Rent remains high across the U.S. despite months of declines, study finds

The cost of rent soared nationwide even with months of steady declines based on data from Realtor.com. 

Median rent prices overall jumped to $1,694 in March, representing a 20.2% increase compared to March 2019 when rent was $1,409 during the pandemic.

RELATED: Is it cheaper to rent or buy a home in 2025

Which U.S. cities have the highest rent prices?

Local perspective:

National rental data for March 2025 from Realtor.com found that the average rent prices surged for one-bedroom apartments ($1,577), two-bedroom apartments ($1,878) and studio apartments ($1,407).

These U.S. cities had the highest median rent prices in March.

1. San Jose-Sunnyvale-Santa Clara, CA ($3,339)
2. New York-Newark-Jersey City, NY-NJ ($2,967)
3. Boston-Cambridge-Newton, MA-NH ($2,951)
4. Los Angeles-Long Beach-Anaheim, CA ($2,709)
5. San Francisco-Oakland-Fremont, CA ($2,702)
6. San Diego-Chula Vista-Carlsbad, CA ($2,667)
7. Washington-Arlington-Alexandria, DC-VA-MD-WV ($2,291)
8. Riverside-San Bernardino-Ontario, CA ($2,063)
9. Seattle-Tacoma-Bellevue, WA ($1,960)
10. Sacramento-Roseville-Folsom, CA ($1,863)
11. Baltimore-Columbia-Towson, MD ($1,806)
12. Chicago-Naperville-Elgin, IL-IN ($1,787)
13. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD ($1,744)
14. Tampa-St. Petersburg-Clearwater, FL ($1,738)
15. Milwaukee-Waukesha, WI ($1,649)

How are tariffs impacting housing growth?

Why you should care:

Construction costs to build multifamily homes may skyrocket due to 25% tariffs on steel and aluminum, two key building materials for housing. 

The excessive costs for these goods could delay or stop the building of homes and possibly add costs that might be passed to renters, increasing the price of rent.

RELATED: US cities with the most affordable rent in 2025

According to Realtor.com, housing markets like Milwaukee, Oklahoma City and Memphis experienced the quickest growth in multifamily homes, but these locations are projected to be affected the most because of the tariffs on steel and aluminum based on exponential construction costs. 

Data for the housing report comprised of Realtor.com analyzing metrics for studio, one-bedroom and two-bedroom apartments marketed as for-rent. The online real estate company also looked ata rental units, including apartments and private rentals (condos, townhomes, single-family homes). Analysts also used rental sources that report data each month on the top 50 largest metropolitan areas.