In recent years, rising rental costs have pushed affordability further out of reach for many renters across the U.S., making finding a home for under $1,000 increasingly difficult. In fact, half of all renters now pay more than 30% of their income toward rent, underscoring the gap between market rates and wages. 

This trend is especially obvious in Columbus, OH, where just 5% of rentals on the market are listed for under $1,000. The nationwide average is 7.5%. But just last year, Columbus was much more affordable. 

So what’s happening in the rental market? Why does Columbus now have so few rentals for under $1,000 per month? Let’s dive in to find out. 

In Columbus, 5% of apartments are listed for under $1,000 

Columbus has a rapidly falling share of rental listings below $1,000 in the country, at just 5% – less than half of what the share was just last year. Columbus’ share of $1,000 rentals has dropped largely because of its rising median asking rent, which has risen nearly $500 since 2019, to $1,350. The nationwide median asking rent is $1,634. 

Rising rents and a shrinking share of affordable rentals are largely due to a supply-and-demand imbalance; there simply aren’t enough apartments to meet the demand. Columbus is a booming metro and is expected to grow by over 700,000 people by 2050, many of whom will be renters. This strain is amplified as large tech companies, like Intel and Google, move into the area, bringing an influx of wealth and workers but also putting pressure on housing and infrastructure. To help meet some demand, the city is working to update zoning codes to speed up housing development. 

This sharp dip in affordable rentals is troubling given a growing proportion of income insecure residents. When accounting for the entire Columbus renter population, nearly half are rent-burdened (spend more than 30% of their income on housing). Those living closest to the downtown core are the most rent-burdened, and Black renters are disproportionately impacted. Ohio has no rent control laws and few renter protections. 

Rent-controlled and subsidized homes are an option, but Columbus faces a shortage of 52,700 affordable homes. The gap between wages and housing costs has also worsened in recent years. 

What share of renters in Columbus actually pay less than $1,000/month?

Even though $1,000 listings are almost nonexistent, 40.4% of Columbus renters still pay less than $1,000 per month. This share is tied to the apartment unit and not an individual renter.

A higher share of Columbus residents pay less than $1,000 per month because many signed leases long ago when rents were much lower, or they live in subsidized (usually via Section 8) or public housing. Property owners do often raise rents for existing tenants, but those increases are typically smaller than the increases they institute when looking for a new tenant.

Unsurprisingly, the share of renters spending less than $1,000 on rent has dropped in the past decade, from 74.4% in 2012 to 40.4% today, underscoring how affordability in Columbus has worsened. 

The share of $1,000 rentals has declined nationwide

Nationwide, 7.5% of listings on the market cost less than $1,000. This is a 0.1 percentage point (ppts) increase from the same time last year, but well below the 10% share in September 2019. Why are $1,000 rentals becoming less common?

The primary reason is because rents have increased dramatically. Rents skyrocketed during the pandemic because of a moving frenzy, housing boom, and lack of new construction. They reached a record high of $1,700 in August 2022, with some metros seeing $700 increases over only a few months. 

Rents have since stopped rising and even declined in a few places over the past few months, but are still up nearly 21% from before the pandemic. This has massively strained lower-income renters. 

How many renters nationwide pay less than $1,000/month? 

Nationwide, 32.1% of renter households pay under $1,000 in monthly rent. This far outweighs the share of $1,000 listings, but is the lowest share on record. In comparison, 37% of renters paid less than $1,000 in 2022, and in 2012, the share was 50.4%. 

This gap exists largely because many renters signed their leases years ago when housing was more affordable. Many of these renters are also staying put because they can’t afford the typical apartment on the market today. Property owners do often raise rents for existing tenants, but these increases are usually smaller than the increases they apply when seeking a new tenant. 

Renters who are paying less than $1,000 a month are also more likely to have lived in their apartment for five years or longer.

Metro-level highlights

Around the country, there are 13 metros that have less than 1% of rentals listed for under $1,000, while 7 metros have fewer than 0.1%. The four metros with the lowest share of $1,000 rentals are New York (0.01%), Miami (0.02%), San Francisco (0.03%), and Washington, D.C. (0.03%). Median asking rents in these areas all top $2,000. 

