Multifamily market data by state: what this study covers
This page is our state-level multifamily market data set: median gross rent, five-year rent growth, renter share, the share of homes in apartment buildings, rental vacancy and rent burden for the 47 states we cover. Every figure comes from the U.S. Census Bureau’s American Community Survey (ACS) or from HUD, and every derived figure is calculated from those raw numbers.
We built it because most apartment market commentary relies on private surveys that readers can’t check. Census data is slower, but it is public, consistent across states and free to verify. You can use the tables below to compare states, check a claim you read elsewhere, or start research before you look at a specific city.
Methodology and sources
The data comes from two public sources. The first is the U.S. Census Bureau’s American Community Survey 5-year estimates, comparing the 2015-2019 release with the 2020-2024 release. The second is HUD’s Fiscal Year 2026 Fair Market Rents. The coverage is the 47 states we cover; the site does not cover Alaska, Hawaii or Rhode Island, so they are not in any ranking or median on this page.
Rent growth is median gross rent in 2020-2024 divided by median gross rent in 2015-2019, minus one. Population growth uses the same formula on total population. Each 5-year estimate pools five years of survey responses, so the two periods are centered about five years apart (roughly 2017 and 2022). Treat the growth figures as the change between two multi-year averages, not a year-over-year rate.
Median gross rent (table B25064) includes contract rent plus utilities and fuels when the renter pays them. Renter share is renter-occupied homes as a percent of all occupied homes (B25003). The 5+ unit share is the percent of all housing units in buildings with five or more units (B25024); that count includes condominiums, so it is a measure of apartment-style buildings, not only rentals. Rental vacancy is the rental vacancy rate from DP04, which draws on the vacancy status counts in B25004. Rent burden is the share of renter households paying 30% or more of income on gross rent (B25070). Percentages are shown to one decimal place and dollar figures to the nearest dollar.
ACS figures are survey estimates with margins of error. Small differences between states, such as a 0.1-point gap in vacancy, may not be statistically meaningful. Statewide numbers also hide large differences between cities and rural counties.
Key findings
Here is what stands out in the 2020-2024 data compared with 2015-2019 across the 47 states we cover.
- Rents rose everywhere. Median gross rent increased in all 47 states. The middle state saw a 28.6% rise, and 19 states rose 30% or more.
- Arizona had the fastest rent growth: median gross rent went from $1,052 to $1,543, up 46.7%. Idaho (45.1%), Nevada (44.3%), Utah (44.3%) and Florida (42.0%) followed.
- North Dakota had the slowest rent growth at 15.5% ($826 to $954), followed by Wyoming at 16.0% ($855 to $992).
- California has the highest median gross rent at $2,036 a month. West Virginia has the lowest at $872. The middle state, Pennsylvania, sits at $1,209.
- Rental vacancy was lowest in Vermont (3.0%), Massachusetts (3.5%) and New Jersey (3.5%), and highest in North Dakota and South Carolina (8.3% each). Eighteen states were below 5%.
- Population growth and rent growth moved together. Idaho grew fastest in population (12.6%) and had the second-fastest rent growth. The four states that lost population (West Virginia, Mississippi, Louisiana and Illinois) all had rent growth below the 28.6% midpoint.
- Apartment stock is concentrated. California, New York, Texas and Florida hold 11.5 million of the 27.0 million housing units in 5+ unit buildings across the 47 states, or 42.8%.
- Rent burden is widespread. In Florida, 60.1% of renter households pay 30% or more of income on rent, the highest share in the study. Eighteen states are at 50% or higher. North Dakota is lowest at 38.9%.
