Average Rent by Year

Last Updated: April 25, 2022

Highlights. Average rent prices have increased at a rate of 8.86% per year since 1980, consistently outpacing wage inflation by a significant margin; 2021 was an exceptionally volatile year for the market, which appears to continue in 2022.

  • According to some measurements, the national average rent increased over 20% year-over-year (YoY) at one point in 2021, the highest spike on record.
  • The nationwide average monthly rent in 2020 was $1,164 ($1,225 with average rental inflation).
  • The median rent in 2020 was $1,104 ($1,162 adjusted for inflation).
  • 78.1% of renters pay rent in full and on time.
  • 28.4% is their average rent-to-income ratio.

Line Graph: Historical Average Monthly Rents Since 1940

Median Monthly Rent Nationwide Since 1940, Selected Years
Year Median Monthly Rent Average Annual Change
2020 $1,104 +3.08%
2019 $1,071 +4.28%
2018 $1,027 +3.63%
2017 $991 +3.44%
2016 $958 +3.79%
2015 $923 +5.25%
2014 $877 +3.18%
2013 $850 -1.96%
2012 $867 +2.60%
2011 $845 +4.32%
2010 $810 +0.25%
2005 $694 +3.89%
2000 $602 +3.79%
1995 $523 +4.81%
1990 $447 +5.42%
1985 $339 +2.11%
1980 $243 11.2%
1975 $156 8.9%
1970 $108 5.21%
1960 $71 6.90%
1950 $42 5.56%
1940 $27

Average Rent by Year

The U.S. Department of Housing and Urban Development (HUD) defines the Fair Market Rent (FMR). The FMR is not the price the average renter pays, however.

  • As of 2020, monthly rent averaged $1,164 nationwide; median rent is $1,104.
  • The nationwide average FMR for a one-bedroom home was $1,017.
  • From 2010 to 2020, 2015 had the largest YoY rate of rental inflation at 5.25%.
  • In the 21stCentury, the median rent increases at an annual rate of 4.17%.
  • Throughout 2020, the average rent increased despite massive job losses early on in the pandemic and a continued high rate of unemployment.
  • Currency values increase at an annual rate of 2.02%, making the rent inflation average 3.1%.
  • Within the last 50 years, 1980 had the largest YoY rent increase (11.98%) while 2010 had the smallest YoY decrease (0.25%).
  • YoY rent changes have not fallen to a negative rate since 1934.
  • 1933 saw the all-time largest YoY rent decrease at -13.48%.
  • 1920 had the all-time largest YoY rent increase at 18.42%.
Average Annual Rent Since 2005
Year Average Annual Rent
2020 $19.27/ft2 $13,968
2019 $18.69/ft2 $11,979
2018 $17.90/ft2 $11,340
2017 $17.23/ft2 $11,052
2016 $16.56/ft2 $10,557
2015 $15.80/ft2 $9,901
2014 $14.90/ft2 $9,559
2013 $14.23/ft2 $9,050
2012 $13.74/ft2 $8,812
2011 $13.30/ft2 $8,652
2010 $12.77/ft2 $8,532
2009 $12.67/ft2 $8,412
2008 $13.29/ft2 $8,016
2007 $13.13/ft2 $7,884
2006 $12.73/ft2 $7,848
2005 $12.12/ft2 $7,104

Rent vs. Income by Year

Housing and amenities have changed so much over decades that it makes gauging rental inflation difficult. The ratio of rent-to-income, however, indicates rent prices are rising at a faster rate than renter incomes.

  • $984 per week or $49,200 annually* before taxes is the median wage among full-time workers nationwide.
  • The average renter spends 28.39% of their income on rent.
  • Among female wage earners, the average rent is 30.5% of individual income.
  • In 2012, 22.85% was the average rent as a percentage of household income.
  • That’s a 24.25% increase in the rate of rent-to-income in 8 years – an average annual growth rate of 3.03%.
  • The value of the average wage increases at an annual rate of 3.44%.
  • Rent prices increase 12.5% faster than wages.

*This figure assumes a standard annual 2-week leave.

Year Rent Inflation Wage Inflation
2020 3.12% 2.87%
2019 3.71% 3.83%
2018 3.62% 3.62%
2017 3.81% 3.45%
2016 3.77% 1.13%
2015 3.57% 3.48%
2014 3.15% 3.55%
2013 2.83% 1.28%
2012 2.65% 3.12%
2011 1.71% 3.13%
2010 0.23% 2.32%
2009 2.28% -1.51%
2008 3.66% 2.30%
2007 4.26% 4.54%
2006 3.57% 4.60%
2005 2.99% 3.66%
2004 2.68% 4.65%
2003 2.93% 2.45%
2002 3.93% 1.00%
2001 4.45% 2.39%
2000 3.63% 5.53%

Line Graph: Annual Consumer Price Index Inflation Rates

Rent by State & Year

Southern states historically have the lowest rental rates. Alaska and Hawaii have had the highest rates since they became states in the mid-20th Century.