At the other end of the spectrum, five metros have over 20% of rentals listed for under $1,000: New Orleans (27.2%), Memphis (26.7%), Cleveland (24.9%), Houston (24.3%), and St. Louis (22.2%). These places are all among the most affordable for renters in the country, with median rents around $400 below the national average. 

It’s worth noting that many of the most affordable metros have seen large rent increases lately – likely because low rents have fueled a rise in demand. The median asking rent in Cleveland, for example, rose 11.1% year over year in September – one of the largest jumps in the country. Louisville also saw a sizable increase. 

When looking at the share of renters paying less than $1,000, New Orleans tops the charts at 63.5%, with Cleveland (63.5%) and Louisville (57.6%) close behind. 

Two interesting metros are Phoenix and Las Vegas, which saw some of the largest year-over-year declines in the share of renters paying under $1,000. Phoenix dropped 15.7 ppts (28.1% to 12.4%), and Las Vegas fell 14.7 ppts (32.5% to 17.8%). Both cities surged in popularity during the pandemic, which drove up demand for housing and, in turn, rents.

$1,000 rentals: Complete metro-level data

Methodology

Based on a Redfin analysis of data from the U.S. Census Bureau, Redfin.com, and Rent.com. 

The data on the share of rental housing by price point and length of stay comes from the U.S. Census Bureau’s 2012-2023 American Community Surveys (ACS*) for units in apartment buildings with five or more units. 2020 data is excluded due to pandemic-related data collection issues. This data has been inflation-adjusted and represents 2023 dollars.

The data on the share of rental listings by price point comes from Redfin and Rent. and covers units in apartment buildings with five or more units. This data, which is based on asking rents, has been inflation-adjusted to reflect values in September 2024 dollars.

*ACS data was retrieved from IPUMS USA:

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0

The post Columbus, OH Has a Rapidly Falling Share of Rentals for Under $1,000  appeared first on Rent. Research.

In recent years, rising rental costs have pushed affordability further out of reach for many renters across the U.S., making finding a home for under $1,000 increasingly difficult. In fact, half of all renters now pay more than 30% of their income toward rent, underscoring the gap between market rates and wages. 

This trend is especially obvious in Riverside, CA, where just 0.14% of rentals on the market are listed for under $1,000. The nationwide average is 7.5%. 

So what’s happening in the rental market? Why does Riverside have so few rentals for under $1,000 per month? Let’s dive in to find out. 

In Riverside, there are almost zero apartment listings for under $1,000 

Riverside has the seventh-lowest share of rental listings below $1,000 in the country, at just 0.14% – a small increase from last year. Riverside has so few $1,000 rentals largely because of its high median asking rent, which currently sits at $2,325 – up over $600 since 2019. The nationwide median asking rent is $1,634. 

Riverside’s high rents are primarily due to a supply and demand imbalance. A majority of the Inland Empire population are now renters, and construction has not kept pace with demand. 

This trend is troubling given the higher proportion of lower-income renters, and it has put more pressure on the most vulnerable. When accounting for the entire Riverside County renter population, over 40% are rent-burdened (spend more than 30% of their income on housing), and nearly a third are severely rent-burdened (spend more than 50% of their income on housing). A Riverside County renter now needs to earn 2.3x the minimum wage to afford a typical apartment. 

Rent-controlled and subsidized homes are an option, but Riverside County faces a shortage of 113,722 affordable homes. California on the whole has a massive shortage of housing that began in the 1970’s – around 3-4 million statewide, or 20-30% of the housing stock. 

California does have renter protections, though, including rent control and eviction support. The region also recently adopted new housing policies to ease the housing crisis. 

What share of renters in Riverside actually pay less than $1,000/month?

Even though $1,000 listings are almost nonexistent, 21.7% of Riverside renters still pay less than $1,000 per month. This share is tied to the apartment unit and not an individual renter.

