How much rent can get you across the country has changed dramatically after rental rates soared in the last few years. The pandemic ushered in an era of remote working, which allowed people to reconsider where they call home. Many moved to locations with more favorable weather or a lower cost of living.
The rental market showed some small signs of cooling in December, when typical rents in the U.S. settled in at $1,957, according to the most recent Zillow Observed Rental Index (ZORI). That’s a slight (0.2%) dip from the previous month. However, rents are still up 3.3% from a year ago.
With the shifting dynamics in rental prices, here’s a look at how rents stack up across the country today. Since no two rental markets are the same, this gives readers a glimpse at how much rent can get you in different regions.
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What Rent Costs in Each Region
“In 2021, rents were up by 18% nationally, on average, which is staggering,” Chris Salviati, senior housing economist at Apartment List. “There has been a lot of shifting dynamics since then. Growth has slowed a bit lately and the gap between the most expensive markets and what had previously been the more affordable ones has narrowed.”
A December 2023 report by Zumper, a privately owned rental platform that links landlords and renters, found the median rent for a one-bedroom and two-bedroom rental was $1,499 and $1,856, respectively.
Here’s a look at high and low rent prices Zumper found in the four U.S. regions. However, since housing markets are driven by supply and demand, this median price may not represent your local market.
| Region | Southeast | Northeast | Midwest | West |
| High-cost market | Charleston, South Carolina $2,000 1BR/$2,360 2BR | New York City $4,300 1BR/$5,000 2BR | Chicago $2,030 1BR/$2,620 2BR | San Francisco $2,970 1BR/$3,980 2BR |
| Midrange market | Tampa, Florida $1,600 1BR/$1,900 2BR | Boston $2,990 1BR/ $3,500 2BR | Minneapolis $1,410 1BR/$2,040 2BR | Seattle $1,930 1BR/ $2,650 2BR |
| Low-cost market | San Antonio, $1,050 1BR/$1,360 2BR | Pittsburgh $1,250 1BR/ $1,470 2BR | Cincinnati $980 1BR/$1,400 2BR | Reno, Nevada $1,300 1BR/ $1,610 2BR |
Housing markets are extremely localized. How much rent costs depends on how many units are available for rent and how many people want to rent there.
This is why cities with high demand and not enough homes, like New York City and San Francisco, have been among the most expensive markets to rent for years. Supply and demand are so localized that even different ZIP codes can impact how much you pay in rent.
The Cheapest Markets to Rent
Even with a large influx of residents moving toward the center of the country in recent years, the Midwest remains one of the most affordable places to own and rent homes. According to Zumper’s latest data, the cheapest rental markets currently are:
— Wichita, Kansas: $680 (1 bedroom)/$860 (2 bedroom)
— Shreveport, Louisiana: $750 (1 bedroom)/$870 (2 bedroom)
— Akron, Ohio: $760 (1 bedroom)/$880 (2 bedroom)
— Lincoln, Nebraska: $800 (1 bedroom)/$1,070 (2 bedroom)
— El Paso, Texas: $830 (1 bedroom)/$1,110 (2 bedroom)
“Midwestern cities have a more affordable cost of living. Many of these markets have more modest demand, are often more rural and tend to be more spread out with a wider variety of housing options for renters,” says Crystal Chen, senior PR manager for Zumper.
Right now, the Midwest is one of the only regions seeing rents hold steady, according to data from Apartmentlist.com and Zumper. Cities like Indianapolis, Oklahoma City and Milwaukee are seeing small but positive upticks in rental rates, while previously red-hot markets like Miami, Tucson, Tampa and Boston are retreating.
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The Most Expensive Markets to Rent
Big cities remain some of the most expensive markets for renters. This is largely driven by job opportunities and limited housing supply. Normally cities in the Northeast and West Coast dominated the high-cost metro markets, but several places across the southern part of the country, a region referred to as the Sunbelt, have seen rents climb rapidly.
According to Zumper’s latest data, the most expensive rental markets currently are:
— New York $4,300 (1 bedroom)/$5,000 (2 bedroom)
— Jersey City, New Jersey $3,090 (1 bedroom)/$3,950 (2 bedroom)
— Boston $2,990 (1 bedroom)/$3,500 (2 bedroom)
— San Francisco $2,970 (1 bedroom)/$3,980 (2 bedroom)
— Miami $2,600 (1 bedroom)/$3,500 (2 bedroom)
“New York City is the most expensive city by a long shot,” Chen says. “It outpaced San Francisco by more than $1,000, and the next most expensive city is a suburb of greater NYC. It’s notoriously undersupplied and remains an incredibly popular place to live. We don’t see that changing this year.”
Of the top 10 most expensive rental markets, California claimed four spots in Zumper’s list, making it one of the most expensive states in the country to rent property. Other major cities like Washington, D.C., and its suburb, Arlington, Virginia, held spots in the most expensive places to rent, too.
[Read: Is It Better to Rent or Buy a House?]
2024 Rent Predictions
For the majority of the country, rents are dropping. December 2023 was the third month of consecutive declines in U.S. asking rents and it’s expected to keep falling. The construction boom in multifamily housing, particularly in undersupplied markets like the Sunbelt, is leaving the U.S. with more housing than demand, according to Redfin’s December rental report.
Rents dropped in the South and the West, but continued climbing in the Midwest and Northeast, Redfin’s report shows. The median asking rent in the Midwest rose 3.7% year over year. Rents also rose in the Northeast, climbing 1.7%. Meanwhile, rents fell 1% year over year in the South, and declined 0.6% in the West.
The Midwest is expected to hold steady, still seeing a positive uptick in rental demand and growth. Highly in-demand cities like San Diego and New York City are also expected to remain strong.
“I think this year will be a great year for renters,” Chen says. “Those moving in the next three to six months will have more bargaining power than at any time in recent memory because of the new supply hitting the market across the U.S. If an amenity-rich apartment was previously out of reach, now would be a good time to revisit it because there are a lot more buildings offering concessions and lower rates.”
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Here?s What Rent Costs Around the U.S. originally appeared on usnews.com
