**Highlights.** Rent prices have increased an average **8.86%** per year since 1980, consistently outpacing wage inflation by a significant margin.

- The nationwide average monthly rent is
**$1,164**. - The median rent is
**$1,104**. **78.1%**of renters pay rent in full and on time.**28.4%**is their average rent-to-income ratio.

Year | Median Monthly Rent | 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% |

2009 | $808 | +3.19% |

2008 | $783 | +3.71% |

2007 | $755 | +5.01% |

2006 | $719 | +3.60% |

2005 | $694 | +3.89% |

2004 | $668 | +2.61% |

2003 | $651 | -1.06% |

2002 | $658 | +3.95% |

2001 | $633 | +5.15% |

2000 | $602 | +3.79% |

1999 | $580 | +2.29% |

1998 | $567 | +3.28% |

1997 | $549 | +2.23% |

1996 | $537 | +2.68% |

1995 | $523 | +4.81% |

1994 | $499 | +2.46% |

1993 | $487 | +2.74% |

1992 | $474 | +2.60% |

1991 | $462 | +3.36% |

1990 | $447 | +5.42% |

1989 | $424 | +2.42% |

1988 | $414 | +3.76% |

1987 | $399 | +11.14% |

1986 | $359 | +5.90% |

1985 | $339 | +2.11% |

1984 | $332 | +5.06% |

1983 | $316 | +8.22% |

1982 | $292 | +7.75% |

1981 | $271 | +11.52% |

1980 | $243 | +11.98% |

1979 | $217 | +8.50% |

1978 | $200 | +8.70% |

1977 | $184 | +10.18% |

1976 | $167 | +7.05% |

1975 | $156 | +9.86% |

1974 | $142 | +6.77% |

1973 | $133 | +7.72%* |

1970 | $108 | +5.21% |

1960 | $71 | +6.90% |

1950 | $42 | +5.56% |

1940 | $27 | – |

**This is the average annual increase since 1970; earlier annual changes are averaged over the previous decade.*

## 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.

- Monthly rent averages $1,164 nationwide; median rent is $1,104.
- The nationwide average FMR for a one-bedroom home is $1,017.
- In the last decade, 2015 had the largest year-over-year (YoY) rate of rental inflation at 5.25%.
- In the 21
^{st}Century, the median rent increases at an annual rate of 4.17%. - Throughout 2020, the average rent has 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%.

Year | Average Annual Rent | |
---|---|---|

2020 | $19.27/ft^{2} |
$13,968 |

2019 | $18.69/ft^{2} |
$11,979 |

2018 | $17.90/ft^{2} |
$11,340 |

2017 | $17.23/ft^{2} |
$11,052 |

2016 | $16.56/ft^{2} |
$10,557 |

2015 | $15.80/ft^{2} |
$9,901 |

2014 | $14.90/ft^{2} |
$9,559 |

2013 | $14.23/ft^{2} |
$9,050 |

2012 | $13.74/ft^{2} |
$8,812 |

2011 | $13.30/ft^{2} |
$8,652 |

2010 | $12.77/ft^{2} |
$8,532 |

2009 | $12.67/ft^{2} |
$8,412 |

2008 | $13.29/ft^{2} |
$8,016 |

2007 | $13.13/ft^{2} |
$7,884 |

2006 | $12.73/ft^{2} |
$7,848 |

2005 | $12.12/ft^{2} |
$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% |

## 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-20^{th} 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 2020 FMR for a 2-bedroom apartment is $807, up 80.54% since 2000.
- After adjusting for inflation, median rent has increased 17.23% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 60.42%.
- After adjusting for inflation, rent has increased at an annual rate of 3.95% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,201, up 66.81% since 2000.
- After adjusting for inflation, median rent has increased 8.32% since 2000.
- Data before 1960 is unavailable; from 1960 to 2000, rent increased at an annual rate of 11.79%.
- After adjusting for inflation, rent has increased at an annual rate of 0.43% since 1960.

