National Apartment Rent Rises to $1,987 in March

Atlanta, GA, April 16, 2024-The national median price of an apartment in March was $1,987, according to On an annual basis, rents grew in March by 0.77%, while month to month, rents rose by 0.30%. Since January, rents have risen by 1.17%, 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%, on par with pre-pandemic levels.

Nationally, between March 2023 and March 2024, rent prices have climbed by 0.77%, or $15, since one year prior. March’s modest gains come off the heels of 2.5% 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%, 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%. 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% 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%, 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% on a yearly basis, with current asking rents of $2,365, the second highest in the nation.