  • Arkansas has the lowest FMR among states at $738 for a 2-bedroom unit.
  • Among states and territories, Puerto Rico has the lowest FMR at $487 or 34% lower than the FMR in Arkansas.
  • Hawaii has the highest FMR for a 2-bedroom at $2,015.
  • In 1980, Mississippi had the lowest average rent, whereas in 2000, West Virginia had the lowest rents available.
  • Hawaii also had the highest rents in 2000, but in 1980, Alaska’s rents were the highest nationwide.
  • Going back to 1940, Mississippi had the lowest rents and the District of Columbia had the highest rents available.

Rent by Year in Alabama

The average rent by year in Alabama increases at a rate on par with the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Alabama was $807, up 80.54% from 2000.
  • After adjusting for inflation, median rent in Alabama increased 17.23% from 2000 to 2020.
  • From 1940 to 2000, rent in Alabama increased at an annual rate of 60.42%.
  • After adjusting for inflation, rent in Alabama increased at an annual rate of 3.95% from 1940 to 2020.
Decades of Rent in Alabama
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $12 $194
1950 $25 $229
1960 $45 $342
1970 $69 $408
1980 $188 $573
1990 $325 $639
2000 $447 $688
2020 $807 (FMR)

Rent by Year in Alaska

The average rent by year in Alaska increases at a much slower rate than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Alaska was $1,201, up 66.81% from 2000.
  • After adjusting for inflation, median rent in Alaska increased 8.32% from 2000 to 2020.
  • Data before 1960 is unavailable; from 1960 to 2000, rent in Alaska increased at an annual rate of 11.79%.
  • After adjusting for inflation, rent in Alaska increased at an annual rate of 0.43% from 1960 to 2020.
Decades of Rent in Alaska
Year Median Gross Rent Rent Adjusted to 2020 US$
1960 $126 $342
1970 $189 $1,118
1980 $368 $1,121
1990 $559 $1,100
2000 $720 $1,109
2020 $1,201 (FMR)

Rent by Year in Arizona

The average rent by year in Arizona increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Arizona was $1,101, up 77.87% from 2000.
  • After adjusting for inflation, median rent in Arizona increased 15.50% from 2000 to 2020.
  • From 1940 to 2000, rent in Arizona increased at an annual rate of 55.65%.
  • After adjusting for inflation, rent in Arizona increased at an annual rate of 3.45% from 1940 to 2020.
Decades of Rent in Arizona
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $18 $293
1950 $37 $343
1960 $69 $524
1970 $109 $645
1980 $264 $805
1990 $438 $862
2000 $619 $953
2020 $1,101 (FMR)

Rent by Year in Arkansas

The average rent by year in Arkansas increases much slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Arkansas was $742, up 63.80% from 2000.
  • After adjusting for inflation, median rent in Arkansas increased 6.36% from 2000 to 2020.
  • From 1940 to 2000, rent in Arkansas increased at an annual rate of 61.25%.
  • After adjusting for inflation, rent in Arkansas increased at an annual rate of 3.73% from 1940 to 2020.
Decades of Rent in Arkansas
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $12 $186
1950 $28 $260
1960 $47 $357
1970 $71 $420
1980 $185 $564
1990 $328 $645
2000 $453 $698
2020 $742 (FMR)

Rent by Year in California

The average rent by year in California increases faster than any other state (excluding the District of Columbia).

  • The 2020 FMR for a 2-bedroom apartment in California was $1,614, up 116.1% from 2000.
  • After adjusting for inflation, median rent in California increased 40.30% from 2000 to 2020.
  • From 1940 to 2000, rent in California increased at an annual rate of 44.44%.
  • After adjusting for inflation, rent in California increased at an annual rate of 3.33% from 1940 to 2020.
Decades of Rent in California
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $27 $440
1950 $42 $394
1960 $79 $599
1970 $126 $745
1980 $283 $862
1990 $620 $1,220
2000 $747 $1,150
2020 $1,614 (FMR)

Rent by Year in Colorado

The average rent by year in Colorado increases much faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Colorado was $1,369, up 104.0% from 2000.
  • After adjusting for inflation, median rent in Colorado increased 32.48% from 2000 to 2020.
  • From 1940 to 2000, rent in Colorado increased at an annual rate of 49.17%.
  • After adjusting for inflation, rent in Colorado increased at an annual rate of 3.58% from 1940 to 2020.
Decades of Rent in Colorado
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $22 $354
1950 $39 $367
1960 $72 $547
1970 $110 $650
1980 $252 $768
1990 $418 $822
2000 $671 $1,033
2020 $1,369 (FMR)

Rent by Year in Connecticut

The average rent by year in Connecticut increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Connecticut was $1,177, up 72.83% from 2000.
  • After adjusting for inflation, median rent in Connecticut increased 12.23% from 2000 to 2020.
  • From 1940 to 2000, rent in Connecticut increased at an annual rate of 31.72%.
  • After adjusting for inflation, rent in Connecticut increased at an annual rate of 1.47% from 1940 to 2020.
Decades of Rent in Connecticut
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $34 $541
1950 $45 $422
1960 $77 $584
1970 $127 $752
1980 $260 $793
1990 $598 $1,177
2000 $681 $1,049
2020 $1,177 (FMR)

