April 2024 Rental Market Trends Across U.S. Cities

April 2024 unveils varied dynamics across the U.S. rental market, with detailed insights from each state, including Washington D.C., and specific cities where data is available. This analysis highlights median rent, average days on market (DOM), available rentals, and market temperature, providing an invaluable resource for navigating the rental landscape.

Below is a city-by-city and state-by-state analysis of the rental landscape from Zillow rental market trends data, using a 2-bedroom home* in each example. 

Days On Market ("DOM") means how many days the average property is marketed for rent. In other words, how long you wait before you earn rent. In this post, we use a 2 bedroom home as a proxy for the overall market.

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Alabama

• Statewide

  A cool market mood with a median rent of $1,400, 56 DOM, and a notable 6,094 available rentals.

Alaska

• Statewide

  Warm market indicators overall, median rent stands at $1,695 with an extended 112 DOM for a 2 bedroom house, suggesting a slower leasing process with 561 available rentals.

Arizona

• Phoenix

  In a warm market, median rent is $1,950 with a slight decrease in DOM (-2%) to 52 days. Total available rentals are 1,935.

Arkansas

• Statewide

  Experiences a warm market with a median rent of $1,395, DOM at 56, and 2,985 available rentals, indicating a balanced demand.

California

• San Diego

  Has a median rent of $3,000, 41 DOM, and 4,858 available rentals, with a 9% decrease in DOM.

• Los Angeles

  Shows a median rent of $2,750, 48 DOM, and 15,438 available rentals, with a 2% decrease in DOM.

• Sacramento

  Clocks in a median rent of $1,968, 32 DOM, and 1,310 available rentals, with a 20% decrease in DOM.

• San Francisco

  Shows median rent of $3,250, 53 DOM, and 4,291 available rentals, with a 2% increase in DOM.

• San Jose

  Comes in with a median rent of $2,850, 32 DOM, and 1,374 available rentals, with a 9% decrease in DOM.

• Oakland

  Shows a median rent of $2,275, 68 DOM, and 2,218 available rentals, with an 11% increase in DOM.

Colorado

• Denver

  Maintains a warm market environment with a median rent of $2,100, 38 DOM, and a substantial 3,334 available rentals.

Connecticut

• New Haven

  Shows a cool market with a DOM decrease to 40 days (-7%), setting the median rent at $1,800 and available rentals at 887.

Delaware

• Statewide

  Experiences a warm market, median rent of $2,000, and a remarkably low DOM of 29 days, indicating rapid leasing activity with 107 available rentals.

Florida

• Jacksonville

  Has a median rent of $1,678, 56 DOM, and 3,129 available rentals, with a 3% decrease in DOM.

• Miami

  Shows a median rent of $3,250, 43 DOM, and 4,137 available rentals, with a 10% increase in DOM.

• Orlando

  Clocks in with a median rent of $2,100, 43 DOM, and 2,467 available rentals, with a 10% increase in DOM.

• Tampa

  Shows a median rent of $2,150, 33 DOM, and 1,841 available rentals, with an 8% decrease in DOM.

Georgia

• Atlanta

  A warm market atmosphere with a median rent of $2,100, DOM at 57, and 3,398 available rentals suggest a vibrant rental demand.

Hawaii

• Statewide

  Median rent at $3,000 in a cool market with a DOM of 56 days, showing a stable demand with 2,156 available rentals.

Idaho

• Statewide

  Warm market with a median rent of $1,695, lengthy DOM of 69, and 2,826 available rentals, indicating a steady interest.

Illinois

• Chicago

  Features a warm market with a median rent of $1,980, an increase in DOM to 63 days (+12%), and a vast inventory of 10,417 rentals.

Indiana

• Indianapolis

  Warm market characteristics with a median rent of $1,375, DOM of 53, and 1,873 available rentals showcase a balanced rental scene.

Iowa

• Statewide

  A warm market vibe with a median rent of $1,100, 39 DOM, and 4,098 available rentals, indicating a lively rental environment.

Kansas

• Statewide

  Warm market with a median rent of $1,200, 52 DOM, and 3,272 available rentals, suggesting a healthy leasing cycle.

Kentucky

• Louisville

  Warm market conditions prevail with a median rent of $1,300, 48 DOM, and 1,315 available rentals, indicating stable demand.

Louisiana

• New Orleans

  Enjoys a warm market with a median rent of $1,750, 57 DOM, and 2,250 available rentals, showing a robust rental market.

Maine

• Statewide

  Median rent stands at $1,950 in a warm market with a 53 DOM, suggesting a slower yet consistent leasing pace with 1,031 available rentals.

Maryland

• Baltimore

  In a warm market, median rent is $1,525, DOM of 67, and 3,020 available rentals, indicating a vibrant yet steady market.

Massachusetts

• Boston

  Experiences a cool market with DOM to 48 days (unchanged), high median rent of $3,350, and 15,666 available rentals, highlighting a premium yet slower leasing market.

Michigan

• Detroit

  Warm market, longest DOM at 76 days (+9%), affordable median rent of $1,200, and 1,902 available rentals suggest a varied demand.

Minnesota

• Minneapolis

  Warm market mood with a median rent of $1,492, 33 DOM, and 2,086 available rentals, indicating swift leasing activity.

Mississippi

• Statewide

  A cool market with a median rent of $1,400, DOM at 55, and 1,881 available rentals, presenting a balanced rental landscape.