Rents, vacancy and renter demand in all 47 states
The table below lists every state we cover in alphabetical order. Median rent is median gross rent for 2020-2024. Rent growth compares it with 2015-2019. Renter share, 5+ unit share, rental vacancy and rent burden are all from the 2020-2024 ACS 5-year estimates.
| State | Median rent | Rent growth | Renter share | 5+ unit share | Rental vacancy | Rent burden |
|---|---|---|---|---|---|---|
| Alabama | $1,007 | +27.1% | 29.8% | 11.7% | 7.2% | 48.8% |
| Arizona | $1,543 | +46.7% | 32.6% | 16.4% | 5.8% | 51.4% |
| Arkansas | $947 | +27.1% | 33.6% | 10.5% | 6.4% | 44.8% |
| California | $2,036 | +35.5% | 44.1% | 24.1% | 4.2% | 55.3% |
| Colorado | $1,761 | +38.6% | 33.8% | 22.6% | 5.1% | 52.9% |
| Connecticut | $1,488 | +26.1% | 33.5% | 18.6% | 4.3% | 52.6% |
| Delaware | $1,401 | +24.0% | 27.0% | 14.5% | 5.0% | 49.6% |
| Florida | $1,669 | +42.0% | 32.4% | 24.5% | 7.6% | 60.1% |
| Georgia | $1,393 | +38.5% | 34.3% | 16.2% | 6.8% | 52.4% |
| Idaho | $1,238 | +45.1% | 27.9% | 8.9% | 3.9% | 46.9% |
| Illinois | $1,274 | +26.1% | 32.9% | 21.8% | 5.0% | 47.9% |
| Indiana | $1,062 | +28.6% | 29.4% | 13.0% | 5.6% | 48.1% |
| Iowa | $972 | +23.2% | 28.3% | 14.5% | 5.7% | 43.9% |
| Kansas | $1,060 | +24.7% | 32.8% | 13.0% | 6.2% | 43.5% |
| Kentucky | $967 | +26.7% | 31.7% | 11.7% | 4.6% | 45.4% |
| Louisiana | $1,064 | +22.9% | 32.6% | 11.2% | 7.8% | 54.8% |
| Maine | $1,139 | +33.5% | 25.7% | 9.1% | 4.2% | 48.4% |
| Maryland | $1,705 | +22.5% | 32.4% | 22.6% | 4.7% | 51.5% |
| Massachusetts | $1,762 | +37.4% | 37.5% | 22.2% | 3.5% | 51.8% |
| Michigan | $1,129 | +29.6% | 26.8% | 13.3% | 5.1% | 50.4% |
| Minnesota | $1,280 | +31.0% | 27.8% | 19.4% | 5.3% | 48.1% |
| Mississippi | $954 | +22.3% | 30.0% | 9.2% | 8.2% | 51.3% |
| Missouri | $1,033 | +24.5% | 31.9% | 12.8% | 5.0% | 45.6% |
| Montana | $1,081 | +33.5% | 30.8% | 9.7% | 5.3% | 44.8% |
| Nebraska | $1,072 | +28.7% | 33.5% | 17.4% | 4.3% | 45.1% |
| Nevada | $1,597 | +44.3% | 40.0% | 21.8% | 6.8% | 55.9% |
| New Hampshire | $1,491 | +34.2% | 27.2% | 15.5% | 4.0% | 48.2% |
| New Jersey | $1,720 | +28.9% | 36.2% | 21.8% | 3.5% | 51.6% |
| New Mexico | $1,067 | +26.4% | 30.0% | 10.1% | 5.9% | 50.2% |
| New York | $1,621 | +26.6% | 45.7% | 34.7% | 3.8% | 52.1% |
| North Carolina | $1,228 | +35.4% | 33.4% | 14.2% | 7.1% | 48.9% |
| North Dakota | $954 | +15.5% | 37.1% | 25.1% | 8.3% | 38.9% |
| Ohio | $1,034 | +28.0% | 32.8% | 14.9% | 4.4% | 45.9% |
| Oklahoma | $1,014 | +25.2% | 34.2% | 11.7% | 6.5% | 46.3% |
| Oregon | $1,525 | +37.4% | 36.7% | 17.8% | 4.2% | 52.5% |
| Pennsylvania | $1,209 | +28.9% | 30.7% | 12.8% | 4.9% | 48.2% |
| South Carolina | $1,180 | +32.0% | 28.1% | 12.9% | 8.3% | 52.1% |
| South Dakota | $946 | +26.6% | 31.4% | 16.2% | 6.0% | 39.8% |
| Tennessee | $1,189 | +36.8% | 33.1% | 14.1% | 6.1% | 48.8% |
