Average Rent by Year [1940-2023 ]: Historical Rental Rates (2024)

Last Updated: November 6, 2022

Highlights. Average rent prices have increased 8.85% per year since 1980, consistently outpacing wage inflation by a significant margin; 2021 was an exceptionally volatile year for the market, which appears to continue in 2022.

According to some measurements, the national average rent increased over 18% year-over-year (YoY) from the first quarter of 2021 to the first quarter of 2022.
The nationwide average monthly rent in August 2022 was $1,388.
The median rent in July 2022 was $1,879 for the 50 largest Metropolitan areas in the U.S.
77.9% of renters pay rent in full and on time.
45.0% is their average rent-to-income ratio.

Median Monthly Rent Nationwide Since 1940, Selected Years
Year	Median Monthly Rent	Average Annual Change
2023	$1,180 (FMR)	+8.96%
2022	$1,083 (FMR)	-9.07%
2021	$1,191	+8.67%
2020	$1,096	+3.20%
2019	$1,062	+3.81%
2018	$1,023	+4.18%
2017	$982	+3.44%
2016	$949	+2.26%
2015	$928	+0.87%
2014	$920	+1.77%
2013	$904	+1.69%
2012	$889	+2.07%
2011	$871	+3.57%
2010	$841	+7.84%
2005	$604	+0.07%
2000	$602	-1.62%
1995	$655	+9.31%
1990	$447	+0.69%
1985	$432	+15.6%
1980	$243	+3.03%
1975	$211	+19.1%
1970	$108	+5.21%
1960	$71	+6.90%
1950	$42	+5.56%
1940	$27	N/A

Average Rent by Year

The U.S. Department of Housing and Urban Development (HUD) defines Fair Market Rent (FMR). The FMR is not the price the average renter pays, however.

The projected FMR for 2023 is $1,180.
As of mid-year 2022, monthly rent averaged $1,388 nationwide; the median rent is $1,083.
As of July 2022, the 50 largest metro areas have a median rent of $1,879.
From 2010 to 2020, 2011 had the largest YoY rate of rental inflation at 643.5%.
In the 21^stCentury, the median rent increases at an annual rate of 3.15%.
Throughout 2020, the average rent increased despite massive job losses early on in the pandemic and a continued high unemployment rate.
Currency values increase at an annual rate of 2.5%; the rent inflation averages 3.2%.
Within the last 50 years, 1980 had the largest YoY rent increase (11.98%), while 2010 had the smallest YoY decrease (0.25%).
YoY rent changes have not fallen to a negative rate since 1934.
1933 saw the all-time largest YoY rent decrease at -13.48%.
1920 had the all-time largest YoY rent increase at 18.42%.

Average Annual Rent Since 2005
Year	Average Annual Rent
2021	$20.28/ft²	$17,887
2020	$18.89/ft²	$16,661
2019	$18.77/ft²	$16,555
2018	$17.99/ft²	$15,867
2017	$17.25/ft²	$15,215
2016	$16.65/ft²	$14,685
2015	$15.91/ft²	$14,033
2014	$14.99/ft²	$13,221
2013	$14.33/ft²	$12,639
2012	$13.83/ft²	$12,198
2011	$13.39/ft²	$11,810
2010	$12.84/ft²	$11,325
2009	$12.75/ft²	$11,246
2008	$13.33/ft²	$11,757
2007	$13.17/ft²	$11,616
2006	$12.77/ft²	$11,263
2005	$12.16/ft²	$10,725

Rent vs. Income by Year

Housing and amenities have changed so much over decades that it makes gauging rental inflation difficult. The rent-to-income ratio, however, indicates rent prices are rising faster than renter incomes.

The median wage among full-time workers nationwide is $1,045 per week or $50,160 annually* before taxes.
The average renter spends 45.0% of their income on rent.
Among female wage earners, the average rent is 49.8% of individual income.
In 2012, 22.85% was the average rent as a percentage of household income.
That’s a 24.25% increase in the rent-to-income rate in 8 years – an average annual growth rate of 9.69%.
The value of the average wage increases at an annual rate of 3.12%.
Rent prices increase 1.94% faster than wages.

*This figure assumes a standard annual 2-week leave.

Year	Rent Inflation	Wage Inflation
2022	4.48%	5.91%
2021	2.25%	4.56%
2020	3.12%	2.87%
2019	3.71%	3.83%
2018	3.62%	3.62%
2017	3.81%	3.45%
2016	3.77%	1.13%
2015	3.57%	3.48%
2014	3.15%	3.55%
2013	2.83%	1.28%
2012	2.65%	3.12%
2011	1.71%	3.13%
2010	0.23%	2.32%
2009	2.28%	-1.51%
2008	3.66%	2.30%
2007	4.26%	4.54%
2006	3.57%	4.60%
2005	2.99%	3.66%
2004	2.68%	4.65%
2003	2.93%	2.45%
2002	3.93%	1.00%
2001	4.45%	2.39%
2000	3.63%	5.53%

Rent by State & Year

Southern states historically have the lowest rental rates. Alaska and Hawaii have had the highest rates since they became states in the mid-20^th Century.

Arkansas has the lowest FMR among states at $738 for a 2-bedroom unit.
Among states and territories, Puerto Rico has the lowest FMR at $487 or 34% lower than the FMR in Arkansas.
Hawaii has the highest FMR for a 2-bedroom at $2,015.
In 1980, Mississippi had the lowest average rent, whereas in 2000, West Virginia had the lowest rents available.
Hawaii also had the highest rents in 2000, but in 1980, Alaska’s rents were the highest nationwide.
Going back to 1940, Mississippi had the lowest rents and the District of Columbia had the highest rents available.

Rent by Year in Alabama

The average rent by year in Alabama increases at a rate on par with the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Alabama was $774, up 73.15% from 2000.
After adjusting for inflation, the median rent in Alabama increased by 1.47% from 2000 to 2021.
From 1940 to 2021, rent in Alabama increased at an annual rate of 87.35%.
After adjusting for inflation, rent in Alabama increased at an annual rate of 4.80% from 1940 to 2021.

Decades of Rent in Alabama
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$12	$184
1950	$25	$306
1960	$45	$424
1970	$69	$541
1980	$188	$848
1990	$325	$857
2000	$447	$887
2020	$811	$866
2021	$861	$900
2022	$829 (FMR)

Rent by Year in Alaska

The average rent by year in Alaska increases much slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Alaska was $1,234, up 71.39% from 2000.
After adjusting for inflation, the median rent in Alaska increased by 7.91% from 2000 to 2021.
Data before 1960 is unavailable; from 1960 to 2021, rent in Alaska increased at an annual rate of 14.74%.
After adjusting for inflation, rent in Alaska increased at an annual rate of 0.18% from 1960 to 2020.

Decades of Rent in Alaska
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1960	$126	$1,186
1970	$189	$1,482
1980	$368	$1,659
1990	$559	$1,473
2000	$720	$1,428
2020	$1,240	$1,325
2021	$1,259	$1,315
2022	$1,313 (FMR)

Rent by Year in Arizona

The average rent by year in Arizona increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Arizona was $1,040, up 68.01% from 2000.
After adjusting for inflation, the median rent in Arizona increased by 6.60% from 2000 to 2021.
From 1940 to 2000, rent in Arizona increased at an annual rate of 84.71%.
After adjusting for inflation, rent in Arizona increased at an annual rate of 4.62% from 1940 to 2021.