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 2020 FMR for a 2-bedroom apartment is $1,101, up 77.87% since 2000.
- After adjusting for inflation, median rent has increased 15.50% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 55.65%.
- After adjusting for inflation, rent has increased at an annual rate of 3.45% since 1940.

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 2020 FMR for a 2-bedroom apartment is $742, up 63.80% since 2000.
- After adjusting for inflation, median rent has increased 6.36% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 61.25%.
- After adjusting for inflation, rent has increased at an annual rate of 3.73% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,614, up 116.1% since 2000.
- After adjusting for inflation, median rent has increased 40.30% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 44.44%.
- After adjusting for inflation, rent has increased at an annual rate of 3.33% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,369, up 104.0% since 2000.
- After adjusting for inflation, median rent has increased 32.48% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 49.17%.
- After adjusting for inflation, rent has increased at an annual rate of 3.58% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,177, up 72.83% since 2000.
- After adjusting for inflation, median rent has increased 12.23% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 31.72%.
- After adjusting for inflation, rent has increased at an annual rate of 1.47% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,116, up 74.65% since 2000.
- After adjusting for inflation, median rent has increased 13.41% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 33.83%.
- After adjusting for inflation, rent has increased at an annual rate of 1.69% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,603, up 159% since 2000.
- After adjusting for inflation, median rent has increased 68.43% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 21.22%.
- After adjusting for inflation, rent has increased at an annual rate of 1.51% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,238, up 93.14% since 2000.
- After adjusting for inflation, median rent has increased 25.41% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 65.1%.
- After adjusting for inflation, rent has increased at an annual rate of 4.91% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,049, up 71.13% since 2000.
- After adjusting for inflation, median rent has increased 11.12% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 76.92%.
- After adjusting for inflation, rent has increased at an annual rate of 5.10% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,651, up 112% since 2000.
- After adjusting for inflation, median rent has increased 37.62% since 2000.
- Data before 1960 is unavailable; from 1960 to 2000, rent increased at an annual rate of 24.55%.
- After adjusting for inflation, rent has increased at an annual rate of 2.52% since 1960.

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 2020 FMR for a 2-bedroom apartment is $880, up 70.87% since 2000.
- After adjusting for inflation, median rent has increased 10.96% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 39.21%.
- After adjusting for inflation, rent has increased at an annual rate of 2.06% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,020, up 68.60% since 2000.
- After adjusting for inflation, median rent has increased 9.48% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 28.89%.
- After adjusting for inflation, rent has increased at an annual rate of 1.19% since 1940.

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) |

### Indiana

- The 2020 FMR for a 2-bedroom apartment is $840, up 61.23% since 2000.
- After adjusting for inflation, median rent has increased 4.69% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 34.51%.
- After adjusting for inflation, rent has increased at an annual rate of 1.52% since 1940.

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 2020 FMR for a 2-bedroom apartment is $808, up 71.91% since 2000.
- After adjusting for inflation, median rent has increased 11.63% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 32.39%.
- After adjusting for inflation, rent has increased at an annual rate of 1.48% since 1940.

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 2020 FMR for a 2-bedroom apartment is $862, up 73.09% since 2000.
- After adjusting for inflation, median rent has increased 12.40% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 42.02%.
- After adjusting for inflation, rent has increased at an annual rate of 2.34% since 1940.

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 2020 FMR for a 2-bedroom apartment is $773, up 73.71% since 2000.
- After adjusting for inflation, median rent has increased 12.80% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 44.69%.
- After adjusting for inflation, rent has increased at an annual rate of 2.51% since 1940.

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 2020 FMR for a 2-bedroom apartment is $866, up 85.84% since 2000.
- After adjusting for inflation, median rent has increased 20.67% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 50.11%.
- After adjusting for inflation, rent has increased at an annual rate of 3.23% since 1940.

