National rents remained positive in March, with the median price for an apartment rising by just over three-quarters of a percentage point. While last month’s gains were modest, national median rents have continued an upward trend for the past three months. This signals a return of the rental market’s high-season demand heading into the spring and summer months.
The national median price of an apartment in March was $1,987. On an annual basis, rents grew in March by 0.77 percent, while month to month, rents rose by 0.30 percent. Since January, rents have risen by 1.17 percent, or $23.
While there were moderate gains in March, more substantial rent growth continues to be hindered by high housing costs which are retaining potential homebuyers in the rental market. At the same time, oversupply in rental markets has also tempered more robust rent growth despite increased demand heading into peak leasing season. Vacancy rates in the final quarter of 2023 were 6.6 percent, on par with pre-pandemic levels.
Now, let’s break down the very latest rental market data from Rent.
Regional and national asking rents:
Nationally, between March 2023 and March 2024, rent prices have climbed by 0.77 percent, or $15, since one year prior. March’s modest gains come off the heels of 2.5 percent yearly growth in February, the largest gain in over a year, which saw average rents rising from $1,937 to $1,981, a price difference of $44.
When compared to rent prices pre-pandemic, costs in March were 21.78 percent – or $373 – higher than they were this time exactly four years ago. Rent prices nationally soared to highs of $2,053 in August of 2022.
Zeroing in on markets regionally, rental gains remained the strongest in the Midwest and Northeast. Asking rents in the Midwest rose by 5.3 percent. The median price of an apartment in the Midwest is currently $1,456, up by $73 since one year ago.
Despite the region’s robust growth, the Midwest is still the most affordable in the nation – $531 cheaper than the national average, and $1,048 cheaper than in the Northeast, where rents remain the highest in the nation, experiencing 3.8 percent rise in asking rents on a yearly basis. Average rents in the Northeast are currently $2,504.
Asking rents in the South have declined 0.3 percent, in part because supply continues to be delivered in the region. With the average cost of an apartment currently $1,656, the South is currently the second most affordable region in the nation behind the Midwest.
Finally, in the West, oversupply and job relocations amid pandemic-era growth caused a cooling in the region. Markets were down in the West in March by 0.67 percent on a yearly basis, with current asking rents of $2,365, the second highest in the nation.
Rental market summary: Markets up, markets down
Homing in on rental markets on the state level, 71.34 percent of markets in Rent.’s study saw positive year-over-year rent growth between March 2023 to March 2024, while 28.57 percent witnessed year-on-year decreases. Eyeing markets on a monthly basis, 69.05 percent of states experienced monthly price growth, while 30.95 percent registered reductions.
Rental Market Summary/Markets Up, Markets Down
States with largest increase/decrease in asking rents annually
The following states have experienced the greatest changes in rent prices year over year.
Among states recording the largest increases in asking rents, the Midwest has once again taken the lead. In Minnesota, average rents spiked by 13.34 percent year over year, while registering a 1.17 percent increase on a monthly basis. The current average rent in Minnesota stands at $1,679. Staying in the Great Lakes region, rents in Michigan spiked by 9.98 percent yearly. Average rents there are currently $1,492, up by 6.89 percent in month-on-month measures, with a price difference of $97.
Keeping in the Midwest, rents in Kansas also registered gains of 9.81 percent annually, with prices registering at $1,217 in March. Meanwhile, rents in Missouri saw 9.71 percent growth year on year.
Pivoting to the Northeast, New York and New Hampshire also showed notable yearly increases of 8.48 percent and 7.93 percent, respectively. Massachusetts rent is the highest in the nation, with the current median price at $3,243.
Among the states witnessing rental decreases, Florida once again led states in the study with the largest price drops on a yearly average, with rents declining by 8.80 percent. Average rents there currently stand at $2,117. Another Southern state in the study that saw yearly rent declines was North Carolina, where rents dropped by 3.27 percent in the past year, with an average price of $1,601.
Oregon led states in the West experiencing annual declines, with a 5.38 percent reduction in asking rents. And in Idaho, a state which saw the arrival of over 64,000 out of state residents in 2021, rents fell by 3.86 percent year over year following strong growth in 2020 and 2021. Average rents in Idaho are currently $1,587, down by $49 since last year.
Change in median rents by state
Asking rents by metro
At the metro level, positive changes were led by Providence, RI, where asking rents increased by 16.18 percent on a yearly basis, and 4.77 percent month over month. Providence is currently the ninth most expensive metro in this study at $2,743, placing it between Seattle and Denver. Buffalo, NY, and Hartford, CT, were the other Northeastern metros in the study among the largest gainers, at 6.11 percent and 6.34 percent growth on a yearly basis each.
Among metros in the South, Jacksonville, FL, and Oklahoma City saw 10.50 percent and 7.46 percent growth on a yearly basis, respectively. Elsewhere in the South, asking rents in Virginia Beach saw yearly gains of 7.22 percent. Orlando, FL, also led yearly gains, with a 5.59 percent year-on-year increase, with average prices of $2,247.
Reflecting those strong Midwestern gains regionally, at the metro level in March, St. Louis led the charge. With an 8.28 percent increase year over year, St. Louis saw the fourth-highest yearly gains among metros in this study: Prices there are now $1,681. Joining St. Louis were regional neighbors, Kansas City, MO, Minneapolis, Oklahoma City and Chicago, with each seeing growth exceeding 6 percent yearly.
Asking Rents by Metro, February 2019 to March 2024
Change in median rents by metro area
About this report
Our April 2024 Rent Report highlights year-over-year rent trends and price fluctuations that renters may experience in various parts of the United States. We compare rent prices across bedroom types to determine which of the country's most populated metros are becoming more affordable or more expensive for renters. States and metros with insufficient inventory are excluded from this report.
Methodology
Rent. analyzed rental property prices in March 2024, the last full month of data, from Rent.'s available inventory to identify our median rent prices at the national, state and metro levels. Our analysis combines inventory and bedroom types into one simple median that covers all available rental units at the time.
The top 50 metropolitan areas in our analysis are determined by U.S. Census Bureau population estimates for 2023.
More detailed information about our methodology can be found here.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment. The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.