Decades of Rent in Arizona
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$18	$276
1950	$37	$454
1960	$69	$650
1970	$109	$855
1980	$264	$1,190
1990	$438	$1,154
2000	$619	$1,172
2020	$1,097	$1,172
2021	$1,253	$1,309
2022	$1,126 (FMR)

Rent by Year in Arkansas

The average rent by year in Arkansas increases much slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Arkansas was $698, up 54.08% from 2000.
After adjusting for inflation, median rent in Arkansas decreased 4.57% from 2000 to 2021.
From 1940 to 2021, rent in Arkansas increased at an annual rate of 83.13%.
After adjusting for inflation, rent in Arkansas increased at an annual rate of 4.52% from 1940 to 2020.

Decades of Rent in Arkansas
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$12	$184
1950	$28	$343
1960	$47	$443
1970	$71	$557
1980	$185	$834
1990	$328	$864
2000	$453	$898
2020	$760	$812
2021	$820	$857
2022	$752 (FMR)

Rent by Year in California

The average rent by year in California increases faster than any other state (excluding the District of Columbia).

Decades of Rent in California
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$27	$415
1950	$42	$515
1960	$79	$744
1970	$126	$988
1980	$283	$1,276
1990	$620	$1,634
2000	$747	$1,482
2020	$1,586	$1,694
2021	$1,750	$1,828
2022	$1,677 (FMR)

Rent by Year in Colorado

The average rent by year in Colorado increases much faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Colorado was $1,201, up 78.99% from 2000.
After adjusting for inflation, median rent in Colorado increased 17.05% from 2000 to 2021.
From 1940 to 2021, rent in Colorado increased at an annual rate of 82.44%.
After adjusting for inflation, rent in Colorado increased at an annual rate of 4.46% from 1940 to 2021.

Decades of Rent in Colorado
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$22	$338
1950	$39	$478
1960	$72	$678
1970	$110	$863
1980	$252	$1,136
1990	$418	$1,102
2000	$671	$1,331
2020	$1,335	$1,426
2021	$1,491	$1,558
2022	$1,304 (FMR)

Rent by Year in Connecticut

The average rent by year in Connecticut increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Connecticut was $1,366, up 100.59% from 2000.
After adjusting for inflation, median rent in Connecticut decreased 1.26% from 2000 to 2021.
From 1940 to 2021, rent in Connecticut increased at an annual rate of 45.13%.
After adjusting for inflation, rent in Connecticut increased at an annual rate of 1.92% from 1940 to 2021.

Decades of Rent in Connecticut
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$34	$522
1950	$45	$552
1960	$77	$725
1970	$127	$996
1980	$260	$1,172
1990	$598	$1,576
2000	$681	$1,351
2020	$1,201	$1,283
2021	$1,277	$1,334
2022	$1,428 (FMR)

Rent by Year in Delaware

The average rent by year in Delaware increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Delaware was $1,088, up 70.27% from 2000.
After adjusting for inflation, median rent in Delaware decreased 0.39% from 2000 to 2021.
From 1940 to 2021, rent in Delaware increased at an annual rate of 48.48%.
After adjusting for inflation, rent in Delaware increased at an annual rate of 2.15% from 1940 to 2021.

Decades of Rent in Delaware
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$30	$461
1950	$46	$564
1960	$77	$725
1970	$111	$871
1980	$247	$1,113
1990	$495	$1,305
2000	$639	$1,267
2020	$1,150	$1,228
2021	$1,208	$1,262
2022	$1,179 (FMR)

Rent by Year in District of Columbia

The average rent by year in the District of Columbia increases faster than any state or territory.

The 2022 FMR for a 2-bedroom apartment in D.C. was $1,785, up 188.83% from 2000.
After adjusting for inflation, median rent in D.C. increased 42.17% from 2000 to 2021.
From 1940 to 2021, rent in D.C. increased at an annual rate of 44.53%.
After adjusting for inflation, rent in D.C. increased at an annual rate of 1.88% from 1940 to 2021.

Decades of Rent in D.C.
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$45	$691
1950	$57	$699
1960	$81	$763
1970	$119	$934
1980	$224	$1,010
1990	$479	$1,262
2000	$618	$1,226
2020	$1,607	$1,717
2021	$1,668	$1,743
2022	$1,973 (FMR)

Rent by Year in Florida

The average rent by year in Florida increases faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Florida was $1,074, up 67.55% from 2021.
After adjusting for inflation, median rent in Florida increased 10.78% from 2000 to 2021.
From 1940 to 2021, rent in Florida increased at an annual rate of 102.78%.
After adjusting for inflation, rent in Florida increased at an annual rate of 5.83% from 1940 to 2021.

Decades of Rent in Florida
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$16	$246
1950	$39	$478
1960	$71	$669
1970	$112	$879
1980	$255	$1,150
1990	$481	$1,268
2000	$641	$1,271
2020	$1,218	$1,301
2021	$1,348	$1,408
2022	$1,174 (FMR)

Rent by Year in Georgia

The average rent by year in Georgia increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Georgia was $853, up 39.15% from 2000.
After adjusting for inflation, median rent in Georgia decreased 0.90% from 2000 to 2021.
From 1940 to 2021, rent in Georgia increased at an annual rate of 108.26%.
After adjusting for inflation, rent in Georgia increased at an annual rate of 6.20% from 1940 to 2021.

Decades of Rent in Georgia
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$13	$200
1950	$27	$331
1960	$51	$480
1970	$86	$675
1980	$211	$951
1990	$433	$1,141
2000	$613	$1,216
2020	$1,042	$1,113
2021	$1,153	$1,205
2022	$933 (FMR)

Rent by Year in Hawaii

The average rent by year in Hawaii increases much faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Hawaii was $1,888, up 142.36% from 2000.
After adjusting for inflation, median rent in Hawaii increased 18.01% from 2000 to 2021.
Data before 1960 is unavailable; from 1960 to 2021, rent in Hawaii increased at an annual rate of 38.75%.
After adjusting for inflation, rent in Hawaii increased at an annual rate of 2.80% from 1960 to 2021.

Decades of Rent in Hawaii
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1960	$72	$678
1970	$132	$1,035
1980	$311	$1,402
1990	$650	$1,713
2000	$779	$1,555
2020	$1,651	$1,764
2021	$1,774	$1,835
2022	$2,036 (FMR)

Rent by Year in Idaho

The average rent by year in Idaho increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Idaho was $877, up 70.29% from 2000.
After adjusting for inflation, median rent in Idaho increased 28.21% from 2000 to 2021.
From 1940 to 2021, rent in Idaho increased at an annual rate of 72.43%.
After adjusting for inflation, rent in Idaho increased at an annual rate of 3.78% from 1940 to 2021.

