United States — Property: Rental Market

Why this matters

Understanding the rental market is crucial for relocating individuals and families in the United States, as it affects their housing options, costs, and overall quality of life.

Key facts

• Median gross rent in 2024 was USD 1,487, up 2.7% from USD 1,448 in 2023 after inflation adjustment.
• The median renter spent 31% of income on rent in 2024, unchanged from the prior year.
• The 2020-2024 5-year ACS median gross rent was USD 1,413; Census warns different vintages are not comparable.
• The national median home value rose from USD 267,700 to USD 332,700 between the 2015-2019 and 2020-2024 5-year periods.

Steps

1. Finding a Rental Property — Search online listings, work with a real estate agent, or contact local property management companies to find available rental properties. Be prepared to provide personal and financial information, and be prepared to act quickly in a competitive market.
2. Applying for a Rental Property — Typically, applicants will need to provide identification, proof of income, and rental history. Some landlords or property managers may also require additional documentation, such as credit reports or rental references.
3. Securing a Rental Property — Once an application is approved, the tenant will typically sign a lease agreement outlining the terms of the rental, including the rent amount, length of tenancy, and any rules or regulations.