U.S. Rental Market Data
Welcome to RentCafe.com’s U.S. Rental Market Data page! Discover the most recent rental market trends and data about the nation’s rental housing market, including the occupancy rate, average size of apartments, most popular types of rentals, apartment buildings by age, as well as apartments by bedroom type and quality class.
This page also includes demographic data on renters and owners in the U.S., such as types of households (renter households versus owner households) and comparisons of renters and owners by generation, household income, education and family status.
Table of Contents
Rental Market Data
What are the most popular types of apartments in the U.S.?
How have bedroom types in U.S. apartments evolved since the 1980s?
What’s the average size of apartments in the U.S.?
What is the quality of apartments in the U.S.?
How old are apartment buildings in the U.S.?
How many apartments were built in the last decade in the U.S.?
What’s the apartment occupancy rate in the U.S.?
How many rental apartments were built in U.S. cities in the last decade?
What’s the share of luxury and non-luxury rental apartments in U.S. cities?
How old are apartment buildings in different U.S. cities?
What’s the height of apartment buildings in different U.S. cities?
Renters & Owners
What’s the total population of the U.S.?
How do renter households compare to owner households in the U.S.?
How do renters and owners in the U.S. compare by generation?
How do renters and owners in the U.S. compare by household income?
How do renters and owners in the U.S. compare by education?
How do renters and owners in the U.S. compare by family status?
Methodology
Rental Market Data
Discover the most recent rental trends and data about the U.S. rental market, ranging from the occupancy rate on a national level to apartment buildings in various cities by age.
What are the most popular types of apartments in the U.S.?
There are many types of apartments in the U.S. rental housing market to fit renters’ preferences and needs. The most common apartments that can be found in the U.S. rental market include:
- Studios: Small spaces with one open room that encompasses the living, sleeping and kitchen areas, as well as a separate bathroom.
- One-bedroom apartments: They have a space with a separate bedroom; a living room; a kitchen or kitchenette; and a separate bathroom.
- Two-bedroom apartments: These units have space with two separate bedrooms, a living room, a kitchen or kitchenette, and a separate bathroom.
- Three-bedroom apartments (and more): Spaces with three or more separate bedrooms; a living room; a kitchen or kitchenette; and a separate bathroom. Apartments with more than three bedrooms are also likely to have more than one bathroom.
Studio apartments account for 5% of all apartments in the U.S. rental market, while one-bedroom units make up 43% and two-bedroom apartments represent 43%. Meanwhile, apartments with three or more bedrooms represent 10% of the total number of apartments in the nation's rental housing market.
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How have bedroom types in U.S. apartments evolved since the 1980s?
Apartments built between 1983 and 1992 in the U.S. rental market are primarily comprised of two-bedroom apartments (for a total of 1,162,400). They're followed by one-bedroom apartments (totaling 1,034,100); apartments with three or more bedrooms (totaling 133,700); and studios (totaling 71,700).
Moving on to the next decade, two-bedroom rentals continued to be the most popular type of apartments in the nation's rental housing market, totaling 896,300. Next, one-bedroom apartments built during this decade amount to 691,500, followed by apartments with three or more bedrooms (290,500) and studios (38,900).
Two-bedroom apartments continued to dominate the U.S. rental market between 2003 and 2012, when a total of 825,700 units were built. They were followed by one-bedroom apartments (708,900); apartments with three or more bedrooms (272,800); and studios 71,400.
Notably, one-bedroom apartments gained popularity in the U.S. rental housing market between 2013 and 2022, when developers built 1,306,100 units. At the same time, two-bedroom apartments built over this decade amounted to 1,028,100, while rentals with three or more bedrooms totaled 242,200 apartments. Finally, studios amounted to 143,400 units.
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What's the average size of apartments in the U.S.?
The average apartment size in the U.S. rental market is 849 square feet, whereas, a decade ago, it was 939 square feet.
Studio apartments have an average size of 388 square feet. By comparison, the average size of a studio 10 years ago was 450 square feet. Similarly, the average size of a one-bedroom apartment is 705 square feet, whereas it was 726 square feet 10 years ago.