Decades of Rent in Idaho
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$21	$322
1950	$44	$539
1960	$65	$612
1970	$92	$722
1980	$218	$983
1990	$330	$870
2000	$515	$1,021
2020	$1,097	$1,172
2021	$1,253	$1,309
2022	$974 (FMR)

Rent by Year in Illinois

The average rent by year in Illinois increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Illinois was $829, up 37.02% from 2000.
After adjusting for inflation, median rent in Illinois decreased 3.67% from 2000 to 2021.
From 1940 to 2021, rent in Illinois increased at an annual rate of 40.14%.
After adjusting for inflation, rent in Illinois increased at an annual rate of 1.58% from 1940 to 2021.

Decades of Rent in Illinois
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$33	$507
1950	$47	$576
1960	$85	$800
1970	$124	$973
1980	$246	$1,109
1990	$445	$1,173
2000	$605	$1,200
2020	$1,038	$1,109
2021	$1,106	$1,156
2022	$876 (FMR)

Rent by Year in Indiana

The average rent by year in Indiana increases much slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Indiana was $814, up 56.24% from 2000.
After adjusting for inflation, median rent in Indiana decreased 8.42% from 2000 to 2021.
From 1940 to 2021, rent in Indiana increased at an annual rate of 45.32%.
After adjusting for inflation, rent in Indiana increased at an annual rate of 1.93% from 1940 to 2021.

Decades of Rent in Indiana
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$24	$369
1950	$42	$515
1960	$70	$659
1970	$105	$824
1980	$218	$983
1990	$374	$986
2000	$521	$1,033
2020	$844	$902
2021	$905	$946
2022	$862 (FMR)

Rent by Year in Iowa

The average rent by year in Iowa increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Iowa was $788, up 67.66% from 2000.
After adjusting for inflation, median rent in Iowa increased 5.04% from 2000 to 2021.
From 1940 to 2021, rent in Iowa increased at an annual rate of 44.23%.
After adjusting for inflation, rent in Iowa increased at an annual rate of 1.86% from 1940 to 2021.

Decades of Rent in Iowa
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$23	$353
1950	$43	$527
1960	$68	$640
1970	$99	$777
1980	$226	$1,019
1990	$336	$886
2000	$470	$932
2020	$806	$861
2021	$847	$885
2022	$832 (FMR)

Rent by Year in Kansas

The average rent by year in Kansas increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Kansas was $779, up 56.43% from 2000.
After adjusting for inflation, the median rent in Kansas decreased 4.45% from 2000 to 2021.
From 1940 to 2021, rent in Kansas increased at an annual rate of 57.50%.
After adjusting for inflation, rent in Kansas increased at an annual rate of 2.76% from 1940 to 2021.

Decades of Rent in Kansas
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$19	$292
1950	$38	$466
1960	$66	$621
1970	$94	$737
1980	$218	$983
1990	$372	$980
2000	$498	$988
2020	$863	$922
2021	$904	$944
2022	$828 (FMR)

Rent by Year in Kentucky

The average rent by year in Kentucky increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Kentucky was $747, up 67.87% from 2000.
After adjusting for inflation, the median rent in Kentucky decreased 1.81% from 2000 to 2020.
From 1940 to 2021, rent in Kentucky increased at an annual rate of 62.81%.
After adjusting for inflation, rent in Kentucky increased at an annual rate of 3.12% from 1940 to 2021.

Decades of Rent in Kentucky
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$16	$246
1950	$31	$380
1960	$55	$518
1970	$83	$651
1980	$198	$893
1990	$319	$841
2000	$445	$883
2020	$783	$836
2021	$830	$867
2022	$795 (FMR)

Rent by Year in Louisiana

The average rent by year in Louisiana increases slightly faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Louisiana was $823, up 76.61% from 2000.
After adjusting for inflation, the median rent in Louisiana increased 4.54% from 2000 to 2021.
From 1940 to 2021, rent in Louisiana increased at an annual rate of 74.81%.
After adjusting for inflation, rent in Louisiana increased at an annual rate of 3.95% from 1940 to 2021.

Decades of Rent in Louisiana
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$15	$230
1950	$27	$331
1960	$53	$499
1970	$81	$635
1980	$214	$965
1990	$352	$928
2000	$466	$924
2020	$876	$936
2021	$924	$966
2022	$882 (FMR)

Rent by Year in Maine

The average rent by year in Maine increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Maine was $963, up 93.76% from 2000.
After adjusting for inflation, median rent in Maine decreased 0.10% from 2000 to 2021.
From 1940 to 2021, rent in Maine increased at an annual rate of 45.43%.
After adjusting for inflation, rent in Maine increased at an annual rate of 1.94% from 1940 to 2021.

Decades of Rent in Maine
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$25	$384
1950	$41	$503
1960	$64	$603
1970	$90	$706
1980	$216	$974
1990	$419	$1,104
2000	$497	$986
2020	$873	$933
2021	$945	$987
2020	$1,020 (FMR)

Rent by Year in Maryland

The annual rent in Maryland increases faster than the national average rent inflation rate.

Decades of Rent in Maryland
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$27	$415
1950	$46	$564
1960	$78	$734
1970	$127	$996
1980	$266	$1,199
1990	$548	$1,444
2000	$689	$1,366
2020	$1,415	$1,512
2021	$1,473	$1,539
2022	$1,391 (FMR)

Rent by Year in Massachusetts

The average rent by year in Massachusetts increases faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Massachusetts was $1,715, up 150.73% from 2000.
After adjusting for inflation, the median rent in Massachusetts increased by 14.52% from 2000 to 2021.
From 1940 to 2021, rent in Massachusetts increased at an annual rate of 52.76%.
After adjusting for inflation, rent in Massachusetts increased at an annual rate of 2.44% from 1940 to 2021.

Decades of Rent in Massachusetts
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$34	$522
1950	$47	$576
1960	$75	$706
1970	$117	$918
1980	$255	$1,150
1990	$580	$1,529
2000	$684	$1,357
2020	$1,336	$1,427
2021	$1,487	$1,554
2022	$1,770 (FMR)

Rent by Year in Michigan

The average rent by year in Michigan increases much slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Michigan was $836, up 53.11% from 2000.
After adjusting for inflation, the median rent in Michigan decreased by 6.56% from 2000 to 2021.
From 1940 to 2021, rent in Michigan increased at an annual rate of 35.02%.
After adjusting for inflation, rent in Michigan increased at an annual rate of 1.23% from 1940 to 2021.

Decades of Rent in Michigan
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$33	$507
1950	$47	$576
1960	$77	$725
1970	$115	$902
1980	$250	$1,127
1990	$423	$1,115
2000	$546	$1,083
2020	$892	$953
2021	$969	$1,012
2022	$879 (FMR)

Rent by Year in Minnesota

The average rent by year in Minnesota increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Minnesota was $884, up 56.18% from 2000.
After adjusting for inflation, the median rent in Minnesota increased by 3.56% from 2000 to 2021.
From 1940 to 2021, rent in Minnesota increased at an annual rate of 47.84%.
After adjusting for inflation, rent in Minnesota increased at an annual rate of 2.10% from 1940 to 2021.

