look at the average costs of residential rentals across the United States, providing key insights into this year’s market trends.
Average Rent Price US 2024
$1,411*
Average Rent Price US 2023
$1,274*
Year Over Year % Change
10.75%*
*Based on average of Fair Market Rents (FMRs) for 0-4 bedroom residential rental units throughout the United States, excluding Puerto Rico.
Average Rent in Largest US Cities 2024
| City | Population | Average Rent1 |
|---|---|---|
| New York, NY | 8,300,000 | $3,6482 |
| Los Angeles, CA | 3,800,000 | $2,0693 |
| Chicago, IL | 2,700,000 | $1,7524 |
| Houston, TX | 2,300,000 | $1,1465 |
| Phoenix, AZ | 1,625,000 | $1,3016 |
| Philadelphia, PA | 1,585,000 | $1,6417 |
| San Antonio, TX | 1,550,000 | $1,0788 |
| San Diego, CA | 1,425,000 | $2,2289 |
| Dallas, TX | 1,345,000 | $1,35410 |
| San Jose, CA | 1,000,000 | $2,43911 |
Average Rent Prices by US State 2024
Analyzing U.S. rent prices by each state is an important aspect of market research that can unveils rental economic trends. With this information, real estate investors can better identify investment opportunities and understand market dynamics. Click on a State below to see its fair market residential rent price breakdown:
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Methodology
Areas with insufficient inventory or populations less than 50,000 were excluded from this analysis. Averages are based on the combined average of 0-4 bedroom residential rental properties throughout the United States excluding Puerto Rico.
Data
Average rent prices in the US are based on aggregated data from one and/or several sources noted below:
Disclaimer
The information included is used for illustrative purposes only. The data contained herein does not constitute financial, legal, or any material advice. Data is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals before making any material decisions.