January 6, 2018

Shocking Truth about Average Apartment Rent

Read more about Why Renting is Better

Expect to pay an average of $1,350 per month to rent an apartment in the United States. If you live in a high-cost area, like San Francisco, though, start saving now as you could pay an average of $3,253 for a one-bedroom apartment.

© Bernard Spragg. NZ via Flickr

Keep reading to learn just how much rent really costs throughout the United States.

Average Cost of Apartment Rent

  • What is the average cost of rent in the United States?
    The average cost of rent in the United States is $1,350. This is a 2.6% increase over last year. In addition, rents gradually increased every month this year.

  • How much is the average rent for a studio apartment?
    The average rent for a studio apartment in the United States is $1,133.

  • How much is the average rent for a 1-bedroom apartment?
    It costs the average renter $1,123 for a 1-bedroom apartment in the United States.

  • How much is the average rent for a 2-bedroom apartment?
    The average rent for a 2-bedroom apartment in the United States is $1,303.

  • How much is the average rent for a 3-bedroom apartment?
    The average rent for a 3-bedroom apartment in the United States is $1,710.

  • How much is the average rent for a 4-bedroom apartment?
    On average, it costs $2,395 per month to rent a 4-bedroom apartment.

  • What is the average cost of rent for a college student living off-campus?
    Students living off-campus pay, on average, the same as other renters, around $1,350 per month. However, many college students split the cost of rent several ways by taking in roommates. It's not unusual to see four college students living in a 2-bedroom apartment to save money on rent.

  • What is the average cost of a college dorm?
    The average cost for a college student to live on-campus in a dorm is $10,800 per year. That averages out to around $1,200 per month, considering the 9-month school year.

A Geographical Breakdown

  • Which city has the lowest average rent for a 1-bedroom apartment?
    Fort Wayne, Indiana, boasts the lowest average apartment rent, at $466. They also have the lowest average 2-bedroom apartment rent, at an average of $563 per month.

  • Which city has the highest average rent for a 1-bedroom apartment?
    San Francisco, California, has the highest average rent with an average of $3,253 per month. That's 85% higher than Fort Wayne, Indiana!

  • How much is the average rent for a 1-bedroom apartment in New York City?
    New York City is known for its high costs, and rent is no exception. You'll pay an average of $2,786 to rent an apartment in NYC.

  • How much is the average rent for a 1-bedroom apartment in Chicago?
    Chicago is the heart of the Midwest and falls in the middle of the highest and lowest average rent statistics. On average, you can expect to pay $1,765 to rent an apartment in Chicago. Of course, these amounts vary based on the different areas of this large city.

Average-Sized Apartment

  • What is the average size of an apartment?
    The average size of an apartment is 934 square feet. This number continually decreases, as the average apartment size is now 8% smaller than it was 10 years ago.

  • What is the average size of a studio apartment?
    Studio apartments are also continually decreasing. Today, the average studio apartment is only 504 square feet.

  • What is the average size of a 1-bedroom apartment?
    At 752 square feet, the average 1-bedroom apartment is just 248 square feet more than a studio apartment.

  • What is the average size of a 2-bedroom apartment?
    2-bedroom apartments have a little more living space, with the national average 2-bedroom apartment at around 1,126 square feet.

  • What is the average cost of utilities for an apartment per month?
    The typical renter pays for electricity, heating and air conditioning. On average, this costs renters $150 - $200.

  • How much does the average apartment cost per year?
    Assuming an average utility cost of $200 per month, plus another $150 for cable and internet, the average apartment costs $20,400 per year.

  • How much should you spend on rent?
    According to the government, if you spend more than 30% of your income on housing, you are "cost-burdened." That being said, aiming to keep your rent at 30% or less of your monthly income should help you have money for daily living expenses.

  • What is the average cost of renter's insurance for an apartment?
    Renter's insurance isn't required, but it's highly recommended. The average cost is $150 for the year. It can help cover the cost of loss of personal belongings that occurred from a fire, break-in, or other disaster.

  • What is the average cost of renter's insurance for a house?
    If you rent a house, you'll pay an average of $190 for renter's insurance. Houses are usually bigger, which means more belongings the insurance company must cover. Again, $190 per year is a small price to pay for coverage of the loss of your personal belongings.

Bottom Line

Rent can be costly depending on where you live. Figuring out how much rent you can afford first before shopping for an apartment can help you stay within your budget.

Sources and References:

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