In a first for the country's rental market, most U.S. apartments are asking for more than $2,000 to rent, according to data recently published by Redfin.

“The median monthly asking rent in the U.S. surpassed $2,000 for the first time in May, rising 15% year over year to a record high of $2,002,” according to an article for Redfin written by Tim Ellis.
“Asking rents were up over 30% in Cincinnati, Seattle, and Nashville and nearly 50% in Austin.”
Redfin deputy chief economist Taylor Marr is quoted in the article blaming the increasing cost of rent nationwide on more people living alone, as reported in May by the Federal Reserve, and rising interest rates forcing potential buyers out of the homebuying market.
“While renting has become more expensive, it is now more attractive than buying for many Americans this year as mortgage payments have surpassed rents on many homes. Although we expect rent-price growth to continue to slow in the coming months, it will likely remain high, causing ongoing affordability issues for renters,” says Marr.
Along with more detail on the Redfin data, the article lists the top ten metropolitan areas where rents are growing fastest compared to 2021:
- Austin, TX (48%)
- Nashville, TN (32%)
- Seattle, WA (32%)
- Cincinnati, OH (32%)
- Miami, FL (29%)
- Fort Lauderdale, FL (29%)
- West Palm Beach, FL (29%)
- New York, NY (24%)
- Nassau County, NY (24%)
- New Brunswick, NJ (24%)
Rents also declined in three metropolitan areas: Milwaukee (-10%), Kansas City (-3%), and Minneapolis (-3%).
The article includes median asking rent figures for 50 U.S. metropolitan areas.
FULL STORY: Rental Market Tracker: Typical U.S. Asking Rent Surpassed $2,000 for First Time in May

The End of Single-Family Zoning in Arlington County, Virginia
Arlington County is the latest jurisdiction in the country to effectively end single-family zoning.

The Quiet Housing Crisis in Rural America
While housing shortages in major cities are grabbing headlines, rural communities are seeing higher rates of growth in housing prices and a silently spreading homelessness crisis.

Skyline-Defining High-Rise Potentially Coming to Boise
A rendering making the rounds in Boise depicts a 40-story apartment building that would be taller than all other buildings in one of the fastest growing cities in the United States.

11,000 Housing Units Possible with S.F. Office Conversions, Study Says
A new study by SPUR and the Urban Land Institute’s San Francisco chapter estimates a specific number of apartment units that could be built from vacant office units in the city.

‘Arrested Mobility:’ How Transportation-Related Laws Impact Black Americans
A far-reaching new study highlights the disproportionate effect of biking and walking laws on the mobility of Black Americans.

California Attorney General Wants to Get Serious About Housing
A bill sponsored by the AG’s office would give the state’s top attorney more power to intervene in lawsuits related to the state’s housing laws.
Alamo Area Metropolitan Planning Organization
City of Kingsville
Princeton Planning
HUD's Office of Policy Development and Research
HUD's Office of Policy Development and Research
HUD's Office of Policy Development and Research
City of Spearfish
City of Lomita
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.