Rent by Year in Delaware

The average rent by year in Delaware increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Delaware was $1,116, up 74.65% from 2000.
  • After adjusting for inflation, median rent in Delaware increased 13.41% from 2000 to 2020.
  • From 1940 to 2000, rent in Delaware increased at an annual rate of 33.83%.
  • After adjusting for inflation, rent in Delaware increased at an annual rate of 1.69% from 1940 to 2020.
Decades of Rent in Delaware
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $30 $474
1950 $46 $430
1960 $77 $584
1970 $111 $656
1980 $247 $753
1990 $495 $973
2000 $639 $984
2020 $1,116 (FMR)

Rent by Year in District of Columbia

The average rent by year in the District of Columbia increases faster than any state or territory.

  • The 2020 FMR for a 2-bedroom apartment in D.C. was $1,603, up 159% from 2000.
  • After adjusting for inflation, median rent in D.C. increased 68.43% from 2000 to 2020.
  • From 1940 to 2000, rent in D.C. increased at an annual rate of 21.22%.
  • After adjusting for inflation, rent in D.C. increased at an annual rate of 1.51% from 1940 to 2020.
Decades of Rent in D.C.
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $45 $725
1950 $57 $533
1960 $81 $614
1970 $119 $704
1980 $224 $682
1990 $479 $942
2000 $618 $951
2020 $1,603 (FMR)

Rent by Year in Florida

The average rent by year in Florida increases faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Florida was $1,238, up 93.14% from 2000.
  • After adjusting for inflation, median rent in Florida increased 25.41% from 2000 to 2020.
  • From 1940 to 2000, rent in Florida increased at an annual rate of 65.1%.
  • After adjusting for inflation, rent in Florida increased at an annual rate of 4.91% from 1940 to 2020.
Decades of Rent in Florida
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $16 $251
1950 $39 $367
1960 $71 $539
1970 $112 $662
1980 $255 $778
1990 $481 $947
2000 $641 $987
2020 $1,238 (FMR)

Rent by Year in Georgia

The average rent by year in Georgia increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Georgia was $1,049, up 71.13% from 2000.
  • After adjusting for inflation, median rent in Georgia increased 11.12% from 2000 to 2020.
  • From 1940 to 2000, rent in Georgia increased at an annual rate of 76.92%.
  • After adjusting for inflation, rent in Georgia increased at an annual rate of 5.10% from 1940 to 2020.
Decades of Rent in Georgia
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $13 $206
1950 $27 $256
1960 $51 $387
1970 $86 $508
1980 $211 $644
1990 $433 $852
2000 $613 $944
2020 $1,049 (FMR)

Rent by Year in Hawaii

The average rent by year in Hawaii increases much faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Hawaii was $1,651, up 112% from 2000.
  • After adjusting for inflation, median rent in Hawaii increased 37.62% from 2000 to 2020.
  • Data before 1960 is unavailable; from 1960 to 2000, rent in Hawaii increased at an annual rate of 24.55%.
  • After adjusting for inflation, rent in Hawaii increased at an annual rate of 2.52% from 1960 to 2020.
Decades of Rent in Hawaii
Year Median Gross Rent Rent Adjusted to 2020 US$
1960 $72 $547
1970 $132 $781
1980 $311 $949
1990 $650 $1,278
2000 $779 $1,200
2020 $1,651 (FMR)

Rent by Year in Idaho

The average rent by year in Idaho increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Idaho was $880, up 70.87% from 2000.
  • After adjusting for inflation, median rent in Idaho increased 10.96% from 2000 to 2020.
  • From 1940 to 2000, rent in Idaho increased at an annual rate of 39.21%.
  • After adjusting for inflation, rent in Idaho increased at an annual rate of 2.06% from 1940 to 2020.
Decades of Rent in Idaho
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $21 $333
1950 $44 $410
1960 $65 $493
1970 $92 $544
1980 $218 $665
1990 $330 $650
2000 $515 $793
2020 $880 (FMR)

Rent by Year in Illinois

The average rent by year in Illinois increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Illinois was $1,020, up 68.60% from 2000.
  • After adjusting for inflation, median rent in Illinois increased 9.48% from 2000 to 2020.
  • From 1940 to 2000, rent in Illinois increased at an annual rate of 28.89%.
  • After adjusting for inflation, rent in Illinois increased at an annual rate of 1.19% from 1940 to 2020.
Decades of Rent in Illinois
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $33 $522
1950 $47 $440
1960 $85 $645
1970 $124 $733
1980 $246 $750
1990 $445 $876
2000 $605 $932
2020 $1,020 (FMR)

Rent by Year in Indiana

The average rent by year in Indiana increases much slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Indiana was $840, up 61.23% from 2000.
  • After adjusting for inflation, median rent in Indiana increased 4.69% from 2000 to 2020.
  • From 1940 to 2000, rent in Indiana increased at an annual rate of 34.51%.
  • After adjusting for inflation, rent in Indiana increased at an annual rate of 1.52% from 1940 to 2020.
Decades of Rent in Indiana
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $24 $378.84
1950 $42 $391
1960 $70 $531
1970 $105 $621
1980 $218 $665
1990 $374 $736
2000 $521 $802
2020 $840 (FMR)