Two-bedroom apartments in the U.S. rental market average 1,067 square feet in size, while a decade ago their average size was 1,057 square feet. Also, apartments with three or more bedrooms have an average size of 1,289 square feet. Previously, their average size was 1,351 square feet 10 years ago.
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What is the quality of apartments in the U.S.?
Class A rentals (commonly known as high-end or luxury apartments) represent 27% of the total apartments in the U.S. Class B rentals (or mid-range apartments) make up 41%. Class C rentals account for 32% of all apartments in the nation's rental housing market.
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How old are apartment buildings in the U.S.?
Apartment buildings that are five years old or newer account for 8% of the total buildings in the U.S. rental market.
Furthermore, apartment buildings built between five and 10 years ago represent 10% of all buildings in the U.S. rental housing market, apartment buildings built between 10 and 15 years ago make up 6% and apartment buildings completed between 15 and 20 years ago account for 7%.
Meanwhile, apartment buildings that are between 20 and 30 years old represent 13% of all buildings in the nation's rental market, apartment buildings built between 30 and 40 years ago account for 16% and apartment buildings that are 50 years or older make up 23% of all buildings in the rental housing market in the U.S.
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How many apartments were built in the last decade in the U.S.?
After a slowdown in the years after the Great Recession, apartment construction intensified in 2012, when 157,600 new rentals were added to the nation's rental housing market.
Accordingly, construction activity increased progressively throughout the next several years: 200,700 new apartments were opened in the U.S. rental market in 2013; 258,200 new apartments were completed in 2014; 283,400 apartments were built in 2015; 327,900 apartments were opened in 2016; and 334,400 apartments were opened in 2017.
A gradual, minor decline in new apartments followed in the second half of the last decade: 2018 saw the completion of 314,900, with the total number of new apartments in the nation's rental market dropping to 285,100 in the following year.
Then, in 2020, despite the pandemic-induced economic concerns, developers built 275,800 new apartments. Apartment construction slightly decreased the following year, with 268,400 new apartments opened in the U.S. rental market. However, it dropped dramatically in 2022, when 194,100 apartments for rent were opened nationwide.
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What's the apartment occupancy rate in the U.S.?
The occupancy rate is one of the key rental market statistics when it comes to understanding the rental housing market. Currently, the U.S. apartment occupancy rate is 94.99% following dramatic fluctuations in the last 10 years.
For example, the occupancy rate oscillated between 95.9% in 2012 and 96.02% in 2014 before climbing to 96.81% in 2015. The following year, it decreased slightly to 95.52% before falling to 94.66% in 2017. It later stabilized at 94.39% in 2018 and marginally declined in 2019, when it averaged 94.23%.
In 2020 — largely due to health and economic concerns amid lockdown mandates that impacted the U.S. rental market — the average occupancy rate settled to a historic 94.67%. Nevertheless, it managed to return to pre-pandemic levels in 2021, when it averaged 95.79%.
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How many rental apartments were built in U.S. cities in the last decade?
A total of 2,693,200 apartments for rent were built nationwide between 2012 and 2022.
For example, Los Angeles, CA added 36,600 new rentals during that timeframe, while developers in Chicago, IL completed 36,500 apartments.
At the same time, Cincinnati, OH added 7,500 rentals and Atlanta, GA saw the completion of 45,700 new apartments. Meanwhile, 2,600 new rentals were built in Fargo, ND, and 12,100 new apartments for rent were added in Richmond, VA.
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What’s the share of luxury and non-luxury rental apartments in U.S. cities?
Luxury apartments (or Class A) account for 27% of the nation’s rental housing market, while non-luxury rentals represent 41% (Class B) and 31% (Class C).
In Chicago, IL, the share of luxury rentals amounts to 27% of the local rental market, while in Houston, TX, luxury apartments for rent account for 34% of the total supply of housing.
