Summer is the busiest season for moving. During the summer months, it may be slightly more difficult to find rent concessions (or even an apartment in certain markets), but the good news is that rent prices are holding fairly steady.
Key Takeaways:
- Average rent rose by 1.0 percent month-over-month.
- The vacancy rate increased slightly to 8.1 percent, though luxury apartments bucked the trend with falling vacancies.
- Rents are expected to increase by 2.0 percent by the end of 2025 due to steady demand and fewer new apartments.
In May, the national average rent was $1,628 per month for a one-bedroom apartment and $1,884 for a two-bedroom. For the second month in a row, rent prices inched up by 1 percent. While the vacancy rate fell slightly in April, it bounced back to 8.1 percent in May, back to where it was in March.
Florida’s Sun-Shiny Outlook
While the Sunshine State has struggled for several months with high vacancies, the tide is turning. Jacksonville, Orlando, and Tampa all made the top 10 list of the “most improved multifamily markets” ranked by CoStar. This ranking index analyzed the top 48 US markets with more than 100,000 apartments to determine which were most improved.
This means that the vacancy rates in these cities are falling, and rent prices are starting to increase. So, if tropical weather and endless stretches of beaches are in your immediate future, you could see higher rent prices in these sought-after areas.
Luxury Apartment Vacancy Rates Drop
May showed a turnaround for one of the hardest hit markets since the pandemic: luxury apartments. They’re now filling up faster than new ones are being built, which has lowered the vacancy rate to 11.2 percent, the lowest we’ve seen in a while.
Conversely, affordable apartments are seeing an increase in vacancies, up to 5.6 percent. In some cities, new buildings are offering special deals, like free rent for the first month or reduced fees, to attract renters and fill units faster.
May 2025 Rent Increases by City
In April, Rochester, New York saw the biggest jump in rent prices, up 4.3 percent. In May, another Northeastern city topped the list: Brookline, Massachusetts.
For May 2025, here are the cities with the biggest rent increases:
- Brookline, MA: +6.7%
- Hollywood, FL: +5.7%
- Chicago, IL: +4.2%
- Brooklyn, NY: +3.1%
- Columbus, OH: +3.1%
May 2025 Rent Decreases by City
In April, Austin continued its downward trend, topping the list with a rent decrease of -4.5 percent. For May, rent fell in several southern and mountain markets, especially those facing an oversupply of new units:
- Cape Coral, FL: -4.8%
- Denver, CO: -2.8%
- Fort Myers, FL: -2.4%
- Sarasota, FL: -2.3%
- Austin, TX: -2.1%
It’s worth noting that Austin and San Antonio are still reporting the highest vacancy rates in the country, hovering around 15 percent. This could keep prices down in these areas for the next few months.
Current Rent Prices Across the US
|
City |
Current Average Rent |
Last Month’s Average Rent |
Year-Over-Year Difference |
|
$2,405 |
$2,394 |
+2.1% |
|
|
$1,619 |
$1,612 |
-0.6% |
|
|
$1,437 |
$1,435 |
-4.5% |
|
|
$3,532 |
$3,519 |
+2% |
|
|
$1,639 |
$1,637 |
+1.1% |
|
|
$2,893 |
$2,866 |
+1.4% |
|
|
$1,818 |
$1,835 |
-0.5% |
|
|
$1,493 |
$1,493 |
-1.2% |
|
|
$1,964 |
$1,952 |
+4.2% |
|
|
$1,109 |
$1,106 |
+1.8% |
|
|
$1,316 |
$1,306 |
-3.5% |
|
|
$1,162 |
$1,161 |
+1.3% |
|
|
$1,418 |
$1,420 |
-1% |
|
|
$1,671 |
$1,671 |
-3.8% |
|
|
$2,222 |
$2,251 |
+0.1% |
|
|
$1,291 |
$1,291 |
-0.2% |
|
|
$3,760 |
$3,730 |
+2.8% |
|
|
$1,706 |
$1,702 |
+1.7% |
|
|
$1,200 |
$1,199 |
-0.4% |
|
|
$1,124 |
$1,127 |
+2.6% |
|
|
$2,892 |
$2,882 |
-0.2% |
|
|
$1,304 |
$1,304 |
-1.8% |
|
|
$3,236 |
$3,199 |
+2.8% |
|
|
$1,194 |
$1,194 |
+0.9% |
|
|
$1,302 |
$1,300 |
-0.8% |
|
|
$1,797 |
$1,785 |
-0.1% |
|
|
$2,178 |
$2,170 |
-0.3% |
|
|
$1,462 |
$1,467 |
+2.3% |
|
|
$2,173 |
$2,173 |
+1.1% |
|
|
$1,179 |
$1,181 |
+1.2% |
|
|
$1,389 |
$1,378 |
+1.8% |
|
|
$1,720 |
$1,707 |
-0.6% |
|
|
$4,040 |
$3,989 |
+3% |
|
|
$1,599 |
$1,594 |
-0.6% |
|
|
$1,749 |
$1,750 |
+0.2% |
|
|
$1,333 |
$1,333 |
-2.7% |
|
|
$1,380 |
$1,352 |
+2.3% |
|
|
$1,532 |
$1,524 |
+0.2% |
|
|
$3,467 |
$3,432 |
+2.5% |
|
|
$1,405 |
$1,401 |
-0.7% |
|
|
$1,404 |
$1,397 |
+1.1% |
|
|
$1,576 |
$1,577 |
+0.6% |
|
|
$1,123 |
$1,112 |
+1.8% |
|
|
$1,107 |
$1,104 |
-1.9% |
|
|
$2,353 |
$2,344 |
-0.2% |
|
|
$3,032 |
$3,011 |
+4.2% |
|
|
$2,661 |
$2,645 |
+2.7% |
|
|
$2,121 |
$2,103 |
+2% |
|
|
$1,659 |
$1,664 |
+0.3% |
|
|
$2,311 |
$2,309 |
+0.5% |
Looking Ahead: Moderate Growth with a Side of Uncertainty
Economists expect rent prices to rise by about 2 percent in the second half of 2025, fueled by steady demand and fewer new deliveries. That said, uncertainty looms. Ongoing tariff-related price hikes could impact consumer behavior, and if job growth slows, it might curb the appetite for new leases.
Still, most signs point to a stable (if uneven) climb. Significant variation in rent performance is likely to persist through the end of the year, with regional trends heavily influenced by local supply, economic health, and renter preferences.
How Current Rent Prices Impact Renters
If you're searching for a new apartment this summer, timing and flexibility are key. In markets with rising rents, consider locking in a lease sooner rather than later. In cities with high vacancy rates, look out for concessions. Many landlords are offering free rent for the first month, waived fees, or upgraded amenities.
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 April and March to determine the overall trend and visit the US Rent Trends page to view the most current rent prices available across the US.
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 US right now?
As of April 2025, the average rent in the US is $1,628 per month, which is an increase of 1.2% over last year.
Which states had the largest rent increases in May 2025?
The states with the largest rent increases in May 2025 are Kansas, Rhode Island, and Nebraska. Kansas saw an overall rent increase of 4.7%. Rhode Island and Nebraska rent prices are both up by 3.8%.
Which states have the cheapest rent right now?
The states with the lowest rent prices are Oklahoma, West Virginia, and Arkansas. Oklahoma has the lowest overall rent price in the US, where the average rent is $897 per month.
Are rent prices rising or falling in the US?
Rent prices in the US are rising, averaging 1.2% more than last year.