Rent by Year in Iowa

The average rent by year in Iowa increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Iowa was $808, up 71.91% from 2000.
  • After adjusting for inflation, median rent in Iowa increased 11.63% from 2000 to 2020.
  • From 1940 to 2000, rent in Iowa increased at an annual rate of 32.39%.
  • After adjusting for inflation, rent in Iowa increased at an annual rate of 1.48% from 1940 to 2020.
Decades of Rent in Iowa
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $23 $370
1950 $43 $397
1960 $68 $516
1970 $99 $585
1980 $226 $688
1990 $336 $661
2000 $470 $724
2020 $808 (FMR)

Rent by Year in Kansas

The average rent by year in Kansas increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Kansas was $862, up 73.09% from 2000.
  • After adjusting for inflation, median rent in Kansas increased 12.40% from 2000 to 2020.
  • From 1940 to 2000, rent in Kansas increased at an annual rate of 42.02%.
  • After adjusting for inflation, rent in Kansas increased at an annual rate of 2.34% from 1940 to 2020.
Decades of Rent in Kansas
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $19 $300
1950 $38 $350
1960 $66 $501
1970 $94 $556
1980 $218 $665
1990 $372 $732
2000 $498 $767
2020 $862 (FMR)

Rent by Year in Kentucky

The average rent by year in Kentucky increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Kentucky was $773, up 73.71% from 2000.
  • After adjusting for inflation, median rent in Kentucky increased 12.80% from 2000 to 2020.
  • From 1940 to 2000, rent in Kentucky increased at an annual rate of 44.69%.
  • After adjusting for inflation, rent in Kentucky increased at an annual rate of 2.51% from 1940 to 2020.
Decades of Rent in Kentucky
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $16 $257
1950 $31 $286
1960 $55 $417
1970 $83 $491
1980 $198 $604
1990 $319 $628
2000 $445 $685
2020 $773 (FMR)

Rent by Year in Louisiana

The average rent by year in Louisiana increases slightly faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Louisiana was $866, up 85.84% from 2000.
  • After adjusting for inflation, median rent in Louisiana increased 20.67% from 2000 to 2020.
  • From 1940 to 2000, rent in Louisiana increased at an annual rate of 50.11%.
  • After adjusting for inflation, rent in Louisiana increased at an annual rate of 3.23% from 1940 to 2020.
Decades of Rent in Louisiana
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $15 $242
1950 $27 $249
1960 $53 $402
1970 $81 $479
1980 $214 $653
1990 $352 $693
2000 $466 $718
2020 $866 (FMR)

Rent by Year in Maine

The average rent by year in Maine increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Maine was $870, up 75.05% from 2000.
  • After adjusting for inflation, median rent in Maine increased 13.67% from 2000 to 2020.
  • From 1940 to 2000, rent in Maine increased at an annual rate of 31.47%.
  • After adjusting for inflation, rent in Maine increased at an annual rate of 1.48% from 1940 to 2020.
Decades of Rent in Maine
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $25 $399
1950 $41 $385
1960 $64 $485
1970 $90 $533
1980 $216 $659
1990 $419 $824
2000 $497 $765
2020 $870 (FMR)

Rent by Year in Maryland

The average rent by year in Maryland increases much faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Maryland was $1,401, up 103.34% from 2000.
  • After adjusting for inflation, median rent in Maryland increased 32.04% from 2000 to 2020.
  • From 1940 to 2000, rent in Maryland increased at an annual rate of 40.86%.
  • After adjusting for inflation, rent in Maryland increased at an annual rate of 2.84% from 1940 to 2020.
Decades of Rent in Maryland
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $27 $428
1950 $46 $431
1960 $78 $591
1970 $127 $752
1980 $266 $812
1990 $548 $1,078
2000 $689 $1,061
2020 $1,041 (FMR)

Rent by Year in Massachusetts

The average rent by year in Massachusetts increases faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Massachusetts was $1,360, up 98.83% from 2000.
  • After adjusting for inflation, median rent in Massachusetts increased 29.11% from 2000 to 2020.
  • From 1940 to 2000, rent in Massachusetts increased at an annual rate of 31.86%.
  • After adjusting for inflation, rent in Massachusetts increased at an annual rate of 1.90% from 1940 to 2020.
Decades of Rent in Massachusetts
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $34 $541
1950 $47 $437
1960 $75 $570
1970 $117 $691
1980 $255 $778
1990 $580 $1,141
2000 $684 $1,053
2020 $1,360 (FMR)