Likewise, Atlanta, GA, has a share of 39% Class B rentals, while Minneapolis, MN, has a share of 21% apartments for rent.
At the same time, 40% of all apartments for rent in Richmond, VA, are Class C. And in Birmingham, AL, Class C rental apartments account for 25% of the local rental housing market.
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How old are apartment buildings in different U.S. cities?
Almost three-quarters of all apartments in the U.S. rental market were built after 1970. Conversely, the newest apartments (constructed in the last decade) account for roughly 20% of the housing supply.
As an example, in Los Angeles, CA, apartment buildings that are one to five years old account for 12% of all buildings in the local rental housing market, whereas apartment buildings that are five to 10 years old represent 12%. Next, apartment buildings completed 10 to 15 years ago represent 8% of the city's rental market and apartment buildings that are 15 to 20 years old represent 7% of the total supply of housing.
On that same note, apartment buildings that are one to five years old account for 13% of all buildings in the Atlanta, GA, rental market. Meanwhile, apartment buildings completed five to 10 years ago represent 13%; apartment buildings completed 10 to 15 years ago represent 10%; and those buildings completed 15 to 20 years ago make up 10% of all buildings in the city's rental housing market.
Also, in Richmond, VA, apartment buildings completed between one and five years ago represent 10% of all buildings in the local rental market, while apartment buildings completed five to 10 years ago make up 8%. Moving forward, apartment buildings completed 10 to 15 years ago represent 4% and buildings completed 15 to 20 years ago make up 5% of the buildings in the local rental housing market.
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What’s the height of apartment buildings in different U.S. cities?
Approximately 75% of all apartment buildings in the U.S. rental housing market are low-rise. That leaves 12% that are mid-rise buildings and 7% that are high-rise buildings.
For example, in Los Angeles, CA, low-rise buildings account for 34% of the city’s rental market. Meanwhile, low-rise buildings represent 88% of all rental buildings in Houston, TX.
At the same time, mid-rise apartment buildings make up 31% of all rental buildings in Los Angeles, CA, and 9% of all apartment properties in Houston, TX.
Next, high-rise apartment buildings in Los Angeles, CA represent 18% of the city's rental housing market. For comparison, in Houston, TX, high-rise apartment buildings make up 3% of the city’s apartment buildings.
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Renters & Owners
Insights into demographic data on renters and owners in the U.S., including types of households, as well as comparisons of renters and owners by generation, household income, education and family status.
What's the total population in the U.S.?
Fueled by the economic recovery after the Great Recession of 2008, the U.S. population grew steadily each ear throughout the last decade. As such, from an initial total of 309,138,711 in 2012, the population of the U.S. is currently 329,725,481.
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How do renter households compare to owner households in the U.S.?
Currently, there are 43,858,831 renter households in the U.S., accounting for 38.1% of all households throughout the country. Meanwhile, the number of owner households in the U.S. totals 80,152,161, representing 69.6% of all households.
Looking back five years ago, renter households represented 37.3% of all households for a total of 42,992,786, while owner households totaled 75,833,135 to make up 65.8% of all U.S. households.
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How do renters and owners in the U.S. compare by generation?
The U.S. rental housing market is largely influenced by the preferences and behaviors of the following demographic cohorts:
- Gen Z: This age group includes people born between 1997 and 2012.
- Millennials: This generation covers people born between 1981 and 1996.
- Gen X: This cohort spans people born between 1965 and 1980.
- Baby Boomers: This generation refers to people born between 1946 and 1964.
- Silent Generation: This age group consists of people born between 1926 and 1945.
That said, a total of 3,758,298 American households are rented by Gen Z, while 679,525 members of the same generation own the homes they live in. Meanwhile, 20,071,193 Millennials live in renter households and 20,214,725 of them own their homes.
Next, 6,939,218 members of Generation X live in renter households and 15,522,939 of them own the homes they live in. Furthermore, 9,990,153 homes are rented by Baby Boomers and 33,474,200 are owned by members of this generation.
Finally, as many as 3,099,969 members of the Silent generation live in renter households, while 10,260,772 households are owned by people from this age group.