| Texas | $1,403 | +34.3% | 37.4% | 20.8% | 7.7% | 51.7% |
| Utah | $1,496 | +44.3% | 29.8% | 16.1% | 5.5% | 47.2% |
| Vermont | $1,234 | +25.3% | 26.8% | 10.9% | 3.0% | 48.4% |
| Virginia | $1,579 | +28.0% | 32.7% | 18.6% | 4.8% | 48.5% |
| Washington | $1,760 | +39.9% | 36.2% | 22.2% | 4.5% | 49.9% |
| West Virginia | $872 | +20.3% | 25.1% | 7.8% | 6.7% | 48.9% |
| Wisconsin | $1,087 | +27.0% | 32.2% | 17.0% | 4.5% | 43.7% |
| Wyoming | $992 | +16.0% | 28.2% | 9.2% | 6.0% | 43.1% |
Top 10 states for rent growth
Arizona, Idaho, Nevada, Utah and Florida had the fastest rent growth, each 42.0% or more between the two survey periods. All ten states on this list also gained population, and seven of them are in the Mountain West or Pacific Northwest. Nevada and Utah tie at 44.3% when rounded, as do Massachusetts and Oregon at 37.4%, so they share a rank.
| Rank | State | Median rent 2015-2019 | Median rent 2020-2024 | Rent growth | Population growth |
|---|---|---|---|---|---|
| 1 | Arizona | $1,052 | $1,543 | +46.7% | +4.7% |
| 2 | Idaho | $853 | $1,238 | +45.1% | +12.6% |
| 3 | Nevada | $1,107 | $1,597 | +44.3% | +7.1% |
| 3 | Utah | $1,037 | $1,496 | +44.3% | +9.5% |
| 5 | Florida | $1,175 | $1,669 | +42.0% | +7.2% |
| 6 | Washington | $1,258 | $1,760 | +39.9% | +5.6% |
| 7 | Colorado | $1,271 | $1,761 | +38.6% | +4.5% |
| 8 | Georgia | $1,006 | $1,393 | +38.5% | +5.2% |
| 9 | Massachusetts | $1,282 | $1,762 | +37.4% | +2.8% |
| 9 | Oregon | $1,110 | $1,525 | +37.4% | +3.0% |
Top 10 states with the lowest rental vacancy
Vermont has the lowest rental vacancy rate in the study at 3.0%, and seven of the eleven states below are in the Northeast. Tied states share a rank, and Connecticut and Nebraska tie at 4.3%, so the list has eleven rows. Low vacancy and fast rent growth don’t always go together: Vermont’s rents rose 25.3%, below the midpoint, while Idaho combined 3.9% vacancy with 45.1% growth.
| Rank | State | Rental vacancy | Median rent | Rent growth |
|---|---|---|---|---|
| 1 | Vermont | 3.0% | $1,234 | +25.3% |
| 2 | Massachusetts | 3.5% | $1,762 | +37.4% |
| 2 | New Jersey | 3.5% | $1,720 | +28.9% |
| 4 | New York | 3.8% | $1,621 | +26.6% |
| 5 | Idaho | 3.9% | $1,238 | +45.1% |
| 6 | New Hampshire | 4.0% | $1,491 | +34.2% |
| 7 | California | 4.2% | $2,036 | +35.5% |
| 7 | Maine | 4.2% | $1,139 | +33.5% |
| 7 | Oregon | 4.2% | $1,525 | +37.4% |
| 10 | Connecticut | 4.3% | $1,488 | +26.1% |
| 10 | Nebraska | 4.3% | $1,072 | +28.7% |
Top 10 states with the highest renter share
New York has the highest renter share at 45.7% of occupied homes, followed by California at 44.1% and Nevada at 40.0%. Those are the only three states at or above 40%. New Jersey and Washington tie at 36.2%. California has the most renter households in absolute terms, about 5.98 million, and Texas is second with 4.11 million.
