US Rent Prices Stabilize After Years of Surge: Over 600,000 New Homes Delivered in 2024

US Rent Prices: In 2025, rent prices in the United States are changing. After rising a lot during the pandemic, they are now going down or staying the same in many places. This is because there are more apartments available, and fewer people are moving to new places.

How Much Are Rents Now?

In 2024, the US delivered over 600,000 new homes. This is the highest number of new homes since 1986. These new homes are helping to reduce the pressure on rent. However, not all states are the same. In places like San Francisco and New York, land is very expensive and building new homes is hard. That is why rent is still high there. But in places like Orlando and Denver, builders could make more homes because land is cheaper and rules allow easier construction. This helped keep rent more stable in these areas.

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In October 2025 the average rent in the U.S. is about $2,000 per month. This is a little lower than last year. For example, in September 2025, the national average rent was $1,712, which is a 0.3% decrease from August’s $1,717. This marks the third consecutive month of no change or a decline in monthly rent, according to a report from CoStar.

Why Are Rents Going Down?

There are more apartments now because many new ones were built during the pandemic. This means more choices for people looking to rent. Also, fewer people are moving to new places, so there is less competition for apartments. This makes rents go down or stay the same.

Some cities still have higher rents. For example, in San Francisco, the median rent for a one-bedroom apartment reached $2,810 in February 2025, a 5% increase from the previous year This is because fewer new apartments are being built, and more people are moving back to the city.

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What Does This Mean for Renters?

If you’re looking to rent, you might find better deals in some places because rents are going down. But in other places, rents are still high. It’s a good idea to check different cities and compare prices to find the best deal for you.