Rent by Year in Michigan

The average rent by year in Michigan increases much slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Michigan was $888, up 62.64% from 2000.
  • After adjusting for inflation, median rent in Michigan increased 5.61% from 2000 to 2020.
  • From 1940 to 2000, rent in Michigan increased at an annual rate of 25.91%.
  • After adjusting for inflation, rent in Michigan increased at an annual rate of 0.86% from 1940 to 2020.
Decades of Rent in Michigan
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $33 $527
1950 $47 $442
1960 $77 $584
1970 $115 $681
1980 $250 $762
1990 $423 $832
2000 $546 $841
2020 $888 (FMR)

Rent by Year in Minnesota

The average rent by year in Minnesota increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Minnesota was $1,016, up 79.51% from 2000.
  • After adjusting for inflation, median rent in Minnesota increased 16.56% from 2000 to 2020.
  • From 1940 to 2000, rent in Minnesota increased at an annual rate of 32.02%.
  • After adjusting for inflation, rent in Minnesota increased at an annual rate of 1.58% from 1940 to 2020.
Decades of Rent in Minnesota
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $28 $448
1950 $43 $403
1960 $72 $547
1970 $117 $691
1980 $236 $719
1990 $422 $830
2000 $566 $872
2020 $1,016 (FMR)

Rent by Year in Mississippi

The average rent by year in Mississippi increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Mississippi was $777, up 76.99% from 2000.
  • After adjusting for inflation, median rent in Mississippi increased 14.93% from 2000 to 2020.
  • From 1940 to 2000, rent in Mississippi increased at an annual rate of 64.85%.
  • After adjusting for inflation, rent in Mississippi increased at an annual rate of 4.14% from 1940 to 2022.
Decades of Rent in Mississippi
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $11 $180
1950 $25 $229
1960 $43 $326
1970 $65 $385
1980 $180 $548
1990 $309 $608
2000 $439 $676
2020 $777 (FMR)

Rent by Year in Missouri

The average rent by year in Missouri increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Missouri was $834, up 72.31% from 2000.
  • After adjusting for inflation, median rent in Missouri increased 11.89% from 2000 to 2020.
  • From 1940 to 2000, rent in Missouri increased at an annual rate of 35.00%.
  • After adjusting for inflation, rent in Missouri increased at an annual rate of 1.68% from 1940 to 2020.
Decades of Rent in Missouri
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $22 $356
1950 $36 $340
1960 $65 $493
1970 $96 $568
1980 $211 $644
1990 $368 $724
2000 $484 $745
2020 $834 (FMR)

Rent by Year in Montana

The average rent by year in Montana increases slightly faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Montana was $831, up 85.91% from 2000.
  • After adjusting for inflation, median rent in Montana increased 20.72% from 2000 to 2020.
  • From 1940 to 2000, rent in Montana increased at an annual rate of 30.72%.
  • After adjusting for inflation, rent in Montana increased at an annual rate of 1.60% from 1940 to 2020.
Decades of Rent in Montana
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $23 $365
1950 $41 $380
1960 $66 $501
1970 $89 $527
1980 $200 $610
1990 $311 $611
2000 $447 $688
2020 $831 (FMR)

Rent by Year in Nebraska

The average rent by year in Nebraska increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Nebraska was $859, up 74.95% from 2000.
  • After adjusting for inflation, median rent in Nebraska increased 13.60% from 2000 to 2020.
  • From 1940 to 2000, rent in Nebraska increased at an annual rate of 35.53%.
  • After adjusting for inflation, rent in Nebraska increased at an annual rate of 1.84% from 1940 to 2020.
Decades of Rent in Nebraska
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $22 $348
1950 $43 $396
1960 $67 $508
1970 $95 $562
1980 $213 $650
1990 $348 $685
2000 $491 $756
2020 $859 (FMR)

Rent by Year in Nevada

The average rent by year in Nevada increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Nevada was $1,168, up 67.10% from 2000.
  • After adjusting for inflation, median rent in Nevada increased 8.50% from 2000 to 2020.
  • From 1940 to 2000, rent in Nevada increased at an annual rate of 43.14%.
  • After adjusting for inflation, rent in Nevada increased at an annual rate of 2.25% from 1940 to 2020.
Decades of Rent in Nevada
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $26 $417
1950 $47 $442
1960 $91 $690
1970 $141 $835
1980 $310 $946
1990 $509 $1,001
2000 $699 $1,076
2020 $1,168 (FMR)

Rent by Year in New Hampshire

The average rent by year in New Hampshire increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in New Hampshire was $1,147, up 77.55% from 2000.
  • After adjusting for inflation, median rent in New Hampshire increased 15.29% from 2000 to 2020.
  • From 1940 to 2000, rent in New Hampshire increased at an annual rate of 39.74%.
  • After adjusting for inflation, rent in New Hampshire increased at an annual rate of 2.22% from 1940 to 2020.
Decades of Rent in New Hampshire
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $26 $413
1950 $41 $377
1960 $65 $493
1970 $99 $585
1980 $251 $765
1990 $549 $1,080
2000 $646 $995
2020 $1,147 (FMR)