| Rank | State | Renter share | Renter households | Rental vacancy |
|---|---|---|---|---|
| 1 | New York | 45.7% | 3,525,661 | 3.8% |
| 2 | California | 44.1% | 5,980,523 | 4.2% |
| 3 | Nevada | 40.0% | 481,396 | 6.8% |
| 4 | Massachusetts | 37.5% | 1,043,884 | 3.5% |
| 5 | Texas | 37.4% | 4,113,561 | 7.7% |
| 6 | North Dakota | 37.1% | 122,979 | 8.3% |
| 7 | Oregon | 36.7% | 630,439 | 4.2% |
| 8 | New Jersey | 36.2% | 1,268,573 | 3.5% |
| 8 | Washington | 36.2% | 1,110,043 | 4.5% |
| 10 | Georgia | 34.3% | 1,398,009 | 6.8% |
Top 10 states with the largest apartment stock
California has the largest stock of housing units in buildings with five or more units, about 3.53 million, followed by New York with 2.98 million. Texas and Florida are nearly even at about 2.52 and 2.51 million. New York has the highest share of its housing in these buildings, 34.7%, well ahead of North Dakota at 25.1%.
| Rank | State | Units in 5+ unit buildings | 5+ unit share | Rental vacancy |
|---|---|---|---|---|
| 1 | California | 3,527,922 | 24.1% | 4.2% |
| 2 | New York | 2,979,279 | 34.7% | 3.8% |
| 3 | Texas | 2,519,360 | 20.8% | 7.7% |
| 4 | Florida | 2,512,646 | 24.5% | 7.6% |
| 5 | Illinois | 1,189,562 | 21.8% | 5.0% |
| 6 | New Jersey | 826,671 | 21.8% | 3.5% |
| 7 | Ohio | 788,374 | 14.9% | 4.4% |
| 8 | Pennsylvania | 740,974 | 12.8% | 4.9% |
| 9 | Georgia | 735,655 | 16.2% | 6.8% |
| 10 | Washington | 732,621 | 22.2% | 4.5% |
Population growth and rent growth
States that added people generally saw rents rise faster. Across the 47 states we cover, the correlation between population growth and rent growth is about 0.68, a fairly strong link for state-level data. Idaho grew 12.6% in population and 45.1% in rent. Utah grew 9.5% and 44.3%. Florida, Nevada and Texas each added between 6.8% and 7.2% to their populations, and each saw rent growth above 34%.
The four states that lost population tell the same story from the other side. West Virginia (down 2.1%), Mississippi (down 1.3%), Louisiana (down 1.1%) and Illinois (down 0.6%) had rent growth of 20.3%, 22.3%, 22.9% and 26.1%. California is the clear exception: its population was essentially flat, adding fewer than 4,000 people on a base of 39.3 million, yet median gross rent rose 35.5%. A tight existing supply, shown by its 4.2% vacancy rate, can push rents up even without population gains.
Where renters are most cost-burdened
Florida has the highest rent burden in the study: 60.1% of renter households pay 30% or more of their income on gross rent. Nevada (55.9%), California (55.3%), Louisiana (54.8%) and Colorado (52.9%) follow. At the other end, North Dakota (38.9%) and South Dakota (39.8%) are the only states below 40%, and both have median rents under $1,000.
High burden doesn’t always mean high rent. Louisiana’s median gross rent is $1,064, in the bottom third of states, but incomes there are lower too, so more than half of renters are stretched. For an owner, burden is a rough guide to how much room tenants have to absorb increases before they move or fall behind.
HUD Fair Market Rents for 2-bedroom units
HUD’s FY2026 Fair Market Rents give a second view of rent levels, set for each metro area and nonmetro county. California has the widest range for a 2-bedroom unit, from $1,084 to $4,254 a month across its 58 areas. Massachusetts tops out at $3,583 and New Hampshire at $3,008. The lowest 2-bedroom figures in the study are in South Carolina ($885), Louisiana ($892) and Mississippi ($905).
