Average Rent by Year

Last Updated: October 26, 2021

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.

Line Graph: Historical Average Monthly Rents Since 1940

Median Monthly Rent Nationwide Since 1940
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 21stCentury, 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%.
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 2020 FMR for a 2-bedroom apartment is $807, up 80.54% since 2000.
  • After adjusting for inflation, median rent has increased 17.23% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 60.42%.
  • After adjusting for inflation, rent has increased at an annual rate of 3.95% since 1940.
Decades of Rent in Alabama
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,201, up 66.81% since 2000.
  • After adjusting for inflation, median rent has increased 8.32% since 2000.
  • Data before 1960 is unavailable; from 1960 to 2000, rent increased at an annual rate of 11.79%.
  • After adjusting for inflation, rent has increased at an annual rate of 0.43% since 1960.
Decades of Rent in Alaska
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,101, up 77.87% since 2000.
  • After adjusting for inflation, median rent has increased 15.50% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 55.65%.
  • After adjusting for inflation, rent has increased at an annual rate of 3.45% since 1940.
Decades of Rent in Arizona
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $742, up 63.80% since 2000.
  • After adjusting for inflation, median rent has increased 6.36% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 61.25%.
  • After adjusting for inflation, rent has increased at an annual rate of 3.73% since 1940.
Decades of Rent in Arkansas
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,614, up 116.1% since 2000.
  • After adjusting for inflation, median rent has increased 40.30% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 44.44%.
  • After adjusting for inflation, rent has increased at an annual rate of 3.33% since 1940.
Decades of Rent in California
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,369, up 104.0% since 2000.
  • After adjusting for inflation, median rent has increased 32.48% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 49.17%.
  • After adjusting for inflation, rent has increased at an annual rate of 3.58% since 1940.
Decades of Rent in Colorado
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,177, up 72.83% since 2000.
  • After adjusting for inflation, median rent has increased 12.23% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 31.72%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.47% since 1940.
Decades of Rent in Connecticut
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,116, up 74.65% since 2000.
  • After adjusting for inflation, median rent has increased 13.41% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 33.83%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.69% since 1940.
Decades of Rent in Delaware
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,603, up 159% since 2000.
  • After adjusting for inflation, median rent has increased 68.43% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 21.22%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.51% since 1940.
Decades of Rent in D.C.
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,238, up 93.14% since 2000.
  • After adjusting for inflation, median rent has increased 25.41% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 65.1%.
  • After adjusting for inflation, rent has increased at an annual rate of 4.91% since 1940.
Decades of Rent in Florida
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,049, up 71.13% since 2000.
  • After adjusting for inflation, median rent has increased 11.12% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 76.92%.
  • After adjusting for inflation, rent has increased at an annual rate of 5.10% since 1940.
Decades of Rent in Georgia
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,651, up 112% since 2000.
  • After adjusting for inflation, median rent has increased 37.62% since 2000.
  • Data before 1960 is unavailable; from 1960 to 2000, rent increased at an annual rate of 24.55%.
  • After adjusting for inflation, rent has increased at an annual rate of 2.52% since 1960.
Decades of Rent in Hawaii
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $880, up 70.87% since 2000.
  • After adjusting for inflation, median rent has increased 10.96% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 39.21%.
  • After adjusting for inflation, rent has increased at an annual rate of 2.06% since 1940.
Decades of Rent in Idaho
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,020, up 68.60% since 2000.
  • After adjusting for inflation, median rent has increased 9.48% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 28.89%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.19% since 1940.
Decades of Rent in Illinois
Year Median Gross Rent Rent Adjusted to 2020 US$
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)