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How do renters and owners in the U.S. compare by household income?
More than half of the renter households in the U.S. are occupied by low-income renters earning less than $50,000 per year — and the share of renter-occupied homes dwindles as the household income increases.
Specifically, 2,356,165 renter households earn less than $5,000 per year, while 1,486,514 households in the same income bracket are owner-occupied households. Next, 1,982,209 households learning between $5,000 and $9,999 per year are renter households and 1,010,140 households are owner-occupied.
Of all American households earning between $10,000 and $14,999 per year, 3,047,339 are renter households and 1,801,005 are owner households. Next, of all American households with an annual income between $20,000 and $24,999, as many as 2,627,641 are renter households and 2,319,777 are owner households.
Additionally, 5,046,935 households earning between $25,000 and $34,999 per year are renter-occupied and 5,094,027 households with that annual income are owned by their occupants. Households earning between $35,000 and $49,999 per year are split with 6,297,470 renter households and 7,865,298 owner households.
Moving on to the next income bracket — between $50,000 and $74,999 per year — 7,787,702 households are renter-occupied and 13,057,629 are owner-occupied. Next, American households with an annual income between $75,000 and $99,999 are divided between 4,688,340 renter households and 11,207,249 owner-occupied households.
For the $100,000 to $149,999 annual income bracket, 4,385,758 households are renter-occupied and 15,852,214 households are owner-occupied. Finally, American households earning $150,000 or more per year are split between 3,042,866 renter-occupied and 18,381,811 owner-occupied.
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How do renters and owners in the U.S. compare by education?
One of the key changes in household composition across the U.S. is the increase in education: The more educated the residents, the greater the shift to homeownership. To that extent, when it comes to households occupied by residents who have not graduated high school, 49% are owner-occupied for a total of 5,692,432, and 51% are renter-occupied, totaling 5,821,836.
Next, American households occupied by high school graduates (including equivalency) are split between 61% owners, totaling 18,010,446, and 39% renters, totaling 11,433,296.
Moving along, U.S. households that are occupied by residents holding some college or an associate’s degree comprise 63% owner-occupied homes, totaling 23,920,296, and 37% renter-occupied homes, totaling 13,967,093.
Finally, American homes occupied by residents holding a Bachelor's degree or higher are divided with 72% owners, totaling 32,528,987, and 28% renters, for a total of 12,636,606.
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How do renters and owners in the U.S. compare by family status?
Of the 124,010,992 households in the U.S., 59,331,185 are inhabited by married couples. Of those, married-couple households that own their homes account for 81%, for a total of 47,880,266 homes, while married-couple households living in rentals represent 19%, totaling 11,450,919 homes.
Furthermore, U.S. residences with a male householder and no spouse represent a total of 6,151,295 households. These are split between 56% owners (totaling 3,438,574 homes) and 44% renters (totaling 2,712,721 households).
American households with a female householder and no spouse present add up to 15,273,279 residences. These households are comprised of 48% owners (totaling 7,254,808 owner-occupied residences) and 52% renters (with a total of 8,018,471 renter-occupied homes).
Meanwhile, there are 43,255,233 nonfamily households in the U.S. They are evenly split with 50% owner-occupied households (with a total of 21,584,361 homes) and 50% renter-occupied households (totaling 21,670,872 homes).
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Methodology
Rental Market Data
The rental market statistics in this section were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution that offers comprehensive information on all apartment buildings of 50 units or more.
Yardi Matrix covers approximately 90% of the U.S. metro area population, or 21.5 million apartments across 173 U.S. markets. To ensure a relevant sample size at a city level, we excluded the cities where the total number of apartment units was less than 1,000.
When split by different characteristics (such as class, height or age), we set a limit of 300 units for each subcategory.
The mapping from city to metropolitan statistical areas was made using data from the U.S. Census Bureau.
Renters & Owners
The data in this section was sourced from the 2021 U.S. Census Bureau American Community Survey (ACS) five-year estimates.
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