Decades of Rent in Minnesota
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$28	$430
1950	$43	$527
1960	$72	$678
1970	$117	$918
1980	$236	$1,064
1990	$422	$1,112
2000	$566	$1,123
2020	$1,010	$1,079
2021	1,113	$1,163
2022	951 (FMR)

Rent by Year in Mississippi

The annual rent in Mississippi increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Mississippi was $749, up 70.62% from 2000.
After adjusting for inflation, the median rent in Mississippi increased by 0.34% from 2000 to 2021.
From 1940 to 2021, rent in Mississippi increased at an annual rate of 92.03%.
After adjusting for inflation, rent in Mississippi increased at an annual rate of 5.11% from 1940 to 2021.

Decades of Rent in Mississippi
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$11	$169
1950	$25	$307
1960	$43	$405
1970	$65	$510
1980	$180	$811
1990	$309	$814
2000	$439	$871
2020	$789	$843
2021	$831	$868
2022	$800 (FMR)

Rent by Year in Missouri

The average rent by year in Missouri increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Missouri was $750, up 54.96% from 2000.
After adjusting for inflation, the median rent in Missouri decreased 3.96% from 2000 to 2021.
From 1940 to 2021, rent in Missouri increased at an annual rate of 48.26%.
After adjusting for inflation, rent in Missouri increased at an annual rate of 2.13% from 1940 to 2021.

Decades of Rent in Missouri
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$22	$338
1950	$36	$441
1960	$65	$612
1970	$96	$753
1980	$211	$951
1990	$368	$970
2000	$484	$960
2020	$843	$900
2021	$882	$922
2022	$803 (FMR)

Rent by Year in Montana

The average rent by year in Montana increases slightly faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Montana was $819, up 83.22% from 2000.
After adjusting for inflation, the median rent in Montana increased by 4.06% from 2000 to 2021.
From 1940 to 2021, rent in Montana increased at an annual rate of 46.16%.
After adjusting for inflation, rent in Montana increased at an annual rate of 1.99% from 1940 to 2021.

Decades of Rent in Montana
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$23	$353
1950	$41	$503
1960	$66	$621
1970	$89	$698
1980	$200	$902
1990	$311	$820
2000	$447	$887
2020	$836	$893
2021	$883	$923
2022	$885 (FMR)

Rent by Year in Nebraska

The average rent by year in Nebraska increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Nebraska was $779, up 58.66% from 2000.
After adjusting for inflation, the median rent in Nebraska decreased by 2.16% from 2000 to 2021.
From 1940 to 2021, rent in Nebraska increased at an annual rate of 49.94%.
After adjusting for inflation, rent in Nebraska increased at an annual rate of 2.25% from 1940 to 2021.

Decades of Rent in Nebraska
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$22	$338
1950	$43	$527
1960	$67	$631
1970	$95	$745
1980	$213	$960
1990	$348	$917
2000	$491	$974
2020	$857	$915
2021	$912	$953
2022	$809 (FMR)

Rent by Year in Nevada

The average rent by year in Nevada increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Nevada was $1,068, up 52.79% from 2000.
After adjusting for inflation, the median rent in Nevada increased by 5.55% from 2000 to 2021.
From 1940 to 2021, rent in Nevada increased at an annual rate of 61.02%.
After adjusting for inflation, rent in Nevada increased at an annual rate of 3.29% from 1940 to 2021.

Decades of Rent in Nevada
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$26	$374
1950	$47	$540
1960	$91	$802
1970	$141	$1,035
1980	$310	$1,308
1990	$509	$1,256
2000	$699	$1,299
2020	$1,159	$1,238
2021	$1,311	$1,370
2022	$1,158 (FMR)

Rent by Year in New Hampshire

The average rent by year in New Hampshire increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in New Hampshire was $1,211, up 87.46% from 2000.
After adjusting for inflation, the median rent in New Hampshire increased by 10.09% from 2000 to 2021.
From 1940 to 2021, rent in New Hampshire increased at an annual rate of 58.74%.
After adjusting for inflation, rent in New Hampshire increased at an annual rate of 3.12% from 1940 to 2021.

Decades of Rent in New Hampshire
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$26	$374
1950	$41	$471
1960	$65	$573
1970	$99	$727
1980	$251	$1,059
1990	$549	$1,354
2000	$646	$1,199
2020	$1,145	$1,223
2021	$1,263	$1,320
2022	$1,286 (FMR)

Rent by Year in New Jersey

The average rent by year in New Jersey increases at a rate on par with the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in New Jersey was $1,545, up 105.73% from 2000.
After adjusting for inflation, the median rent in New Jersey increased by 9.18% from 2000 to 2021.
From 1940 to 2021, rent in New Jersey increased at an annual rate of 48.73%.
After adjusting for inflation, rent in New Jersey increased at an annual rate of 2.40% from 1940 to 2021.

Decades of Rent in New Jersey
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$36	$517
1950	$49	$562
1960	$80	$705
1970	$126	$925
1980	$270	$1,139
1990	$592	$1,460
2000	$751	$1,394
2020	$1,368	$1,461
2021	$1,457	$1,522
2022	$1,617 (FMR)

Rent by Year in New Mexico

The average rent by year in New Mexico increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in New Mexico was $813, up 61.63% from 2000.
After adjusting for inflation, the median rent in New Mexico increased by 1.39% from 2000 to 2021.
From 1940 to 2021, rent in New Mexico increased at an annual rate of 64.56%.
After adjusting for inflation, rent in New Mexico increased at an annual rate of 3.56% from 1940 to 2021.

Decades of Rent in New Mexico
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$17	$244
1950	$41	$471
1960	$71	$626
1970	$88	$646
1980	$215	$907
1990	$372	$917
2000	$503	$934
2020	$857	$915
2021	$906	$947
2022	$899 (FMR)

Rent by Year in New York

The average rent by year in New York increases faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in New York was $1,173, up 74.55% from 2000.
After adjusting for inflation, the median rent in New York increased by 18.04% from 2000 to 2021.
From 1940 to 2021, rent in New York increased at an annual rate of 43.37%.
After adjusting for inflation, rent in New York increased at an annual rate of 2.00% from 1940 to 2021.

Decades of Rent in New York
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$39	$561
1950	$48	$551
1960	$74	$652
1970	$111	$815
1980	$249	$1,051
1990	$486	$1,199
2000	$672	$1,247
2020	$1,315	$1,405
2021	$1,409	$1,472
2022	$1,234 (FMR)

Rent by Year in North Carolina

The average rent by year in North Carolina increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in North Carolina was $865, up 57.85% from 2000.
After adjusting for inflation, the median rent in North Carolina increased by 5.41% from 2000 to 2021.
From 1940 to 2021, rent in North Carolina increased at an annual rate of 89.24%.
After adjusting for inflation, rent in North Carolina increased at an annual rate of 5.35% from 1940 to 2021.