Indiana

  • The 2020 FMR for a 2-bedroom apartment is $840, up 61.23% since 2000.
  • After adjusting for inflation, median rent has increased 4.69% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 34.51%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.52% since 1940.
Decades of Rent in Indiana
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $808, up 71.91% since 2000.
  • After adjusting for inflation, median rent has increased 11.63% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 32.39%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.48% since 1940.
Decades of Rent in Iowa
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $862, up 73.09% since 2000.
  • After adjusting for inflation, median rent has increased 12.40% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 42.02%.
  • After adjusting for inflation, rent has increased at an annual rate of 2.34% since 1940.
Decades of Rent in Kansas
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $773, up 73.71% since 2000.
  • After adjusting for inflation, median rent has increased 12.80% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 44.69%.
  • After adjusting for inflation, rent has increased at an annual rate of 2.51% since 1940.
Decades of Rent in Kentucky
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $866, up 85.84% since 2000.
  • After adjusting for inflation, median rent has increased 20.67% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 50.11%.
  • After adjusting for inflation, rent has increased at an annual rate of 3.23% since 1940.
Decades of Rent in Louisiana
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $870, up 75.05% since 2000.
  • After adjusting for inflation, median rent has increased 13.67% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 31.47%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.48% since 1940.
Decades of Rent in Maine
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,401, up 103% since 2000.
  • After adjusting for inflation, median rent has increased 32.04% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 40.86%.
  • After adjusting for inflation, rent has increased at an annual rate of 2.84% since 1940.
Decades of Rent in Maryland
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,360, up 98.83% since 2000.
  • After adjusting for inflation, median rent has increased 29.11% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 31.86%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.90% since 1940.
Decades of Rent in Massachusetts
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $888, up 62.64% since 2000.
  • After adjusting for inflation, median rent has increased 5.61% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 25.91%.
  • After adjusting for inflation, rent has increased at an annual rate of 0.86% since 1940.
Decades of Rent in Michigan
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,016, up 79.51% since 2000.
  • After adjusting for inflation, median rent has increased 16.56% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 32.02%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.58% since 1940.
Decades of Rent in Minnesota
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $777, up 76.99% since 2000.
  • After adjusting for inflation, median rent has increased 14.93% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 64.85%.
  • After adjusting for inflation, rent has increased at an annual rate of 4.14% since 1940.
Decades of Rent in Mississippi
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $834, up 72.31% since 2000.
  • After adjusting for inflation, median rent has increased 11.89% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 35.00%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.68% since 1940.
Decades of Rent in Missouri
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $831, up 85.91% since 2000.
  • After adjusting for inflation, median rent has increased 20.72% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 30.72%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.60% since 1940.
Decades of Rent in Montana
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $859, up 74.95% since 2000.
  • After adjusting for inflation, median rent has increased 13.60% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 35.53%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.84% since 1940.
Decades of Rent in Nebraska
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,168, up 67.10% since 2000.
  • After adjusting for inflation, median rent has increased 8.50% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 43.14%.
  • After adjusting for inflation, rent has increased at an annual rate of 2.25% since 1940.
Decades of Rent in Nevada
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,147, up 77.55% since 2000.
  • After adjusting for inflation, median rent has increased 15.29% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 39.74%.
  • After adjusting for inflation, rent has increased at an annual rate of 2.22% since 1940.
Decades of Rent in New Hampshire
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,376, up 83.22% since 2000.
  • After adjusting for inflation, median rent has increased 18.98% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 33.10%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.74% since 1940.
Decades of Rent in New Jersey
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $847, up 68.39% since 2000.
  • After adjusting for inflation, median rent has increased 9.34% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 47.65%.
  • After adjusting for inflation, rent has increased at an annual rate of 2.63% since 1940.
Decades of Rent in New Mexico
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,309, up 94.79% since 2000.
  • After adjusting for inflation, median rent has increased 26.49% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 27.05%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.38% since 1940.
Decades of Rent in New York
