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May 2024 Rental Market Trends Across U.S. Cities

Published on: May 1, 2024

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U.S. Housing Market Trends: May 2024 Analysis

In today's deep dive, we'll explore the current state of the housing market across various U.S. cities. Our data spans a variety of key metrics including median rent prices, average days on the market (DOM) for 2-bedroom homes, and fluctuations in rental availability. Here's a comprehensive alphabetical breakdown by state and city, capturing the dynamic shifts from April to May 2024.

Below is a city-by-city and state-by-state analysis of the rental landscape from Zillow rental market trends data

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. Lastly, "market temperature" is based on changes in renter demand compared to the national average for all bedrooms and all property types. For example, a hot market has increasing demand.

Alabama

  • Median Rent: $1,400, Average DOM: 56 days, Total Rentals: 5,480, Temperature: Warm, Monthly Change: Rentals -614, DOM stable.

Alaska

  • Median Rent: $1,750, Average DOM: 77 days, Total Rentals: 513, Temperature: Warm, Monthly Change: Rentals -48, DOM -31%.

Arizona

  • Phoenix

    Median Rent: $2,095, Average DOM: 43 days, Total Rentals: 3,849, Temperature: Cool, Monthly Change: Rentals +1,914, DOM -17%.

Arkansas

  • Median Rent: $1,429, Average DOM: 54 days, Total Rentals: 2,766, Temperature: Warm, Monthly Change: Rentals -219, DOM -4%.

California

  • Los Angeles

    Median Rent: $2,795, Average DOM: 47 days, Total Rentals: 13,787, Temperature: Cool, Monthly Change: Rentals -1,651, DOM -2%.

  • Oakland

    Median Rent: $2,250, Average DOM: 50 days, Total Rentals: 1,940, Temperature: Warm, Monthly Change: Rentals -278, DOM -26%.

  • Sacramento

    Median Rent: $1,950, Average DOM: 28 days, Total Rentals: 1,041, Temperature: Warm, Monthly Change: Rentals -269, DOM -13%.

  • San Diego

    Median Rent: $3,000, Average DOM: 40 days, Total Rentals: 4,401, Temperature: Warm, Monthly Change: Rentals -457, DOM -2%.

  • San Francisco

    Median Rent: $3,295, Average DOM: 45 days, Total Rentals: 3,623, Temperature: Warm, Monthly Change: Rentals -668, DOM -15%.

  • San Jose

    Median Rent: $2,900, Average DOM: 25 days, Total Rentals: 1,092, Temperature: Warm, Monthly Change: Rentals -282, DOM -22%.

Colorado

  • Denver

    Median Rent: $2,185, Average DOM: 29 days, Total Rentals: 2,741, Temperature: Cool, Monthly Change: Rentals -593, DOM -24%.

Connecticut

  • New Haven

    Median Rent: $1,850, Average DOM: 42 days, Total Rentals: 873, Temperature: Warm, Monthly Change: Rentals -14, DOM +5%.

Delaware

  • Median Rent: $1,985, Average DOM: 44 days, Total Rentals: 593, Temperature: Warm, Monthly Change: Rentals +486, DOM +52%.

Florida

  • Jacksonville

    Median Rent: $1,695, Average DOM: 55 days, Total Rentals: 2,918, Temperature: Cool, Monthly Change: Rentals -211, DOM -2%.

  • Miami

    Median Rent: $3,300, Average DOM: 41 days, Total Rentals: 4,786, Temperature: Cool, Monthly Change: Rentals +649, DOM -5%.

  • Orlando

    Median Rent: $2,125, Average DOM: 33 days, Total Rentals: 2,114, Temperature: Cool, Monthly Change: Rentals -353, DOM -23%.

  • Tampa

    Median Rent: $2,200, Average DOM: 31 days, Total Rentals: 1,705, Temperature: Cool, Monthly Change: Rentals -136, DOM -6%.

Georgia

  • Atlanta

    Median Rent: $2,100, Average DOM: 52 days, Total Rentals: 2,938, Temperature: Cool, Monthly Change: Rentals -460, DOM -9%.

Hawaii

  • Median Rent: $3,000, Average DOM: 55 days, Total Rentals: 2,234, Temperature: Cool, Monthly Change: Rentals +78, DOM -2%.

Idaho

  • Median Rent: $1,700, Average DOM: 68 days, Total Rentals: 2,567, Temperature: Warm, Monthly Change: Rentals -259, DOM -1%.

