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May 2024 Rental Market Trends Across U.S. Cities

Published on: May 1, 2024

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.