A higher share of Riverside residents pay less than $1,000 per month because many signed leases long ago when rents were much lower, or they live in subsidized (usually via Section 8) or public housing. Property owners do often raise rents for existing tenants, but those increases are typically smaller than the increases they institute when looking for a new tenant.

Unsurprisingly, the share of renters spending less than $1,000 on rent has dropped in the past decade, from 36.2% in 2012 to 21.7% today. However, this drop is relatively small compared to some other metros. In nearby Orlando, for example, nearly 50% of renters spent less than $1,000 on rent in 2012. Today, that figure has dropped to just 11%. 

The share of $1,000 rentals has declined nationwide

Nationwide, 7.5% of listings on the market cost less than $1,000. This is a 0.1 percentage point (ppts) increase from the same time last year, but well below the 10% share in September 2019. Why are $1,000 rentals becoming less common?

The primary reason is because rents have increased dramatically. Rents skyrocketed during the pandemic because of a moving frenzy, housing boom, and lack of new construction. They reached a record high of $1,700 in August 2022, with some metros seeing $700 increases over only a few months. 

Rents have since stopped rising and even declined in a few places over the past few months, but are still up nearly 21% from before the pandemic. This has massively strained lower-income renters. 

How many renters nationwide pay less than $1,000/month? 

Nationwide, 32.1% of renter households pay under $1,000 in monthly rent. This far outweighs the share of $1,000 listings, but is the lowest share on record. In comparison, 37% of renters paid less than $1,000 in 2022, and in 2012, the share was 50.4%. 

This gap exists largely because many renters signed their leases years ago when housing was more affordable. Many of these renters are also staying put because they can’t afford the typical apartment on the market today. Property owners do often raise rents for existing tenants, but these increases are usually smaller than the increases they apply when seeking a new tenant. 

Renters who are paying less than $1,000 a month are also more likely to have lived in their apartment for five years or longer.

Metro-level highlights

Around the country, there are 13 metros that have less than 1% of rentals listed for under $1,000, while 7 metros have fewer than 0.1%. The four metros with the lowest share of $1,000 rentals are New York (0.01%), Miami (0.02%), San Francisco (0.03%), and Washington, D.C. (0.03%). Median asking rents in these areas all top $2,000. 

At the other end of the spectrum, five metros have over 20% of rentals listed for under $1,000: New Orleans (27.2%), Memphis (26.7%), Cleveland (24.9%), Houston (24.3%), and St. Louis (22.2%). These places are all among the most affordable for renters in the country, with median rents around $400 below the national average. 

It’s worth noting that many of the most affordable metros have seen large rent increases lately – likely because low rents have fueled a rise in demand. The median asking rent in Cleveland, for example, rose 11.1% year over year in September – one of the largest jumps in the country. Louisville also saw a sizable increase. 

When looking at the share of renters paying less than $1,000, New Orleans tops the charts at 63.5%, with Cleveland (63.5%) and Louisville (57.6%) close behind. 

Two interesting metros are Phoenix and Las Vegas, which saw some of the largest year-over-year declines in the share of renters paying under $1,000. Phoenix dropped 15.7 ppts (28.1% to 12.4%), and Las Vegas fell 14.7 ppts (32.5% to 17.8%). Both cities surged in popularity during the pandemic, which drove up demand for housing and, in turn, rents.

$1,000 rentals: Complete metro-level data

Methodology

Based on a Redfin analysis of data from the U.S. Census Bureau, Redfin.com, and Rent.com. 

The data on the share of rental housing by price point and length of stay comes from the U.S. Census Bureau’s 2012-2023 American Community Surveys (ACS*) for units in apartment buildings with five or more units. 2020 data is excluded due to pandemic-related data collection issues. This data has been inflation-adjusted and represents 2023 dollars.

The data on the share of rental listings by price point comes from Redfin and Rent. and covers units in apartment buildings with five or more units. This data, which is based on asking rents, has been inflation-adjusted to reflect values in September 2024 dollars.

*ACS data was retrieved from IPUMS USA:

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0

The post Riverside, CA Has Virtually Zero Rentals Listed for Under $1,000 appeared first on Rent. Research.