Decades of Rent in North Carolina
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$14	$201
1950	$30	$344
1960	$55	$485
1970	$86	$632
1980	$205	$865
1990	$382	$942
2000	$548	$1,017
2020	$932	$996
2021	$1,026	$1,072
2022	$952 (FMR)

Rent by Year in North Dakota

The average rent by year in North Dakota increases faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in North Dakota was $798, up 93.69% from 2000.
After adjusting for inflation, the median rent in North Dakota increased by 14.64% from 2000 to 2021.
From 1940 to 2021, rent in North Dakota increased at an annual rate of 48.09%.
After adjusting for inflation, rent in North Dakota increased at an annual rate of 2.35% from 1940 to 2021.

Decades of Rent in North Dakota
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$21	$302
1950	$43	$493
1960	$71	$626
1970	$97	$712
1980	$206	$869
1990	$313	$772
2000	$412	$765
2020	$828	$885
2021	$839	$877
2022	$881 (FMR)

Rent by Year in Ohio

The average rent by year in Ohio increases much slower than the national average rent inflation rate.

The 2020 FMR for a 2-bedroom apartment in Ohio was $807, up 56.70% from 2000.
After adjusting for inflation, median rent in Ohio decreased 4.92% from 2000 to 2021.
From 1940 to 2021, rent in Ohio increased at an annual rate of 37.13%.
After adjusting for inflation, rent in Ohio increased at an annual rate of 1.56% from 1940 to 2021.

Decades of Rent in Ohio
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$28	$402
1950	$42	$482
1960	$75	$661
1970	$105	$771
1980	$225	$950
1990	$379	$935
2000	$515	$956
2020	$825	$881
2021	$870	$909
2022	$847 (FMR)

Rent by Year in Oklahoma

The average rent by year in Oklahoma increases slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Oklahoma was $776, up 70.18% from 2000.
After adjusting for inflation, median rent in Oklahoma increased 5.43% from 2000 to 2021.
From 1940 to 2021, rent in Oklahoma increased at an annual rate of 64.74%.
After adjusting for inflation, rent in Oklahoma increased at an annual rate of 3.56% from 1940 to 2021.

Decades of Rent in Oklahoma
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$16	$230
1950	$34	$390
1960	$57	$502
1970	$82	$602
1980	$215	$907
1990	$340	$839
2000	$456	$847
2020	$818	$874
2021	$855	$893
2022	$833 (FMR)

Rent by Year in Oregon

The average rent by year in Oregon increases faster than the national average rent inflation rate.

The 2020 FMR for a 2-bedroom apartment in Oregon was $1,124, up 81.29% from 2000.
After adjusting for inflation, median rent in Oregon increased 16.33% from 2000 to 2021.
From 1940 to 2021, rent in Oregon increased at an annual rate of 74.13%.
After adjusting for inflation, rent in Oregon increased at an annual rate of 4.24% from 1940 to 2021.

Decades of Rent in Oregon
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$21	$302
1950	$44	$505
1960	$70	$617
1970	$107	$786
1980	$257	$1,085
1990	$408	$1,007
2000	$620	$1,151
2020	$1,173	$1,253
2021	$1,282	$1,339
2022	$1,254 (FMR)

Rent by Year in Pennsylvania

The average rent by year in Pennsylvania increases slightly slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Pennsylvania was $920, up 73.26% from 2000.
After adjusting for inflation, median rent in Pennsylvania increased 12.68% from 2000 to 2021.
From 1940 to 2021, rent in Pennsylvania increased at an annual rate of 47.37%.
After adjusting for inflation, rent in Pennsylvania increased at an annual rate of 2.30% from 1940 to 2021.

Decades of Rent in Pennsylvania
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$27	$388
1950	$40	$459
1960	$64	$564
1970	$93	$683
1980	$224	$954
1990	$404	$997
2000	$531	$986
2020	$958	$1,023
2021	$1,063	$1,111
2022	$968 (FMR)

Rent by Year in Rhode Island

The average rent by year in Rhode Island increases slightly faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Rhode Island was $1,272, up 130.02% from 2000.
After adjusting for inflation, median rent in Rhode Island increased 16.16% from 2000 to 2021.
From 1940 to 2021, rent in Rhode Island increased at an annual rate of 49.12%.
After adjusting for inflation, rent in Rhode Island increased at an annual rate of 2.43% from 1940 to 2021.

Decades of Rent in Rhode Islands
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$28	$402
1950	$40	$459
1960	$62	$547
1970	$93	$683
1980	$222	$937
1990	$489	$1,206
2000	$553	$1,027
2020	$1,031	$1,101
2021	$1,142	$1,193
2022	$1,368 (FMR)

Rent by Year in South Carolina

The average rent by year in South Carolina increases slightly slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Rhode Island was $867, up 70.00% from 2000.
After adjusting for inflation, median rent in Rhode Island increased 7.71% from 2000 to 2021.
From 1940 to 2021, rent in Rhode Island increased at an annual rate of 99.18%.
After adjusting for inflation, rent in Rhode Island increased at an annual rate of 6.09% from 1940 to 2021.

Decades of Rent in South Carolina
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$12	$172
1950	$26	$298
1960	$49	$432
1970	$77	$565
1980	$206	$869
1990	$376	$928
2020	$918	$981
2021	$976	$1,020
2020	$951 (FMR)

Rent by Year in South Dakota

The average rent by year in South Dakota increases slightly slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in South Dakota was $786, up 84.51% from 2000.
After adjusting for inflation, median rent in South Dakota increased 9.61% from 2000 to 2021.
From 1940 to 2021, rent in South Dakota increased at an annual rate of 47.56%.
After adjusting for inflation, rent in South Dakota increased at an annual rate of 2.31% from 1940 to 2021.

Decades of Rent in South Dakota
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$21	$302
1950	$42	$482
1960	$67	$591
1970	$88	$646
1980	$188	$793
1990	$306	$755
2000	$426	$791
2020	$761	$813
2021	$830	$867
2022	$848 (FMR)

Rent by Year in Tennessee

The average rent by year in Tennessee increases slightly slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Tennessee was $798, up 58.20% from 2000.
After adjusting for inflation, median rent in Tennessee increased 9.28% from 2000 to 2021.
From 1940 to 2021, rent in Tennessee increased at an annual rate of 79.51%.
After adjusting for inflation, rent in Tennessee increased at an annual rate of 4.62% from 1940 to 2021.

Decades of Rent in Tennessee
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$15	$216
1950	$31	$356
1960	$52	$458
1970	$82	$602
1980	$203	$857
1990	$357	$881
2000	$505	$938
2020	$897	$958
2021	$981	$1,025
2022	$865 (FMR)

Rent by Year in Texas

The average rent by year in Texas increases faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Texas was $898, up 56.45% from 2000.
After adjusting for inflation, median rent in Texas increased 14.35% from 2000 to 2021.
From 1940 to 2021, rent in Texas increased at an annual rate of 83.51%.
After adjusting for inflation, rent in Texas increased at an annual rate of 4.93% from 1940 to 2021.

Decades of Rent in Texas
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$17	$244
1950	$37	$425
1960	$60	$529
1970	$95	$698
1980	$246	$1,038
1990	$395	$975
2000	$574	$1,066
2020	$1,082	$1,156
2021	$1,167	$1,219
2022	$968 (FMR)

Rent by Year in Utah

The average rent by year in Utah increases at a rate on par with the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Utah was $926, up 55.11% from 2000.
After adjusting for inflation, median rent in Utah increased 13.90% from 2000 to 2021.
From 1940 to 2021, rent in Utah increased at an annual rate of 63.61%.
After adjusting for inflation, rent in Utah increased at an annual rate of 3.47% from 1940 to 2021.

