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March 2024 Rental Market Trends Across U.S. Cities

Published on: Mar 1, 2024

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Welcome to March. This offers a fresh view of the rental market in many US cities, with variations in median rent, Days On Market ("DOM"), available rentals, and market temperature across states and cities. Here's a city-by-city 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.

Is the average DOM in your area higher than your goal for your property? You can lease your property faster with the right price, great photos, and by putting yourself in the shoes of a renter - read how here. By setting a competitive price, you can actually earn more - here's the math.

This post contains data about the following states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Massachusetts, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Texas, Washington, and Wisconsin.

Arizona

  • Phoenix: Exhibits a warm market with a median rent of $1,920, 53 DOM, and 131 available rentals. Notably, there's a 6% increase in DOM and a 6% decrease in available rentals from February to March.

California

Demonstrates cooler market temperatures across cities, with each experiencing unique shifts from February to March.

  • Los Angeles: Features a cool market with a $3,600 median rent, 49 DOM, and 477 available rentals, maintaining stability in DOM and a 1% increase in available rentals.

  • Oakland: A cool market with a $2,800 median rent, 61 DOM, and 93 available rentals, with a 6% decrease in DOM and a 15% increase in available rentals.

  • Sacramento: Offers a warm market with a $2,200 median rent, 40 DOM, and 112 available rentals, experiencing an 11% increase in DOM and a 15% decrease in available rentals.

  • San Diego: A cool market with a $3,400 median rent, 45 DOM, and 231 available rentals. The city saw a 5% increase in DOM and a 1% increase in available rentals.

  • San Francisco: Exhibits a cool market with a $3,750 median rent, 52 DOM, and 79 available rentals, noting a 16% increase in DOM and a 4% decrease in available rentals.

  • San Jose: Shows a cool market with a $3,080 median rent, 35 DOM, and 49 available rentals, maintaining stability in DOM and a 4% decrease in available rentals.

Colorado

  • Denver: A warm market characterized by a median rent of $2,500, 38 DOM, and 161 available rentals. The city saw a 9% rise in DOM and a 6% reduction in available rentals from February to March.

Connecticut

  • Hartford and New Haven: Both present cooler market temperatures with Hartford at a median rent of $1,850, 24 DOM, and New Haven at $1,950, 43 DOM, indicating rapid leasing but limited availability.

Florida

Florida cities all demonstrate warm market temperatures but with distinct trends from February to March.

  • Jacksonville: Features a median rent of $1,200, 58 DOM, and 191 available rentals, with a 12% increase in DOM and a 13% decrease in available rentals.

  • Miami: Stands out with a $3,000 median rent, 39 DOM, and 104 available rentals. Remarkably, the city saw a 24% decrease in DOM and a 7% increase in available rentals.

  • Orlando: Shows a median rent of $1,806, 39 DOM, and 132 available rentals. The city experienced an 11% increase in DOM and a 6% decrease in available rentals.

  • Tampa: Has a median rent of $2,000, 36 DOM, and 84 available rentals. Tampa witnessed a 3% increase in DOM and a 16% reduction in available rentals.

Georgia

  • Atlanta: A warm market with a median rent of $2,150, 57 DOM, and 147 available rentals. The city noted a 4% increase in DOM and a 6% decrease in available rentals from February to March.

Illinois

  • Chicago: The city's rental market is warm with a median rent of $1,800, 56 DOM, and 35 available rentals, pointing to a relatively tight market.

Massachusetts

  • Boston: Experiences a cool market with a high median rent of $3,200, 48 DOM, and 18 available rentals, showcasing a premium market with selective demand.

Michigan

  • Detroit: Features the most affordable median rent on this list at $1,025, the highest DOM at 70, and a robust number of available rentals at 173, showcasing a very active, warm market.

Missouri

Both cities present a warm market with slight changes from February to March.

  • Kansas City: Shows a median rent of $1,200, 50 DOM, and 139 available rentals, maintaining stability in DOM and a 3% decrease in available rentals.

  • St. Louis: Has a median rent of $1,200, 39 DOM, and 111 available rentals, with a 5% increase in DOM and a 12% decrease in available rentals.

New York

  • Buffalo: Offers an affordable median rent of $1,150, 48 DOM, and only 16 available rentals, displaying a warm but tight market.

  • New York City: Presents a cooler market with a higher median rent of $2,600, 39 DOM, and 71 available rentals, indicating high demand but a more balanced market.

New Jersey

  • Newark: Shows a warm market with a median rent of $1,875, the lowest DOM at 32, and 6 available rentals, suggesting a highly competitive market.

North Carolina

Both cities show warm market temperatures with differing dynamics from February to March.

  • Charlotte: Features a median rent of $1,680, 48 DOM, and 164 available rentals, with no change in DOM and a 6% increase in available rentals.

  • Raleigh: Exhibits a cool market with a median rent of $1,675, 35 DOM, and 66 available rentals. The city saw a 15% decrease in DOM and a 16% increase in available rentals.

Ohio

  • Cincinnati: With a median rent of $1,495, 43 DOM, and 59 available rentals, Cincinnati presents a warm market, suggesting steady demand.

  • Cleveland: Offers more affordable options at a median rent of $1,100, 55 DOM, and 58 available rentals, maintaining a warm market temperature.

  • Columbus: Stands at a median rent of $1,400, 50 DOM, and a higher number of available rentals at 157, indicating a vibrant, warm market.

Pennsylvania

  • Philadelphia: Shows a warm market with a median rent of $1,500, 68 DOM, and a significant 210 available rentals, indicating a slower pace of leasing.

  • Pittsburg: Diverges with a cool market, a median rent of $1,400, 54 DOM, and 179 available rentals, suggesting a different market dynamic compared to Philadelphia.

Rhode Island

  • Providence: Offers a warm market with a median rent of $2,150, 43 DOM, and 4 available rentals, indicating a brisk pace in a relatively tight market.

Texas

Reflects a warm market across cities, with notable fluctuations from February to March.

  • Austin: Shows a median rent of $2,250, 64 DOM, and 211 available rentals, with a 7% increase in DOM and a 7% decrease in available rentals.

  • Dallas: Features a median rent of $2,200, 46 DOM, and 178 available rentals, experiencing a 7% increase in DOM and a 5% increase in available rentals.

  • Houston: Has a median rent of $1,600, 56 DOM, and 285 available rentals, maintaining stability in DOM and a 2% increase in available rentals.

  • San Antonio: Exhibits a median rent of $1,400, 58 DOM, and 187 available rentals, with a 3% decrease in DOM and a 2% increase in available rentals.

Washington

Both cities show a warm market temperature with significant changes from February to March.

  • Seattle: Offers a median rent of $2,800, 41 DOM, and 91 available rentals, with a 9% decrease in DOM and a 5% decrease in available rentals.

  • Spokane: Features a median rent of $1,600, 39 DOM, and 40 available rentals, with a 15% increase in DOM and a 3% increase in available rentals.

Wisconsin

  • Milwaukee: Presents a warm market with an affordable median rent of $1,195, 56 DOM, and 44 available rentals, suggesting steady leasing activity.

The March data paints a detailed picture of the market trends across these cities. Whether you're a renter or a landlord, it's essential to do your research to understand the nuances of your specific market. Zillow's rental market trends provide a valuable resource for this analysis. By staying informed with the latest data, you can make smarter decisions to navigate the rental landscape successfully. Visit Zillow's rental market trends page to explore the data and leverage it for your rental strategy. 

*A 2-bedroom home provides directional but not a complete view of each market.

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