The average monthly rent for all apartment types in the United States rose substantially in 2021. In 2023, rents began to soften, with November 2023 seeing a monthly rent for a two-bedroom apartment amounting to 1,317 U.S. dollars, down from 1,331 U.S. dollars a year ago.
Where are the most expensive apartments in the U.S.?
Apartment rents vary widely from state to state. To afford a two-bedroom apartment in California, for example, a renter needed to earn an average hourly wage of nearly 42 U.S. dollars, which was approximately double the average wage in North Carolina and three times as much as the average wage in Arkansas. In fact, rental costs were considerably higher than the hourly minimum wage in all U.S. states.
How did rents change in different states in the U.S.?
In 2023, some of the most expensive states to rent an apartment saw prices drop. Nevertheless, rental prices increased in most states as of October 2023. In North Dakota, the annual rental growth reached 10 percent.