Decades of Rent in Utah
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$23	$331
1950	$40	$459
1960	$66	$582
1970	$97	$712
1980	$235	$992
1990	$369	$910
2000	$597	$1,108
2020	$1,090	$1,164
2021	$1,208	$1,262
2022	$1,017 (FMR)

Rent by Year in Vermont

The average rent by year in Vermont increases faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Vermont was $1,077, up 94.76% from 2000.
After adjusting for inflation, median rent in Vermont increased 13.44% from 2000 to 2021.
From 1940 to 2021, rent in Vermont increased at an annual rate of 56.12%.
After adjusting for inflation, rent in Vermont increased at an annual rate of 2.93% from 1940 to 2021.

Decades of Rent in Vermont
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$24	$345/td>
1950	$41	$471
1960	$62	$547
1970	$98	$720
1980	$224	$945
1990	$446	$1,100
2000	$553	$1,027
2020	$999	$1,067
2021	$1,115	$1,165
2022	$1,130 (FMR)

Rent by Year in Virginia

The average rent by year in Virginia increases faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Virginia was $1,016, up 56.31% from 2000.
After adjusting for inflation, median rent in Virginia increased 15.24% from 2000 to 2021.
From 1940 to 2021, rent in Virginia increased at an annual rate of 85.25%.
After adjusting for inflation, rent in Virginia increased at an annual rate of 5.06% from 1940 to 2021.

Decades of Rent in Virginia
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$19	$273
1950	$39	$448
1960	$71	$626
1970	$115	$844
1980	$259	$1,093
1990	$495	$1,221
2000	$650	$1,207
2020	$1,257	$1,343
2021	$1,331	$1,391
2022	$1,120 (FMR)

Rent by Year in Washington

The average rent by year in Washington increases much faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Washington was $1,150, up 73.45% from 2000.
After adjusting for inflation, median rent in Washington increased 26.00% from 2000 to 2021.
From 1940 to 2021, rent in Washington increased at an annual rate of 82.04%.
After adjusting for inflation, rent in Washington increased at an annual rate of 4.82% from 1940 to 2021.

Decades of Rent in Washington
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$22	$316
1950	$43	$493
1960	$71	$626
1970	$113	$830
1980	$254	$1,072
1990	$445	$1,098
2000	$663	$1,231
2020	$1,337	$1,428
2021	$1,484	$1,551
2022	$1,275 (FMR)

Rent by Year in West Virginia

The average rent by year in West Virginia increases at a rate on par with the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in West Virginia was $761, up 89.78% from 2000.
After adjusting for inflation, median rent in West Virginia increased 7.66% from 2000 to 2021.
From 1940 to 2021, rent in West Virginia increased at an annual rate of 54.47%.
After adjusting for inflation, rent in West Virginia increased at an annual rate of 2.82% from 1940 to 2021.

Decades of Rent in West Virginia
Year	Median Gross Rent	Rent Adjusted to 2020 US$
1940	$17	$244
1950	$28	$321
1960	$53	$467
1970	$72	$529
1980	$195	$823
1990	$303	$748
2000	$401	$744
2020	$732	$782
2021	$767	$801
2022	$823 (FMR)

Rent by Year in Wisconsin

The average rent by year in Wisconsin increases much slower than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Wisconsin was $853, up 57.96% from 2000.
After adjusting for inflation, median rent in Wisconsin decreased 3.99% from 2000 to 2021.
From 1940 to 2021, rent in Wisconsin increased at an annual rate of 35.44%.
After adjusting for inflation, rent in Wisconsin increased at an annual rate of 1.43% from 1940 to 2021.

Decades of Rent in Wisconsin
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$31	$446
1950	$49	$562
1960	$79	$696
1970	$113	$830
1980	$234	$987
1990	$399	$984
2000	$540	$1,003
2020	$872	$932
2021	$921	$963
2022	$896 (FMR)

Rent by Year in Wyoming

The average rent by year in Wyoming increases slightly faster than the national average rent inflation rate.

The 2022 FMR for a 2-bedroom apartment in Wyoming was $851, up 94.74% from 2000.
After adjusting for inflation, median rent in Wyoming increased 15.78% from 2000.
From 1940 to 2021, rent in Wyoming increased at an annual rate of 49.21%.
After adjusting for inflation, rent in Wyoming increased at an annual rate of 2.43% from 1940 to 2021.

Decades of Rent in Wyoming
Year	Median Gross Rent	Rent Adjusted to 2022 US$
1940	$22	$316
1950	$41	$471
1960	$67	$591
1970	$87	$639
1980	$252	$1,063
1990	$333	$822
2000	$437	$811
2020	$853	$911
2021	$899	$939
2022	$954 (FMR)

Late Rent Payments

Despite pandemic-related market volatility, most renters continue to pay their rent on time.

Prior to job losses starting in early 2020, it was normal for over 95% of renters to pay their rent within the month.
Over 80% of renters paid their rent on time prior to plummeting employment rates.
More than 77% of renters paid their rent on time in the months following the first U.S. quarantines.
Before the first wave of job losses, 96.03% of renters who did not pay their rent on time did pay it within the month.
After the early 2020 economic downturn, more than 94.7% of late rental payments were made within the month.
On average, over 90% of renters paid their rent within the month after March 2020.

Sources

Average Rent by Year [1940-2023 ]: Historical Rental Rates (2024)

FAQs

What is the average rent in the US in 2023? ›

The average monthly rent for all apartment types in the United States rose substantially in 2021. As of February 2023, the average monthly rent for a two-bedroom apartment in the United States reached 1,320 U.S. dollars, up from 1,282 U.S. dollars a year before.

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What was the average rent in 1930s? ›

In the 1930's the average annual income was about $1,970, and the average cost for house rent was about $18.00 per month.

What is average rent in USA? ›

What is the average rent in the U.S.? The average rent for an apartment in the U.S. is $1,702. The cost of rent varies depending on several factors, including location, size, and quality.

What was the average rent in NYC in 1960? ›

In 1960, New York had a median rent of $568.

What is the average US rental increase? ›

Typical asking rents in the U.S. are now $2,018, a 5.3% increase compared with the same time last year. Rent growth, overall, has been slowing since its 16.9% year-over-year peak growth in February 2022. The current year-over-year rate is 0.5% higher than the peak typical rent of $2,008 in September 2022.

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Why is rent so high in the United States? ›

Why is rent so high in the US right now? Over the past two years, the U.S. median rent rose by 18%. That was mostly because a competitive housing market and higher mortgage rates shut many people out of home buying. A strong jobs market and shortage of inventory also contributed to rising rent.

What was the average rent in the US in 1950? ›

After dropping to a low of $257 in 1950, median gross rent increased to a high of $602 in 2000, more than double the gross rent in 1950 (after adjusting for inflation).