Fair Market Rents are used to set Housing Choice Voucher payment standards, so they matter to owners who rent to voucher holders. They are estimates of typical rents for recent movers, not caps on what a landlord can charge. HUD has since published FY2027 Fair Market Rents; this page still uses the FY2026 figures.
Multifamily market outlook for 2026: what the data can and can’t tell you
This data describes where rents, vacancy and renter demand stood across 2020-2024; it doesn’t forecast 2026. Census 5-year estimates trail the market, so a state where rents jumped in 2021 and 2022 and then flattened will still show a large increase here. Use the tables as a baseline, then check newer local sources such as recent lease comps, property manager reports and permit data before you draw conclusions about the year ahead.
Three patterns in the data are useful when you read any 2026 outlook. States with the fastest rent growth were mostly states that gained people. Several fast-growth Sun Belt states, including Florida, Georgia and Texas, now carry vacancy above the 5.3% midpoint, which can mean new supply is still being absorbed. And in states with high rent burden, such as Florida (60.1%) and Nevada (55.9%), many renters were already spending a large share of income on rent during 2020-2024.
What the data means for apartment owners
For owners, vacancy is the number that shows up in your budget first. A statewide rate isn’t your building’s rate, but it tells you what a reasonable underwriting assumption looks like and when a lender or buyer will push back on yours.
Here is a simple illustration. Take a 100-unit building collecting the Texas median gross rent of $1,403. Gross potential rent is 100 × $1,403 × 12, or $1,683,600 a year. At the Texas rental vacancy rate of 7.7%, the vacancy loss is about $129,637. At New Jersey’s 3.5% rate, the same building would lose about $58,926. The $70,711 gap is the difference between those two statewide rates, applied to one building, and it flows straight through to net operating income and value.
Rent burden matters for collections and renewals. In states where more than half of renters already pay 30% or more of income on rent, large renewal increases tend to raise turnover and bad debt. The 5+ unit share hints at competition: in New York, more than a third of all housing is in apartment-style buildings, while in West Virginia it is 7.8%.
Run your own building through the cap rate calculator and the rental property calculator with local rent and vacancy figures before you rely on statewide medians.
What the data means for passive investors
For passive investors, this data is a way to check a sponsor’s story. If an offering memorandum assumes 3% vacancy in a state where the Census rate is 7.7%, ask why. If a business plan depends on rent growth like Arizona’s 46.7%, ask whether that pace came from a period that has already passed.
Use the tables to frame questions, not to pick deals. A state’s median hides wide gaps between metros, submarkets and building classes, and a well-run property can outperform its state average while a poorly run one falls behind it.
Most apartment syndications are offered to accredited investors under Regulation D. The SEC defines an individual accredited investor as someone with net worth over $1 million excluding a primary residence, or income over $200,000 ($300,000 with a spouse or partner) in each of the past two years. Rule 506(b) and Rule 506(c) differ: 506(b) bars general advertising and can admit up to 35 sophisticated non-accredited investors, while 506(c) allows advertising but requires every buyer to be accredited and verified.
Skyline Capital Investments buys apartment buildings with five or more units and shares educational material with members of our investor network. Any offering is made only through official offering documents to eligible investors.
How to cite this data
You are welcome to use these tables in articles, reports and presentations. Please credit Skyline Capital Investments and link to this page so readers can see the method and the full state list.
Suggested citation: Skyline Capital Investments, “Multifamily Market Data by State: Rents, Vacancy and Renter Demand,” based on U.S. Census Bureau American Community Survey 5-year estimates (2015-2019 and 2020-2024) and HUD FY2026 Fair Market Rents, updated October 2026, https://skylinecapitalinvestments.com/multifamily-market-reports/.
If you quote a single number, name the state, the measure, the survey period and the source in the same sentence. For example: median gross rent in Arizona rose 46.7% between the 2015-2019 and 2020-2024 ACS 5-year estimates, from $1,052 to $1,543 a month.