Rent by Year in New Jersey

The average rent by year in New Jersey increases at a rate on par with the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in New Jersey was $1,376, up 83.22% from 2000.
  • After adjusting for inflation, median rent in New Jersey increased 18.98% from 2000 to 2020.
  • From 1940 to 2000, rent in New Jersey increased at an annual rate of 33.10%.
  • After adjusting for inflation, rent in New Jersey increased at an annual rate of 1.74% from 1940 to 2020.
Decades of Rent in New Jersey
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $36 $576
1950 $49 $454
1960 $80 $607
1970 $126 $745
1980 $270 $822
1990 $592 $1,164
2000 $751 $1,157
2020 $1,376 (FMR)

Rent by Year in New Mexico

The average rent by year in New Mexico increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in New Mexico was $847, up 68.39% from 2000.
  • After adjusting for inflation, median rent in New Mexico increased 9.34% from 2000 to 2020.
  • From 1940 to 2000, rent in New Mexico increased at an annual rate of 47.65%.
  • After adjusting for inflation, rent in New Mexico increased at an annual rate of 2.63% from 1940 to 2020.
Decades of Rent in New Mexico
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $17 $273
1950 $41 $382
1960 $71 $539
1970 $88 $521
1980 $215 $656
1990 $372 $732
2000 $503 $775
2020 $847 (FMR)

Rent by Year in New York

The average rent by year in New York increases faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in New York was $1,309, up 94.79% from 2000.
  • After adjusting for inflation, median rent in New York increased 26.49% from 2000 to 2020.
  • From 1940 to 2000, rent in New York increased at an annual rate of 27.05%.
  • After adjusting for inflation, rent in New York increased at an annual rate of 1.38% from 1940 to 2020.
Decades of Rent in New York
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $39 $622
1950 $48 $451
1960 $74 $562
1970 $111 $656
1980 $249 $759
1990 $486 $956
2000 $672 $1,035
2020 $1,309 (FMR)

Rent by Year in North Carolina

The average rent by year in North Carolina increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in North Carolina was $931, up 69.89% from 2000.
  • After adjusting for inflation, median rent in North Carolina increased 10.32% from 2000 to 2020.
  • From 1940 to 2000, rent in North Carolina increased at an annual rate of 63.57%.
  • After adjusting for inflation, rent in North Carolina increased at an annual rate of 3.75% from 1940 to 2020.
Decades of Rent in North Carolina
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $14 $233
1950 $30 $276
1960 $55 $417
1970 $86 $508
1980 $205 $625
1990 $382 $752
2000 $548 $844
2020 $931 (FMR)

Rent by Year in North Dakota

The average rent by year in North Dakota increases faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in North Dakota was $804, up 95.15% from 2000.
  • After adjusting for inflation, median rent in North Dakota increased 26.72% from 2000 to 2020.
  • From 1940 to 2000, rent in North Dakota increased at an annual rate of 31.03%.
  • After adjusting for inflation, rent in North Dakota increased at an annual rate of 1.74% from 1940 to 2020.
Decades of Rent in North Dakota
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $21 $336
1950 $43 $399
1960 $71 $539
1970 $97 $574
1980 $206 $628
1990 $313 $616
2000 $412 $634
2020 $804 (FMR)

Rent by Year in Ohio

The average rent by year in Ohio increases much slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Ohio was $813, up 57.86% from 2000.
  • After adjusting for inflation, median rent in Ohio increased 2.51% from 2000 to 2020.
  • From 1940 to 2000, rent in Ohio increased at an annual rate of 28.99%.
  • After adjusting for inflation, rent in Ohio increased at an annual rate of 1.02% from 1940 to 2020.
Decades of Rent in Ohio
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $28 $448
1950 $42 $388
1960 $75 $570
1970 $105 $621
1980 $225 $685
1990 $379 $745
2000 $515 $793
2020 $813 (FMR)

Rent by Year in Oklahoma

The average rent by year in Oklahoma increases slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Oklahoma was $814, up 78.51% from 2000.
  • After adjusting for inflation, median rent in Oklahoma increased 15.91% from 2000 to 2020.
  • From 1940 to 2000, rent in Oklahoma increased at an annual rate of 45.83%.
  • After adjusting for inflation, rent in Oklahoma increased at an annual rate of 2.61% from 1940 to 2020.
Decades of Rent in Oklahoma
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $16 $263
1950 $34 $319
1960 $57 $433
1970 $82 $483
1980 $215 $656
1990 $340 $668
2000 $456 $702
2020 $814 (FMR)

Rent by Year in Oregon

The average rent by year in Oregon increases faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Oregon was $1,185, up 91.13% from 2000.
  • After adjusting for inflation, median rent in Oregon increased 24.11% from 2000 to 2020.
  • From 1940 to 2000, rent in Oregon increased at an annual rate of 47.54%.
  • After adjusting for inflation, rent in Oregon increased at an annual rate of 3.08% from 1940 to 2020.
Decades of Rent in Oregon
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $21 $342
1950 $44 $413
1960 $70 $531
1970 $107 $633
1980 $257 $784
1990 $408 $802
2000 $620 $955
2020 $1,185 (FMR)