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How much did a house cost in 1940? ›

Median home values adjusted for inflation nearly quadrupled over the 60-year period since the first housing census in 1940. The median value of single-family homes in the United States rose from $30,600 in 1940 to $119,600 in 2000, after adjusting for inflation (see graph).

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How much was rent in 1960 in California? ›

When normalized for 2000 dollars, the monthly rent median in 1960 for California was $389. By 2000, the median rent averaged $747. Comparatively, the median rent in New York City was $365 in 1960 and $672 in 2000.

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What state in the US has the cheapest rent? ›

Mississippi

Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average. The median single family home costs around $140,818.

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Where is the cheapest rent in United States? ›

The best cities for affordable rent, summed up

Rank	City	Cost of living (U.S. average=100)
1	Little Rock, AR	87.70
2	Tulsa, OK	88.60
3	Omaha, NE	91.70
4	Des Moines, IA	92.30

21 more rows

Dec 30, 2022

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How much is the cheapest rent in us? ›

Cheap rent can be found in Midwest, South

Overall, the city with the cheapest average rent in the U.S. was listed as Wichita, Kansas, with a population of nearly 400,000. The average rent for all apartment sizes in Wichita is just $598 a month, the report said — adding that no other city averages under $700.

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How much was rent in New York in 1950? ›

After dropping to a low of $257 in 1950, median gross rent increased to a high of $602 in 2000, more than double the gross rent in 1950 (after adjusting for inflation). Both gross rents adjusted and unadjusted for inflation are presented.

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How much was rent in 1920 nyc? ›

In 1920, to rent an apartment in New York City cost $60 per month. With inflation, that's $905.51 in 2023 – which is still less than you'd pay to rent a single room nowadays.

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What was the average rent in New York in 1994? ›

Average Apt Rentals (1987 - 2017)

YEAR	STUDIO	1 BR
1993	$647	$859
1994	$662	$897
1995	$696	$921
1996	$697	$971

27 more rows

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What city has the highest rent increase in the US? ›

Here are the 10 metros where asking rents are rising fastest.

Oklahoma City: +24.1 percent.
Pittsburgh: +20 percent.
Indianapolis: +17.9 percent.
Louisville: +17.5 percent.
Nashville: +17 percent.
Cincinatti: +16.5 percent.
Raleigh: +16.4 percent.
New York: +15.4 percent.

More items...

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Who has the highest rent increase in the United States? ›

Key findings on rent increase

Rank	State	2021–2022 Rent change
1	Florida	22.59%
2	Tennessee	18.61%
3	South Dakota	18.41%
4	New York	18.23%

44 more rows

Oct 20, 2022

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Can you negotiate rent? ›

The short answer is, yes. You can negotiate your rent. When you're renting an apartment, the price you pay isn't set in stone. But before you even consider negotiating, you need to make sure you know why you're asking for a discount.

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What US state has the most expensive rent? ›

Analysis by Redfin showed prices increased by 14.1% over the year in 2021 and 7.45% in 2022. With real wages falling by 1.3% in the last year there is an intense squeeze on purse-strings. California is no exception and has the highest average rent prices in the country.

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Has rent ever gone down in the US? ›

U.S. rent prices decreased by 0.25% from January to February 2023, according to the latest data from rental listings site Rent.com. While it's a smaller decrease than in previous months, it brings the U.S. monthly average rent price down to $1,937 — lower than its August 2022 peak of $2,053.

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What is the historical price to rent ratio in the US? ›

Price to Rent Ratio in the United States averaged 101.29 from 1970 until 2023, reaching an all time high of 141.54 in the second quarter of 2022 and a record low of 88.41 in the third quarter of 1982. This page includes a chart with historical data for the United States Price to Rent Ratio.

How much was a house in 1960? ›

In 1960, the median home cost $11,900, while the median income was $5,600, indicating a price-to-income ratio of 2.1. By contrast, in 2019 the median home cost $240,500 with an estimated median income of $68,703, a price-to-income ratio of 3.5.

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How much was it to rent a house in 1920? ›

The average household income in the United States in 1920 was about $3,269 a year. So starting with a nice good-size home the cost was about $6,300. If you got an apartment in NYC the rent was $60 a month.

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How much was a 3 bedroom house in 1940? ›

In 1940, the median home value in the U.S. was just $2,938.

How much did a hamburger cost in 1940? ›

However, way back in 1940, a McDonald's hamburger only cost 15 cents.

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What was the average mortgage in 1960? ›

Mortgage rates also remained low. In 1960, FHA mortgages were 4.6%, VA-backed mortgages were 4.5%, and the average mortgage rate was 5.1%.

How much was rent in California in the 50s? ›

Rent by Year in California

Year	Median Gross Rent	Rent Adjusted to 2022 US$
1950	$42	$515
1960	$79	$744
1970	$126	$988
1980	$283	$1,276

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Nov 6, 2022

When did California become so expensive? ›

Between 1970 and 1980, California home prices went from 30 percent above U.S. levels to more than 80 percent higher. This trend has continued. Today, an average California home costs $440,000, about two–and–a–half times the average national home price ($180,000).

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What is the 1 cheapest state to live in? ›

Mississippi

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Which state is cheapest to live? ›

Cheapest States to Live In

Michigan. ...
Arkansas. ...
Ohio. ...
West Virginia. Average Weighted Cost of Living Index: 90.18. ...
Indiana. Average Weighted Cost of Living Index: 90.15. ...
Tennessee. Average Weighted Cost of Living Index: 89.56. ...
Missouri. Average Weighted Cost of Living Index: 89.54. ...
Iowa. Average Weighted Cost of Living Index: 89.52.

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Mar 26, 2023

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What state has the cheapest standard of living? ›

Mississippi has the lowest cost of living in the United States. With a cost of living index of 83.3, expenses are nearly 17% less than the national average. Mississippi's housing costs are the lowest in the nation.

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Where can I live for $500 a month in the US? ›

Without further ado – and in no particular order – here's what $500 per month can get you in ten affordable U.S. cities:

Greenville, OH. Listing: Wayne Crossing. ...
Wichita, KS. Listing: Eagle Creek. ...
Lawton, OK. Listing: Sheridan Square Apartments. ...
Amarillo, TX. ...
Indianapolis, IN. ...
Searcy, AR. ...
Shreveport, LA. ...
Jackson, MS.

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Oct 9, 2020

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Where can I live for $1000 a month in the US? ›

New Bern, N.C. Median rent price: $1,000. ...
Rock Hill, S.C. Median rent price: $1,000. ...
Tallahassee, Fla. Median rent price: $990. ...
Beaumont, Texas. Median rent price: $997.50. ...
Winston-Salem, N.C. Median rent price: $945. ...
Shreveport, La. Median rent price: $950. ...
Las Cruces, N.M. Median rent price: $945. ...
Champaign, Ill.

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Jul 22, 2016

What is the most expensive city to rent in the US? ›

The most expensive rental market in the US remains to be New York. The average monthly rent for a one-bedroom is roughly $3,260. This is about a $500 decrease from 2021, however as demand continues to increase prices are likely to follow.

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Which major US city has the cheapest rent? ›

1. Tulsa, Oklahoma. Of all U.S. metro areas with populations of more than 1 million, none has cheaper apartment rents than Tulsa.

