This Is How Much It Costs to Rent a House
In a typical month, the median monthly rent in the United States is $2,664.
But in 2016, that number was only $1,826, according to new data from real estate analytics firm RealtyTrac.
That’s a decline of $500 from the year before, and the biggest drop since 2009, when the median rent in that year was $2.18 million.
This is the second consecutive year that median rent has dropped by $500, and is up from $1.85 million in the previous two years.
In 2017, the lowest median rent was $1 at $1 per square foot.
That was down $300, or 7%, from the previous year, but up $400 from 2016.
That increase was largely due to the massive growth of the luxury housing market in recent years, which has fueled an increasing supply of high-end homes, including in the Northeast and Midwest.
For example, the average median price for an owner-occupied condo in the Midwest rose by nearly 50% from 2016 to 2017, according a Realtytrac report.
The average price for a luxury condo rose by more than 60% from last year, according the report.
And as for condos with more than 10 units, the rate of rent increases has gone up by nearly 40% over the past five years, according RealtyTRac.