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 2020 FMR for a 2-bedroom apartment is $870, up 75.05% since 2000.
- After adjusting for inflation, median rent has increased 13.67% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 31.47%.
- After adjusting for inflation, rent has increased at an annual rate of 1.48% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,401, up 103% since 2000.
- After adjusting for inflation, median rent has increased 32.04% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 40.86%.
- After adjusting for inflation, rent has increased at an annual rate of 2.84% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,360, up 98.83% since 2000.
- After adjusting for inflation, median rent has increased 29.11% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 31.86%.
- After adjusting for inflation, rent has increased at an annual rate of 1.90% since 1940.

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 2020 FMR for a 2-bedroom apartment is $888, up 62.64% since 2000.
- After adjusting for inflation, median rent has increased 5.61% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 25.91%.
- After adjusting for inflation, rent has increased at an annual rate of 0.86% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,016, up 79.51% since 2000.
- After adjusting for inflation, median rent has increased 16.56% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 32.02%.
- After adjusting for inflation, rent has increased at an annual rate of 1.58% since 1940.

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 2020 FMR for a 2-bedroom apartment is $777, up 76.99% since 2000.
- After adjusting for inflation, median rent has increased 14.93% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 64.85%.
- After adjusting for inflation, rent has increased at an annual rate of 4.14% since 1940.

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 2020 FMR for a 2-bedroom apartment is $834, up 72.31% since 2000.
- After adjusting for inflation, median rent has increased 11.89% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 35.00%.
- After adjusting for inflation, rent has increased at an annual rate of 1.68% since 1940.

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 2020 FMR for a 2-bedroom apartment is $831, up 85.91% since 2000.
- After adjusting for inflation, median rent has increased 20.72% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 30.72%.
- After adjusting for inflation, rent has increased at an annual rate of 1.60% since 1940.

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 2020 FMR for a 2-bedroom apartment is $859, up 74.95% since 2000.
- After adjusting for inflation, median rent has increased 13.60% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 35.53%.
- After adjusting for inflation, rent has increased at an annual rate of 1.84% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,168, up 67.10% since 2000.
- After adjusting for inflation, median rent has increased 8.50% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 43.14%.
- After adjusting for inflation, rent has increased at an annual rate of 2.25% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,147, up 77.55% since 2000.
- After adjusting for inflation, median rent has increased 15.29% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 39.74%.
- After adjusting for inflation, rent has increased at an annual rate of 2.22% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,376, up 83.22% since 2000.
- After adjusting for inflation, median rent has increased 18.98% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 33.10%.
- After adjusting for inflation, rent has increased at an annual rate of 1.74% since 1940.

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 2020 FMR for a 2-bedroom apartment is $847, up 68.39% since 2000.
- After adjusting for inflation, median rent has increased 9.34% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 47.65%.
- After adjusting for inflation, rent has increased at an annual rate of 2.63% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,309, up 94.79% since 2000.
- After adjusting for inflation, median rent has increased 26.49% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 27.05%.
- After adjusting for inflation, rent has increased at an annual rate of 1.38% since 1940.

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 2020 FMR for a 2-bedroom apartment is $931, up 69.89% since 2000.
- After adjusting for inflation, median rent has increased 10.32% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 63.57%.
- After adjusting for inflation, rent has increased at an annual rate of 3.75% since 1940.

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 2020 FMR for a 2-bedroom apartment is $804, up 95.15% since 2000.
- After adjusting for inflation, median rent has increased 26.72% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 31.03%.
- After adjusting for inflation, rent has increased at an annual rate of 1.74% since 1940.

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 2020 FMR for a 2-bedroom apartment is $813, up 57.86% since 2000.
- After adjusting for inflation, median rent has increased 2.51% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 28.99%.
- After adjusting for inflation, rent has increased at an annual rate of 1.02% since 1940.

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 2020 FMR for a 2-bedroom apartment is $814, up 78.51% since 2000.
- After adjusting for inflation, median rent has increased 15.91% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 45.83%.
- After adjusting for inflation, rent has increased at an annual rate of 2.61% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,185, up 91.13% since 2000.
- After adjusting for inflation, median rent has increased 24.11% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 47.54%.
- After adjusting for inflation, rent has increased at an annual rate of 3.08% since 1940.