Rent by Year in Pennsylvania

The average rent by year in Pennsylvania increases slightly slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Pennsylvania was $951, up 79.10% from 2000.
  • After adjusting for inflation, median rent in Pennsylvania increased 16.30% from 2000 to 2020.
  • From 1940 to 2000, rent in Pennsylvania increased at an annual rate of 31.11%.
  • After adjusting for inflation, rent in Pennsylvania increased at an annual rate of 1.46% from 1940 to 2020.
Decades of Rent in Pennsylvania
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $27 $439
1950 $40 $371
1960 $64 $485
1970 $93 $550
1980 $224 $682
1990 $404 $795
2000 $531 $818
2020 $951 (FMR)

Rent by Year in Rhode Island

The average rent by year in Rhode Island increases slightly faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Rhode Island was $1,043, up 88.61% from 2000.
  • After adjusting for inflation, median rent in Rhode Island increased 22.47% from 2000 to 2020.
  • From 1940 to 2000, rent in Rhode Island increased at an annual rate of 31.25%.
  • After adjusting for inflation, rent in Rhode Island increased at an annual rate of 1.66% from 1940 to 2020.
Decades of Rent in Rhode Islands
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $28 $448
1950 $40 $374
1960 $62 $470
1970 $93 $550
1980 $222 $676
1990 $489 $963
2000 $553 $852
2020 $1,043 (FMR)

Rent by Year in South Carolina

The average rent by year in South Carolina increases slightly slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Rhode Island was $922, up 80.78% from 2000.
  • After adjusting for inflation, median rent in Rhode Island increased 17.39% from 2000 to 2020.
  • From 1940 to 2000, rent in Rhode Island increased at an annual rate of 69.17%.
  • After adjusting for inflation, rent in Rhode Island increased at an annual rate of 4.93% from 1940 to 2020.
Decades of Rent in South Carolina
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $12 $186
1950 $26 $243
1960 $49 $371
1970 $77 $456
1980 $206 $628
1990 $376 $739
2000 $510 $785
2020 $922 (FMR)

Rent by Year in South Dakota

The average rent by year in South Dakota increases slightly slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in South Dakota was $769, up 80.52% from 2000.
  • After adjusting for inflation, median rent in South Dakota increased 17.22% from 2000 to 2020.
  • From 1940 to 2000, rent in South Dakota increased at an annual rate of 32.14%.
  • After adjusting for inflation, rent in South Dakota increased at an annual rate of 1.59% from 1940 to 2020.
Decades of Rent in South Dakota
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $21 $339
1950 $42 $394
1960 $67 $508
1970 $88 $521
1980 $188 $573
1990 $306 $602
2000 $426 $656
2020 $769 (FMR)

Rent by Year in Tennessee

The average rent by year in Tennessee increases slightly slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Tennessee was $904, up 79.01% from 2000.
  • After adjusting for inflation, median rent in Tennessee increased 16.24% from 2000 to 2020.
  • From 1940 to 2000, rent in Tennessee increased at an annual rate of 54.44%.
  • After adjusting for inflation, rent in Tennessee increased at an annual rate of 3.48% from 1940 to 2020.
Decades of Rent in Tennessee
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $15 $239
1950 $31 $286
1960 $52 $394
1970 $82 $485
1980 $203 $619
1990 $357 $702
2000 $505 $778
2020 $904 (FMR)

Rent by Year in Texas

The average rent by year in Texas increases faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Texas was $1,091, up 90.07% from 2000.
  • After adjusting for inflation, median rent in Texas increased 23.42% from 2000 to 2020.
  • From 1940 to 2000, rent in Texas increased at an annual rate of 54.61%.
  • After adjusting for inflation, rent in Texas increased at an annual rate of 3.78% from 1940 to 2020.
Decades of Rent in Texas
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $17 $271
1950 $37 $347
1960 $60 $456
1970 $95 $562
1980 $246 $750
1990 $395 $778
2000 $574 $884
2020 $1,091 (FMR)

Rent by Year in Utah

The average rent by year in Utah increases at a rate on par with the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Utah was $1,098, up 83.92% from 2000.
  • After adjusting for inflation, median rent in Utah increased 19.43% from 2000 to 2020.
  • From 1940 to 2000, rent in Utah increased at an annual rate of 41.59%.
  • After adjusting for inflation, rent in Utah increased at an annual rate of 2.49% from 1940 to 2020.
Decades of Rent in Utah
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $23 $367
1950 $40 $373
1960 $66 $501
1970 $97 $574
1980 $235 $716
1990 $369 $725
2000 $597 $919
2020 $1,098 (FMR)

Rent by Year in Vermont

The average rent by year in Vermont increases faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Vermont was $980, up 77.22% from 2000.
  • After adjusting for inflation, median rent in Vermont increased 15.07% from 2000 to 2020.
  • From 1940 to 2000, rent in Vermont increased at an annual rate of 36.74%.
  • After adjusting for inflation, rent in Vermont increased at an annual rate of 1.91% from 1940 to 2020.
Decades of Rent in Vermont
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $24 $388
1950 $41 $385
1960 $62 $470
1970 $98 $579
1980 $224 $682
1990 $446 $878
2000 $553 $852
2020 $980 (FMR)