Missouri

• Kansas City

  Shows a median rent of $1,323, 44 DOM, and 1,497 available rentals, with a 12% decrease in DOM.

• St. Louis

  Shows a median rent of $1,250, 44 DOM, and 1,640 available rentals, with a 13% increase in DOM.

Montana

• Statewide

  Warm market signals with a median rent of $1,675, 42 DOM, and 1,325 available rentals, reflecting steady rental interest.

Nebraska

• Statewide

  Shows a warm market, median rent at $1,250, 40 DOM, and 2,240 available rentals, suggesting a healthy leasing environment.

Nevada

• Las Vegas

  In a cool market, median rent is $2,000, 53 DOM, with 3,823 available rentals, indicating a balanced demand and supply.

New Hampshire

• Statewide

  A warm market with a median rent of $2,100, 66 DOM, and 1,241 available rentals, pointing to a slower leasing pace but steady interest.

New Jersey

• Newark

  Warm market dynamics with an increase in DOM to 44 days, a median rent of $2,100, and 901 available rentals, indicating a competitive rental landscape.

New Mexico

• Statewide

  Exhibits a warm market with a median rent of $1,675, 56 DOM, and 2,049 available rentals, showing sustained rental activity.

New York

• New York City

  Cool market with stable DOM at 50 days, a high median rent of $3,500, and a large inventory of 14,362 rentals, highlighting a competitive yet robust market.

North Carolina

• Charlotte

  Shows a median rent of $1,928, 53 DOM, and 3,269 available rentals, with a 10% increase in DOM.

• Raleigh

  Shows a median rent of $1,850, 42 DOM, and 1,798 available rentals, with a 20% increase in DOM.

North Dakota

• Statewide

  Warm market with the lowest median rent at $990, 62 DOM, and 1,309 available rentals, indicating an accessible rental market.

Ohio

• Cincinnati

  Shows a median rent of $1,300, 47 DOM, and 1,564 available rentals, with a 9% increase in DOM.

• Cleveland

  Shows a median rent of $1,150, 49 DOM, and 1,489 available rentals, with an 11% decrease in DOM.

• Columbus

  Shows a median rent of $1,480, 56 DOM, and 2,859 available rentals, with a 12% increase in DOM.

Oklahoma

• Oklahoma City

  Warm market ambiance with a median rent of $1,320, 42 DOM, and 1,318 available rentals, showing a balanced leasing environment.

Oregon

• Portland

  In a warm market, median rent is $1,650, 50 DOM, with 2,828 available rentals, indicating a steady demand for rentals.

Pennsylvania

• Philadelphia

  Shows a median rent of $1,650, 63 DOM, and 10,459 available rentals, with a 7% decrease in DOM.

• Pittsburg

  Shows a median rent of $1,400, 54 DOM, and 2,932 available rentals, with no change in DOM.

Rhode Island

• Providence

  A warm market is noted with a median rent of $2,200, the shortest DOM at 18 days, suggesting a highly dynamic leasing scene.

South Carolina

• Statewide

  Warm market temperature, median rent at $1,800, 57 DOM, and a large pool of 6,649 available rentals, indicating a vibrant rental demand.

South Dakota

• Statewide

  Presents a warm market with a median rent of $1,065, 48 DOM, and 1,095 available rentals, highlighting a stable rental market.

Tennessee

• Nashville

  Warm market vibes with a median rent of $2,139, 44 DOM, and 2,841 available rentals, showing a lively rental atmosphere.

Texas

• Austin

  Shows a median rent of $2,100, 63 DOM, and 5,045 available rentals, with a 2% decrease in DOM.

• Dallas

  Shows a median rent of $1,970, 52 DOM, and 3,018 available rentals, with a 13% increase in DOM.

• Houston

  Shows a median rent of $1,835, 54 DOM, and 7,268 available rentals, with a 4% decrease in DOM.

• San Antonio

  Shows a median rent of $1,695, 52 DOM, and 4,014 available rentals, with a 10% decrease in DOM.

Utah

• Salt Lake City

  Warm market with the lowest DOM at 29 days, indicative of a quick leasing turnover, at a median rent of $1,550.

Vermont

• Statewide

  Warm market with a median rent of $2,000, 45 DOM, and 474 available rentals, suggesting a balanced demand and supply in the rental market.

Virginia

• Richmond

  Warm market with a median rent of $1,600, 39 DOM, and 1,081 available rentals, indicating a healthy and active rental market.

Washington

• Seattle

  In a warm market, a significant 22% decrease in DOM to 32 days underscores a highly dynamic and responsive rental environment at a median rent of $1,995.

Washington D.C.

• DC

  Warm market with a median rent of $2,473, a lengthy 68 DOM, and 3,594 available rentals, showcasing a steady demand in the capital’s rental market.

West Virginia

• Statewide

  Warm market conditions prevail with an affordable median rent of $995, 36 DOM, and 1,246 available rentals, indicating a stable rental landscape.

Wisconsin

• Milwaukee

  Experiences a warm market with a significant 25% change in DOM to 70 days, a median rent of $1,250, and 1,143 available rentals, suggesting varying leasing velocities.

Wyoming

• Cheyenne

  A cool market with a median rent of $1,100, 35 DOM, and 219 available rentals, reflecting balanced market conditions.

From the cooling markets of major cities to the warm, quick-turnaround markets of smaller states, the landscape is as diverse as the nation itself. For renters, landlords, and investors, these insights are crucial for making informed decisions in a dynamically shifting market.