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 2020 FMR for a 2-bedroom apartment is $951, up 79.10% since 2000.
- After adjusting for inflation, median rent has increased 16.30% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 31.11%.
- After adjusting for inflation, rent has increased at an annual rate of 1.46% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,043, up 88.61% since 2000.
- After adjusting for inflation, median rent has increased 22.47% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 31.25%.
- After adjusting for inflation, rent has increased at an annual rate of 1.66% since 1940.

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 2020 FMR for a 2-bedroom apartment is $922, up 80.78% since 2000.
- After adjusting for inflation, median rent has increased 17.39% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 69.17%.
- After adjusting for inflation, rent has increased at an annual rate of 4.93% since 1940.

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 2020 FMR for a 2-bedroom apartment is $769, up 80.52% since 2000.
- After adjusting for inflation, median rent has increased 17.22% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 32.14%.
- After adjusting for inflation, rent has increased at an annual rate of 1.59% since 1940.

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 2020 FMR for a 2-bedroom apartment is $904, up 79.01% since 2000.
- After adjusting for inflation, median rent has increased 16.24% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 54.44%.
- After adjusting for inflation, rent has increased at an annual rate of 3.48% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,091, up 90.07% since 2000.
- After adjusting for inflation, median rent has increased 23.42% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 54.61%.
- After adjusting for inflation, rent has increased at an annual rate of 3.78% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,098, up 83.92% since 2000.
- After adjusting for inflation, median rent has increased 19.43% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 41.59%.
- After adjusting for inflation, rent has increased at an annual rate of 2.49% since 1940.

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 2020 FMR for a 2-bedroom apartment is $980, up 77.22% since 2000.
- After adjusting for inflation, median rent has increased 15.07% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 36.74%.
- After adjusting for inflation, rent has increased at an annual rate of 1.91% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,254, up 92.92% since 2000.
- After adjusting for inflation, median rent has increased 25.27% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 55.35%.
- After adjusting for inflation, rent has increased at an annual rate of 3.92% since 1940.

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 2020 FMR for a 2-bedroom apartment is $1,359, up 105% since 2000.
- After adjusting for inflation, median rent has increased 33.10% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 49.56%.
- After adjusting for inflation, rent has increased at an annual rate of 3.63% since 1940.

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 2020 FMR for a 2-bedroom apartment is $727, up 81.30% since 2000.
- After adjusting for inflation, median rent has increased 17.73% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 37.65%.
- After adjusting for inflation, rent has increased at an annual rate of 2.07% since 1940.

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 2020 FMR for a 2-bedroom apartment is $867, up 60.56% since 2000.
- After adjusting for inflation, median rent has increased 4.26% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 27.37%.
- After adjusting for inflation, rent has increased at an annual rate of 0.93% since 1940.

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 2020 FMR for a 2-bedroom apartment is $822, up 88.10% since 2000.
- After adjusting for inflation, median rent has increased 22.14% since 2000.
- From 1940 to 2000, rent increased at an annual rate of 31.44%.
- After adjusting for inflation, rent has increased at an annual rate of 1.73% since 1940.

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) |

## 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

- U.S. Bureau of Labor Statistics (BLS), Consumer Price Index
- BLS, Usual Weekly Earnings of Wage and Salary Workers Fourth Quarter 2020
- U.S. Social Security Administration, Measures of Central Tendency for Wage Data
- U.S. Census Bureau, American Housing Survey Data Tables
- National Multifamily Housing Council, Research & Insight
- National Low Income Housing Coalition, Out of Reach 2020: The High Cost of Housing
- U.S. Department of Housing and Urban Development, Dataset: Fair Market Rents
- Official Data Foundation, Rent Inflation Calculator
- Department of Numbers, US Residential Rent and Rental Statistics