Illinois

  • Chicago

    Median Rent: $1,974, Average DOM: 77 days, Total Rentals: 9,544, Temperature: Cool, Monthly Change: Rentals -873, DOM +22%.

Indiana

  • Indianapolis

    Median Rent: $1,440, Average DOM: 47 days, Total Rentals: 1,579, Temperature: Cool, Monthly Change: Rentals -294, DOM -11%.

Iowa

  • Median Rent: $1,090, Average DOM: 41 days, Total Rentals: 3,454, Temperature: Warm, Monthly Change: Rentals -644, DOM +5%.

Kansas

  • Median Rent: $1,200, Average DOM: 50 days, Total Rentals: 2,833, Temperature: Warm, Monthly Change: Rentals -439, DOM -4%.

Kentucky

  • Louisville

    Median Rent: $1,325, Average DOM: 51 days, Total Rentals: 115, Temperature: Warm, Monthly Change: Rentals -1,200, DOM +6%.

Louisiana

  • New Orleans

    Median Rent: $1,750, Average DOM: 51 days, Total Rentals: 2,203, Temperature: Warm, Monthly Change: Rentals -47, DOM -11%.

Maryland

  • Baltimore

    Median Rent: $1,550, Average DOM: 73 days, Total Rentals: 2,539, Temperature: Warm, Monthly Change: Rentals -481, DOM +9%.

Massachusetts

  • Boston

    Median Rent: $3,270, Average DOM: 36 days, Total Rentals: 12,945, Temperature: Warm, Monthly Change: Rentals -2,721, DOM -25%.

Michigan

  • Detroit

    Median Rent: $1,200, Average DOM: 64 days, Total Rentals: 1,736, Temperature: Cool, Monthly Change: Rentals -166, DOM -16%.

Minnesota

  • Minneapolis

    Median Rent: $1,500, Average DOM: 34 days, Total Rentals: 1,665, Temperature: Warm, Monthly Change: Rentals -421, DOM +3%.

Mississippi

  • Median Rent: $1,399, Average DOM: 57 days, Total Rentals: 1,648, Temperature: Warm, Monthly Change: Rentals -233, DOM +4%.

Missouri

  • Kansas City

    Median Rent: $1,350, Average DOM: 44 days, Total Rentals: 1,293, Temperature: Warm, Monthly Change: Rentals -204, DOM stable.

  • St. Louis

    Median Rent: $1,242, Average DOM: 46 days, Total Rentals: 1,449, Temperature: Cool, Monthly Change: Rentals -191, DOM +5%.

Montana

  • Median Rent: $1,700, Average DOM: 31 days, Total Rentals: 1,141, Temperature: Warm, Monthly Change: Rentals -184, DOM -26%.

Nebraska

  • Median Rent: $1,271, Average DOM: 32 days, Total Rentals: 1,701, Temperature: Warm, Monthly Change: Rentals -539, DOM -20%.

Nevada

  • Las Vegas

    Median Rent: $2,100, Average DOM: 42 days, Total Rentals: 3,487, Temperature: Cool, Monthly Change: Rentals -336, DOM -21%.

New Hampshire

  • Median Rent: $2,100, Average DOM: 72 days, Total Rentals: 1,053, Temperature: Warm, Monthly Change: Rentals -188, DOM +9%.

New Jersey

  • Newark

    Median Rent: $2,150, Average DOM: 49 days, Total Rentals: 807, Temperature: Warm, Monthly Change: Rentals -94, DOM +11%.

New Mexico

  • Median Rent: $1,750, Average DOM: 54 days, Total Rentals: 1,831, Temperature: Warm, Monthly Change: Rentals -218, DOM -4%.

New York

  • New York City

    Median Rent: $3,500, Average DOM: 61 days, Total Rentals: 14,716, Temperature: Warm, Monthly Change: Rentals +354, DOM +22%.

North Carolina

  • Charlotte

    Median Rent: $1,995, Average DOM: 47 days, Total Rentals: 2,739, Temperature: Cool, Monthly Change: Rentals -530, DOM -11%.

  • Raleigh

    Median Rent: $1,900, Average DOM: 39 days, Total Rentals: 1,543, Temperature: Cool, Monthly Change: Rentals -255, DOM -7%.

North Dakota

  • Median Rent: $950, Average DOM: 35 days, Total Rentals: 883, Temperature: Warm, Monthly Change: Rentals -426, DOM -44%.

Ohio

  • Cincinnati

    Median Rent: $1,295, Average DOM: 27 days, Total Rentals: 1,284, Temperature: Warm, Monthly Change: Rentals -280, DOM -43%.