Rent by Year in Virginia

The average rent by year in Virginia increases faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Virginia was $1,254, up 92.92% from 2000.
  • After adjusting for inflation, median rent in Virginia increased 25.27% from 2000 to 2020.
  • From 1940 to 2000, rent in Virginia increased at an annual rate of 55.35%.
  • After adjusting for inflation, rent in Virginia increased at an annual rate of 3.92% from 1940 to 2020.
Decades of Rent in Virginia
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $19 $303
1950 $39 $365
1960 $71 $539
1970 $115 $681
1980 $259 $790
1990 $495 $973
2000 $650 $1,001
2020 $1,254 (FMR)

Rent by Year in Washington

The average rent by year in Washington increases much faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Washington was $1,359, up 105% from 2000.
  • After adjusting for inflation, median rent in Washington increased 33.10% from 2000 to 2020.
  • From 1940 to 2000, rent in Washington increased at an annual rate of 49.56%.
  • After adjusting for inflation, rent in Washington increased at an annual rate of 3.63% from 1940 to 2020.
Decades of Rent in Washington
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $22 $348
1950 $43 $405
1960 $71 $539
1970 $113 $668
1980 $254 $775
1990 $445 $876
2000 $663 $1,021
2020 $1,359 (FMR)

Rent by Year in West Virginia

The average rent by year in West Virginia increases at a rate on par with the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in West Virginia was $727, up 81.30% from 2000.
  • After adjusting for inflation, median rent in West Virginia increased 17.73% from 2000 to 2020.
  • From 1940 to 2000, rent in West Virginia increased at an annual rate of 37.65%.
  • After adjusting for inflation, rent in West Virginia increased at an annual rate of 2.07% from 1940 to 2020.
Decades of Rent in West Virginia
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $17 $274
1950 $28 $265
1960 $53 $402
1970 $72 $427
1980 $195 $594
1990 $303 $596
2000 $401 $618
2020 $727 (FMR)

Rent by Year in Wisconsin

The average rent by year in Wisconsin increases much slower than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Wisconsin was $867, up 60.56% from 2000.
  • After adjusting for inflation, median rent in Wisconsin increased 4.26% from 2000 to 2020.
  • From 1940 to 2000, rent in Wisconsin increased at an annual rate of 27.37%.
  • After adjusting for inflation, rent in Wisconsin increased at an annual rate of 0.93% from 1940 to 2020.
Decades of Rent in Wisconsin
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $31 $497
1950 $49 $457
1960 $79 $599
1970 $113 $668
1980 $234 $713
1990 $399 $785
2000 $540 $832
2020 $867 (FMR)

Rent by Year in Wyoming

The average rent by year in Wyoming increases slightly faster than the national average rent inflation rate.

  • The 2020 FMR for a 2-bedroom apartment in Wyoming was $822, up 88.10% from 2000.
  • After adjusting for inflation, median rent in Wyoming increased 22.14% from 2000.
  • From 1940 to 2000, rent in Wyoming increased at an annual rate of 31.44%.
  • After adjusting for inflation, rent in Wyoming increased at an annual rate of 1.73% from 1940 to 2020.
Decades of Rent in Wymoing
Year Median Gross Rent Rent Adjusted to 2020 US$
1940 $22 $345
1950 $41 $385
1960 $67 $508
1970 $87 $514
1980 $252 $768
1990 $333 $655
2000 $437 $673
2020 $822 (FMR)

Stacked Bars: Average Rent Paid by Financial Quarter

Late Rent Payments

Despite pandemic-related market volatility, most renters continue to pay their rent on time.

  • Prior to job losses starting in early 2020, it was normal for over 95% of renters to pay their rent within the month.
  • Over 80% of renters paid their rent on time prior to plummeting employment rates.
  • More than 77% of renters paid their rent on time in the months following the first U.S. quarantines.
  • Before the first wave of job losses, 74% of renters who did not pay their rent on time did pay it within the month.
  • After the early 2020 economic downturn, more than 66% of late rental payments were made within the month.
  • On average, over 90% of renters paid their rent within the month after March 2020.

Sources

  1. U.S. Bureau of Labor Statistics (BLS), Consumer Price Index
  2. BLS, Usual Weekly Earnings of Wage and Salary Workers Fourth Quarter 2020
  3. U.S. Social Security Administration, Measures of Central Tendency for Wage Data
  4. U.S. Census Bureau, American Housing Survey Data Tables
  5. National Multifamily Housing Council, Research & Insight
  6. National Low Income Housing Coalition, Out of Reach 2020: The High Cost of Housing
  7. U.S. Department of Housing and Urban Development, Dataset: Fair Market Rents
  8. Official Data Foundation, Rent Inflation Calculator
  9. Department of Numbers, US Residential Rent and Rental Statistics
  10. Apartment List National Rent Report
  11. ApartmentGuide, Rent Report, December 2021: The State of the Rental Market
  12. Rent.com, Rent Report April 2022