Key Takeaways
- The national average rent was $1,627 per month, an increase of 0.4% over the last year.
- High demand and low supply are driving Rhode Island’s 4% rent increase from last year.
- Oklahoma remains the cheapest state for renters, but prices are up 1.3% over last year.
In March, the national average rent was $1,627 per month for a one-bedroom and $1,883 per month for a two-bedroom, an increase of 0.4% from March 2025. The national vacancy rate remains at 8.6% before moving season.
Rhode Island Rents on the Incline
The average rent in Rhode Island has seen a stark increase since last year, with prices averaging 4% more than in 2025. The Providence metro area is leading this incline, with rent averaging 3.5% more than last year and 29% more than the current national average.
Providence has become a landing pad as high prices in Massachusetts push people out, but the rental market is struggling to keep up with the increasing demand. According to the U.S. Census Bureau, the renter population in the Providence metro area increased by over 18,000, but CoStar Group data reports that Providence’s rental inventory only increased by 876 units in the same time.
This imbalance has turned Rhode Island’s rental market into a pressure cooker, with more competition driving up prices and keeping concessions to a minimum.
March 2026 Rent Growth
Rhode Island had the greatest year-over-year increase at 4%, and Colorado had the largest decrease at -3.4%.
March 2026 rent increases by city
New York City and Florida’s Atlantic Coast continue to lead rent increases, as high competition drives up prices.
Here are the cities with the biggest rent increases in March:
- Hollywood, FL: +6.5%
- Brooklyn, NY: +5.5%
- Miami Beach, FL: +4.9%
- Chicago, IL: +3.3%
- New York, NY: +2.7%
March 2026 rent decreases by city
While Colorado leads state-level declines by 0.7 percentage points, cities in southern Texas and Florida’s Gulf Coast lead rent decreases on the city level.
Here are the cities with the biggest rent decreases in March:
- Fort Myers, FL: -6.4%
- Naples, FL: -4.4%
- Katy, TX: -3.3%
- Austin, TX: -3.1%
- Denver, CO: -2.8%
Current Rent Prices Across the U.S.
|
City |
Current Average Rent |
Last Month’s Average Rent |
Year-Over-Year Difference |
|
$2,368 |
$2,351 |
-0.3% |
|
|
$1,616 |
$1,613 |
+0% |
|
|
$1,381 |
$1,378 |
-5% |
|
|
$3,454 |
$3,430 |
+0.4% |
|
|
$1,632 |
$1,627 |
+0% |
|
|
$2,992 |
$2,985 |
+1.4% |
|
|
$1,804 |
$1,798 |
-0.7% |
|
|
$1,474 |
$1,468 |
-1.6% |
|
|
$2,009 |
$1,989 |
+3.6% |
|
|
$1,133 |
$1,129 |
+1.9% |
|
|
$1,300 |
$1,293 |
-1.8% |
|
|
$1,161 |
$1,151 |
+0.2% |
|
|
$1,401 |
$1,401 |
-1.5% |
|
|
$1,615 |
$1,613 |
-3.4% |
|
|
$2,276 |
$2,239 |
+0.8% |
|
|
$1,259 |
$1,257 |
-2.4% |
|
|
$3,782 |
$3,785 |
+2.1% |
|
|
$1,741 |
$1,732 |
+2.3% |
|
|
$1,182 |
$1,181 |
-1.7% |
|
|
$1,119 |
$1,113 |
+0.5% |
|
|
$2,932 |
$2,945 |
+1% |
|
|
$1,302 |
$1,299 |
-1.1% |
|
|
$3,182 |
$3,180 |
+0.6% |
|
|
$1,237 |
$1,224 |
+1.3% |
|
|
$1,279 |
$1,276 |
-2.6% |
|
|
$1,823 |
$1,816 |
+0.5% |
|
|
$2,177 |
$2,170 |
-0.2% |
|
|
$1,508 |
$1,507 |
+1.8% |
|
|
$2,214 |
$2,206 |
-0.2% |
|
|
$1,194 |
$1,186 |
+1.2% |
|
|
$1,398 |
$1,395 |
+2.4% |
|
|
$1,651 |
$1,654 |
-3.6% |
|
|
$4,075 |
$4,053 |
+2.6% |
|
|
$1,575 |
$1,573 |
-2% |
|
|
$1,757 |
$1,740 |
+1% |
|
|
$1,304 |
$1,302 |
-3.9% |
|
|
$1,410 |
$1,405 |
+1.3% |
|
|
$1,520 |
$1,511 |
-0% |
|
|
$3,513 |
$3,496 |
+2.2% |
|
|
$1,368 |
$1,372 |
-3% |
|
|
$1,422 |
$1,412 |
+0.8% |
|
|
$1,563 |
$1,562 |
-1.3% |
|
|
$1,142 |
$1,130 |
+1.4% |
|
|
$1,075 |
$1,078 |
-3.5% |
|
|
$2,381 |
$2,385 |
-0.5% |
|
|
$3,262 |
$3,213 |
+7.8% |
|
|
$2,695 |
$2,683 |
+2.8% |
|
|
$2,079 |
$2,081 |
-0.4% |
|
|
$1,642 |
$1,637 |
-3% |
|
|
$2,241 |
$2,234 |
-3.2% |
How Current Rent Prices Impact Renters
Rents are beginning to rise in preparation for moving season. April and May are the hottest months for the rental market, so renters may see higher prices and fewer concessions, and units may get leased up quickly. Be prepared for more competition and go into your apartment search with a plan!
Need help comparing cities? Our Cost of Living Calculator makes it easy. You can also compare the rent prices from this report to those from February and January to determine the overall trend and visit the U.S. Rent Trends page to view the most current rent prices available across the U.S.
Methodology:
The rent data in this report is sourced from CoStar Group’s Market Trend reports. CoStar Group is the leading authority in commercial real estate information, analytics, and news, trusted by real estate professionals for more than 37 years. By combining this data with Apartments.com internal data and public record, we’re able to deliver the most up-to-date rental information available.
To determine overall rent trends, we evaluate rent prices from more than 2,400 cities across the nation, including the top 80 national markets. This analysis includes year-over-year and month-over-month rent changes to provide a comprehensive view of market dynamics. This report covers a diverse range of property types to ensure a holistic view of the rental market.
FAQs
What is the average rent in the U.S. right now?
The average rent in the U.S. is currently $1,627 per month, a year-over-year increase of 0.4%.
Which states had the largest rent increases in March 2026?
The states with the largest rent increases in March were Rhode Island, Illinois, and Hawaii. Rhode Island’s rent increased by 4.2% compared to last year, Illinois’ average rent increased by 3.7%, and Hawaii’s average rent increased by 3.3%.
Which states have the cheapest rent right now?
The states with the cheapest rent are Oklahoma, West Virginia, and Arkansas. Oklahoma has the cheapest rent in the U.S. at $913/month, a 1.3% increase over last year.
Are rent prices rising or falling in the U.S.?
Rent prices in the U.S. are rising, averaging 0.4% more than last year.
