Average Rent Prices Across the U.S.

Written by Greystar

Edited by Greystar

Market Views November 18, 2024

As the rental market in the U.S. continues to evolve, it can become more challenging to navigate costs. While national averages provide a helpful benchmark, it's important to understand that rental costs can vary significantly from one city to another. These varying factors also include location, apartment size, and amenities, so it can be difficult to know what you can expect.

This guide can help you understand the current rental landscape in 2024 so you can make informed decisions about your next home.

Factors Influencing Rental Costs

Understanding what drives rental prices can help you make sense of the variations you'll encounter. Several key factors influence apartment costs:

Location and Accessibility: Properties near public transportation, employment centers, and in safer neighborhoods typically command higher rents.

Black and white cityscape featuring blue location tags overlaid on various spots across the area, with a sleek, modern tech design highlighting different locations.

Building Age and Amenities: Newer buildings with modern amenities often charge premium rents, while well-maintained older properties might offer better value and still provide quality living spaces. Common amenities that can impact rent include:

In-unit washer/dryer
Updated appliances
Fitness centers
Swimming pools
Parking facilities
Security features
Pet-friendly accommodations

Seasonal Variations: Rental prices often fluctuate seasonally. Summer months typically see higher rates due to increased demand, while winter months sometimes offer better deals. Planning your move during off-peak seasons could result in potential savings.

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Understanding Total Rental Costs

When budgeting for an apartment, it’s important to consider more than just the base rent. Additional costs typically include:

Utilities: Most renters spend $100-$250 monthly on utilities, depending on apartment size and location. Some properties include certain utilities in the rent, while others require separate payment for all services.

Additional Fees:

Security deposits (typically equal one month's rent)
Pet rent and deposits
Parking fees
Amenity fees
Renter's insurance

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Regional Market Insights

This overview of rental markets across different regions of the country can help you get an idea of what to expect for current rent prices in various locations:

Northeast: Known for higher-than-average rents, especially in major cities, but often offering excellent public transportation and cultural amenities.

Southeast: Generally more budget-friendly than coastal regions, with growing cities offering modern amenities at moderate prices.

Midwest: Typically offers the best value in terms of space, with lower average rents even in major metropolitan areas.

West Coast: Home to some of the highest rents in the country, particularly in tech hubs and coastal cities, with wages often matching the higher living costs.

Major City Spotlights: Current Rental Costs

Understanding specific market rates in major cities can help put rental costs in perspective. Here's a detailed look at some of the nation's most popular rental markets:

New York City

The nation's largest rental market remains one of its most expensive. In Manhattan, average one-bedroom apartments typically range from $4,200 to $5,000 monthly, while two-bedrooms are usually between $5,500 and $7,000 a month. However, outer boroughs offer more budget-friendly options:

Brooklyn:

One-bedroom: $2,800-$3,500
Two-bedroom: $3,500-$4,500

Queens:

One-bedroom: $2,400-$3,000
Two-bedroom: $2,800-$3,800

Check out 1 Flatbush and Watermark LIC.

A breathtaking view of New York City at sunset, with the sky ablaze in warm colors and towering skyscrapers stretching across the skyline.

San Francisco

This tech hub continues to maintain premium rental rates. In the city proper. In San Francisco, rents usually look something like:

One-bedroom: $3,000-$3,800
Two-bedroom: $4,200-$5,500

More economical options exist in surrounding areas like Oakland or South San Francisco, where one-bedrooms average around $2,400 to $2,800.

Take a look at The Moran and The Brady.

Los Angeles

LA's diverse neighborhoods offer varying price points. Central areas like Downtown LA and Santa Monica command premium rates such as:

One-bedroom: $2,600-$3,300
Two-bedroom: $3,500-$4,500

See Circa LA Apartments and Catherina Santa Monica apartments.

Valley areas like Sherman Oaks or North Hollywood offer more moderate rates like:

One-bedroom: $1,900-$2,400
Two-bedroom: $2,500-$3,200

Take a look at 6940 Sepulveda and The Gallery at NOHO Commons Apartments.

Scenic view of Los Angeles, California, with lush palm trees in the foreground and the iconic cityscape in the background, under a vast blue sky.

Denver

The Mile High City has seen steady growth in rental rates, particularly in popular neighborhoods:

Downtown/LoDo one-bedroom: $1,800-$2,300
Downtown/LoDo two-bedroom: $2,500-$3,200

View the Solera Apartments.

Suburban areas like Lakewood or Aurora offer more reasonable options:

One-bedroom: $1,400-$1,800
Two-bedroom: $1,800-$2,300

Check out Belmar Villas and Fox Pointe.

Austin

This booming Texas capital continues to see rental growth:

Central Austin one-bedroom: $1,600-$2,100
Central Austin two-bedroom: $2,200-$2,800

Take a look at 700 River.

Surrounding areas like Round Rock or Pflugerville provide better value:

One-bedroom: $1,300-$1,600
Two-bedroom: $1,600-$2,000

Visit Caso University Heights and The Mia.

Scenic view of Austin, Texas, with the water and boats passing by, a bridge leading into the city, and a clear blue sky above, highlighting the vibrant cityscape.

Houston

Houston offers some of the best value among major cities:

Inner Loop one-bedroom: $1,400-$1,800
Inner Loop two-bedroom: $1,800-$2,400

Take a look at 1414 Downtown.

Suburban areas provide even more budget-friendly options:

One-bedroom: $1,000-$1,400
Two-bedroom: $1,400-$1,800

Check out the Boardwalk at Town Center Apartments.

Nashville

Music City's growing popularity has driven rental increases:

Downtown/The Gulch one-bedroom: $1,700-$2,200
Downtown/The Gulch two-bedroom: $2,300-$2,900

Visit the Millenium Music Row Apartments and the Harlowe Apartments.

There are more reasonable options in areas like Antioch or Madison:

One-bedroom: $1,200-$1,500
Two-bedroom: $1,500-$1,900

Cityscape of Nashville, Tennessee, featuring a bridge spanning over the water, with a vibrant blue sky overhead, showcasing the city's scenic beauty.

Greystar's Commitment to Value

Whether you're looking for a cozy one-bedroom or a spacious two-bedroom apartment, Greystar offers options across various price points and locations. With this understanding of rental costs across the U.S., you will be better equipped to make an informed decision about your next apartment home. Browse Greystar apartments today.

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