  • Cleveland

    Median Rent: $1,150, Average DOM: 50 days, Total Rentals: 1,323, Temperature: Cool, Monthly Change: Rentals -166, DOM +2%.

  • Columbus

    Median Rent: $1,497, Average DOM: 46 days, Total Rentals: 2,413, Temperature: Warm, Monthly Change: Rentals -446, DOM -18%.

Oklahoma

  • Oklahoma City

    Median Rent: $1,350, Average DOM: 39 days, Total Rentals: 1,122, Temperature: Warm, Monthly Change: Rentals -196, DOM -7%.

Oregon

  • Portland

    Median Rent: $1,650, Average DOM: 46 days, Total Rentals: 2,119, Temperature: Warm, Monthly Change: Rentals -709, DOM -8%.

Pennsylvania

  • Philadelphia

    Median Rent: $1,655, Average DOM: 56 days, Total Rentals: 9,298, Temperature: Cool, Monthly Change: Rentals -1,161, DOM -11%.

  • Pittsburgh

    Median Rent: $1,425, Average DOM: 48 days, Total Rentals: 2,500, Temperature: Warm, Monthly Change: Rentals -432, DOM -11%.

Rhode Island

  • Providence

    Median Rent: $2,200, Average DOM: 24 days, Total Rentals: 711, Temperature: Cool, Monthly Change: Rentals +2, DOM +33%.

South Carolina

  • Median Rent: $1,895, Average DOM: 53 days, Total Rentals: 5,942, Temperature: Warm, Monthly Change: Rentals -707, DOM -7%.

South Dakota

  • Median Rent: $1,107, Average DOM: 47 days, Total Rentals: 749, Temperature: Warm, Monthly Change: Rentals -346, DOM -2%.

Tennessee

  • Nashville

    Median Rent: $2,250, Average DOM: 39 days, Total Rentals: 2,110, Temperature: Cool, Monthly Change: Rentals -731, DOM -11%.

Texas

  • Austin

    Median Rent: $2,250, Average DOM: 53 days, Total Rentals: 4,737, Temperature: Cool, Monthly Change: Rentals -308, DOM -16%.

  • Dallas

    Median Rent: $2,000, Average DOM: 51 days, Total Rentals: 2,237, Temperature: Cool, Monthly Change: Rentals -781, DOM -2%.

  • Houston

    Median Rent: $1,895, Average DOM: 58 days, Total Rentals: 3,284, Temperature: Warm, Monthly Change: Rentals -3,984, DOM +7%.

  • San Antonio

    Median Rent: $1,745, Average DOM: 48 days, Total Rentals: 3,480, Temperature: Cool, Monthly Change: Rentals -534, DOM -8%.

Utah

  • Salt Lake City

    Median Rent: $1,600, Average DOM: 43 days, Total Rentals: 732, Temperature: Cool, Monthly Change: Rentals -88, DOM +48%.

Vermont

  • Median Rent: $2,100, Average DOM: 55 days, Total Rentals: 460, Temperature: Warm, Monthly Change: Rentals -14, DOM +22%.

Virginia

  • Richmond

    Median Rent: $1,600, Average DOM: 28 days, Total Rentals: 1,001, Temperature: Cool, Monthly Change: Rentals -80, DOM -28%.

Washington

  • Seattle

    Median Rent: $2,003, Average DOM: 36 days, Total Rentals: 3,200, Temperature: Warm, Monthly Change: Rentals -1,090, DOM +13%.

West Virginia

  • Median Rent: $995, Average DOM: 31 days, Total Rentals: 1,062, Temperature: Warm, Monthly Change: Rentals -184, DOM -14%.

Wisconsin

  • Milwaukee

    Median Rent: $1,200, Average DOM: 58 days, Total Rentals: 1,111, Temperature: Cool, Monthly Change: Rentals -32, DOM -17%.

Wyoming

  • Cheyenne

    Median Rent: $1,080, Average DOM: 41 days, Total Rentals: 178, Temperature: Warm, Monthly Change: Rentals -41, DOM +17%.

Washington DC

  • DC

    Median Rent: $2,525, Average DOM: 65 days, Total Rentals: 3,138, Temperature: Warm, Monthly Change: Rentals -456, DOM -4%.

This comprehensive breakdown provides a snapshot of how the U.S. housing market is evolving. Whether you're looking to rent in bustling cities or tranquil towns, understanding these trends can help you navigate the complexities of the market. Stay tuned for further updates as we continue to monitor these changes across the nation.

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