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $931, up 69.89% since 2000.
  • After adjusting for inflation, median rent has increased 10.32% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 63.57%.
  • After adjusting for inflation, rent has increased at an annual rate of 3.75% since 1940.
Decades of Rent in North Carolina
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $804, up 95.15% since 2000.
  • After adjusting for inflation, median rent has increased 26.72% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 31.03%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.74% since 1940.
Decades of Rent in North Dakota
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $813, up 57.86% since 2000.
  • After adjusting for inflation, median rent has increased 2.51% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 28.99%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.02% since 1940.
Decades of Rent in Ohio
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $814, up 78.51% since 2000.
  • After adjusting for inflation, median rent has increased 15.91% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 45.83%.
  • After adjusting for inflation, rent has increased at an annual rate of 2.61% since 1940.
Decades of Rent in Oklahoma
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,185, up 91.13% since 2000.
  • After adjusting for inflation, median rent has increased 24.11% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 47.54%.
  • After adjusting for inflation, rent has increased at an annual rate of 3.08% since 1940.
Decades of Rent in Oregon
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $951, up 79.10% since 2000.
  • After adjusting for inflation, median rent has increased 16.30% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 31.11%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.46% since 1940.
Decades of Rent in Pennsylvania
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,043, up 88.61% since 2000.
  • After adjusting for inflation, median rent has increased 22.47% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 31.25%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.66% since 1940.
Decades of Rent in Rhode Islands
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $922, up 80.78% since 2000.
  • After adjusting for inflation, median rent has increased 17.39% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 69.17%.
  • After adjusting for inflation, rent has increased at an annual rate of 4.93% since 1940.
Decades of Rent in South Carolina
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $769, up 80.52% since 2000.
  • After adjusting for inflation, median rent has increased 17.22% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 32.14%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.59% since 1940.
Decades of Rent in South Dakota
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $904, up 79.01% since 2000.
  • After adjusting for inflation, median rent has increased 16.24% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 54.44%.
  • After adjusting for inflation, rent has increased at an annual rate of 3.48% since 1940.
Decades of Rent in Tennessee
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,091, up 90.07% since 2000.
  • After adjusting for inflation, median rent has increased 23.42% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 54.61%.
  • After adjusting for inflation, rent has increased at an annual rate of 3.78% since 1940.
Decades of Rent in Texas
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,098, up 83.92% since 2000.
  • After adjusting for inflation, median rent has increased 19.43% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 41.59%.
  • After adjusting for inflation, rent has increased at an annual rate of 2.49% since 1940.
Decades of Rent in Utah
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $980, up 77.22% since 2000.
  • After adjusting for inflation, median rent has increased 15.07% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 36.74%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.91% since 1940.
Decades of Rent in Vermont
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,254, up 92.92% since 2000.
  • After adjusting for inflation, median rent has increased 25.27% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 55.35%.
  • After adjusting for inflation, rent has increased at an annual rate of 3.92% since 1940.
Decades of Rent in Virginia
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $1,359, up 105% since 2000.
  • After adjusting for inflation, median rent has increased 33.10% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 49.56%.
  • After adjusting for inflation, rent has increased at an annual rate of 3.63% since 1940.
Decades of Rent in Washington
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $727, up 81.30% since 2000.
  • After adjusting for inflation, median rent has increased 17.73% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 37.65%.
  • After adjusting for inflation, rent has increased at an annual rate of 2.07% since 1940.
Decades of Rent in West Virginia
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $867, up 60.56% since 2000.
  • After adjusting for inflation, median rent has increased 4.26% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 27.37%.
  • After adjusting for inflation, rent has increased at an annual rate of 0.93% since 1940.
Decades of Rent in Wisconsin
Year Median Gross Rent Rent Adjusted to 2020 US$
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 2020 FMR for a 2-bedroom apartment is $822, up 88.10% since 2000.
  • After adjusting for inflation, median rent has increased 22.14% since 2000.
  • From 1940 to 2000, rent increased at an annual rate of 31.44%.
  • After adjusting for inflation, rent has increased at an annual rate of 1.73% since 1940.
Decades of Rent in Wymoing
Year Median Gross Rent Rent Adjusted to 2020 US$
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