What is the cheapest month to rent? ›

The lowest rental rates are usually found between October and April, particularly right after the December holiday season. Fewer people are interested in moving—the weather's bad, schools are in session, etc. So individuals renting between the months of December and March typically find the best rental bargains.

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Where is the cheapest place to rent in the world? ›

Data drawn from an analysis of over 500,000 property listings reveals that Madagascar has the world's cheapest apartment rental. For house-hunters or 'staycationers', the lowest rental price in the country is 1500 Malagasy ariary – or about 60 US cents per month.

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How much was a house worth in 1950? ›

According to recent data, the average price for a home in 1950 was just $12,000, while the average price for a home today is upwards of $225,000.

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How much was a house back in 1955? ›

Median Home Price in the US by Month

Month of Observation	Median Home Price (NSA)	Inflation Adjusted Price
1955-01-01	$18,395.24	$207,953.02
1955-02-01	$18,332.24	$207,240.82
1955-03-01	$18,290.25	$206,766.14
1955-04-01	$18,185.25	$205,579.14

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How much was rent in LA in 1990? ›

Years 1983-2023

Year	Efficiency	1-Bedroom
1992	$562	$683
1991	$536	$642
1990	$513	$615
1989	$491	$588

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How much was a gallon of milk in 1920? ›

Most essentials at the grocery store were significantly cheaper in 1920, . According to the U.S. Bureau of Labor Statistics, in 1920, butter cost $. 70 per lb, milk cost around $. 60 per gallon, and eggs cost $.

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How much did a fridge cost in 1920? ›

The industry thrived during the Depression; average prices dropped from $600 in 1920 to $275 in 1930 and $152 in 1940. By 1941, 63 percent of wired houses had refrigerators.

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How much did a loaf of bread cost in 1920? ›

A loaf of bread in the '20s would cost around $0.12, which is about $1.55 nowadays. A dozen eggs would cost the equivalent of $6.08 today, which is much higher than what we pay currently! A pound of bacon would be about $6.73. A five-pound bag of flour would run about $5.30.

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How much was rent in the 80s in New York? ›

It's not the only rental that sounds absurdly inexpensive to New Yorkers conditioned to pay an average of up to $3,973 a month for a Manhattan apartment these days. If you were willing to give “historic” South Williamsburg a try, you could score a two bedroom “modern” rental for $330 a month.

How much was rent in the 90s in NYC? ›

A two-bedroom in 1993 was $2,350 a month, compared with $2,275 in 1992 and the same $2,350 in 1991. For a three-bedroom, it was $3,800 in 1993, $3,600 in 1992 and $3,650 in 1991.

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How much was rent in NYC in 1977? ›

One‐bedroom units averaged $12.02 per square foot in 1978 versus $9.83 in 1977, an increase of 22 percent. Two‐bedroom units averaged $12.26 per square foot in 1978 and only $8.71 in 1977, an increase of 40 percent. Studios rented for an average of $11.14 per square foot in 1978 versus $10.88 in 1977.

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What is the rent increase for 2023 in California? ›

For rent-controlled units, the annual allowable increase amount effective March 1, 2023 through February 29, 2024 is 3.6%.

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What is the rent increase for 2023 in NYC? ›

In this preliminary vote, the board also approved 4% to 7% maximum increases on two-year leases. A final vote is coming next month. Councilmembers with the progressive caucus stormed the stage at the Rent Guidelines Board meeting at Cooper Union, May 2, 2023.

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How much will nyc rent go up in 2023? ›

NYC Rent 2023: NYC panel proposes 16% rent increase for 2-year leases in rent-stabilized apartments - ABC7 New York.

Will rental car prices go down in 2023? ›

When will rental car prices go back to normal? Rental car costs have dropped slightly in 2023 compared to 2022. However, most industry experts predict that rental car rates will, unfortunately, remain high for the foreseeable future.

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Can a landlord raise rent more than 10% in California? ›

Limits on Rent Increases

The Tenant Protection Act caps rent increases for most tenants in California. Landlords cannot raise rent annually more than 5% plus inflation according to the regional Consumer Price Index, for a maximum increase of 10% each year.

How much can a commercial landlord raise rent in California 2023? ›

There is a maximum increase of 10% allowed in any given year, thus the Act's provision is often referred to as a “rent cap.”

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How much can a landlord raise rent in Los Angeles 2023? ›

Beginning April 1, 2023, fully-covered rental units subject to the RSTPO and mobilehome spaces subject to the MRSMOPO will be restricted to a maximum of 3% rent increases through December 31, 2023. Luxury units will be restricted to a 5% rent increase through December 31, 2023.

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How to negotiate rent? ›

How to negotiate rent

Be polite. ...
Explain your strengths as a renter. ...
Let them know you have options. ...
Pick the right offer. ...
Leverage other properties' amenities. ...
Offer the landlord something of value. ...
Be open to adjusting your lease. ...
Take non-monetary concessions.

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Could nyc rents go up by 16 percent? ›

Rents Go Up by 16 Percent? Here's What to Know. A New York City panel may allow rents to rise in roughly one million rent-stabilized apartments. But increases as large as those discussed by the panel — up to 15.75 percent on two-year leases — are unlikely.

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How much can they raise rent in a rent-stabilized apartment NYC? ›

Rent-stabilized apartments

Specifically, the NYC Rent Guideline Board limits how much a landlord may increase your rent each year. In June of 2022, the board set a 3.25% increase for one-year lease agreements and a 5% increase for a two-year lease agreement.

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Will nyc rents go down in 2023? ›

With all the predictions for the coming year, here's one most New Yorkers will be thrilled to hear: New York City rent prices are expected to drop in 2023. All that remains to be seen is when those price decreases occur and by how much.

Will rents go down in a recession? ›

Just because there's a recession doesn't necessarily mean rent prices go down. In fact, during the 2008 recession, it was the exact opposite. In the current rental market, we have seen the rate of increase in rental prices come down, but this only translates to lower rent prices if you're in select markets.

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Why is rent in New York City so expensive? ›

The city's population is growing rapidly, and demand for housing is increasing, leading to a housing shortage that has driven up prices. The high cost of living in New York City means that many people are competing for a limited supply of affordable housing, leading to steep competition and high rent prices.

Will there be a car recession in 2023? ›

In the U.S., the Manheim Used Vehicle Value Index — which measures the prices dealerships pay for used cars at auctions — hit a high of 257.7 in January 2022 and has since fallen to 222.5 in January 2023. Overall, J.P. Morgan Research predicts used car prices will decline by roughly 10% in 2023.

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Will cars be cheap in 2023? ›

Prices could drop up 5% for new vehicles and 10% to 20% for used vehicles in 2023, according to a report in November from J.P. Morgan. The basis for the prediction is that demand has stabilized and vehicle inventory is improving.

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What will happen to car sales in 2023? ›

Inventory levels at some automakers are moving back up above pre-pandemic normal, suggesting that overall demand has slowed in some corners of the market.” Fleet sales for the full year of 2023 are forecast at 2.2 million, up 23% from 2022, when 1.8 million units were sold to commercial buyers.

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