In recent years, rising rental costs have pushed affordability further out of reach for many renters across the U.S., making finding a home for under $1,000 increasingly difficult. In fact, half of all renters now pay more than 30% of their income toward rent, underscoring the gap between market rates and wages. 

Cincinnati, OH bucks this trend; 16.6% of apartments on the market are listed for under $1,000. The nationwide average is 7.5%. But Cincinnati used to be much more affordable. 

So what’s happening in the rental market? Why does Cincinnati have a large share of rentals for under $1,000 per month, and why is the share dropping? Let’s dive in to find out. 

In Cincinnati, 16.6% of rentals are listed for under $1,000 

Cincinnati has the seventh-highest share of rental listings below $1,000 in the country, at 16.6% – a drop from 22.5% last year. However, Cincinnati still has a high share of $1,000 rentals largely because of its low asking rent, which currently sits at just $1,341. The nationwide median asking rent is $1,634. 

Even though Cincinnati has one of the lowest median rents in the nation, it’s worth noting that the metro has seen large increases lately – likely because lower rents have fueled demand. Rents have risen around $400 since 2019, and rose 7.3% year over year in September.

Rent increases, paired with a dwindling share of rentals listed for under $1,000, have had compounded effects on low-income residents. Primarily, many Cincinnati renters can’t afford to pay the median rent; 24.8% of residents live in poverty. Black and Hispanic residents are much more likely than white residents to be living in poverty and more likely to rent. Ohio also has no rent control laws. 

These factors help explain why nearly a quarter of renters are severely cost-burdened (spend more than 50% on housing). Cincinnati needs at least 49,000 additional affordable units to meet residents’ needs.

Low-income renters have the option to use Housing Choice Vouchers (aka Section 8), but it can be hard to find a building that accepts them, in part because there simply aren’t enough. There is also a budget shortfall heading into next year.

What share of renters in Cincinnati actually pay less than $1,000/month?

Even though nearly a quarter of listings are on the market for under $1,000, far more (54.9%) Cincinnati renters pay less than $1,000 per month. This share is tied to the apartment unit and not an individual renter.

A much higher share of renters pay less than $1,000 per month because many signed leases long ago when rents were much lower. Unsurprisingly, this share has decreased in the past decade, from 80% in 2012 to 54.9% today. Steadily rising rents are the primary culprit behind the drop.

However, this drop is relatively small compared to some other metros. In nearby Orlando, for example, nearly 50% of renters spent less than $1,000 on rent in 2012. Today, that figure has dropped to just 11%. 

The share of $1,000 rentals has declined nationwide

Nationwide, 7.5% of listings on the market cost less than $1,000. This is a 0.1 percentage point (ppts) increase from the same time last year, but well below the 10% share in September 2019. Why are $1,000 rentals becoming less common?

The primary reason is because rents have increased dramatically. Rents skyrocketed during the pandemic because of a moving frenzy, housing boom, and lack of new construction. They reached a record high of $1,700 in August 2022, with some metros seeing $700 increases over only a few months. 

Rents have since stopped rising and even declined in a few places over the past few months, but are still up nearly 21% from before the pandemic. This has massively strained lower-income renters. 

How many renters nationwide pay less than $1,000/month? 

Nationwide, 32.1% of renter households pay under $1,000 in monthly rent. This far outweighs the share of $1,000 listings, but is the lowest share on record. In comparison, 37% of renters paid less than $1,000 in 2022, and in 2012, the share was 50.4%. 

This gap exists largely because many renters signed their leases years ago when housing was more affordable. Many of these renters are also staying put because they can’t afford the typical apartment on the market today. Property owners do often raise rents for existing tenants, but these increases are usually smaller than the increases they apply when seeking a new tenant. 

Renters who are paying less than $1,000 a month are also more likely to have lived in their apartment for five years or longer.

Metro-level highlights

Around the country, there are 13 metros that have less than 1% of rentals listed for under $1,000, while 7 metros have fewer than 0.1%. The four metros with the lowest share of $1,000 rentals are New York (0.01%), Miami (0.02%), San Francisco (0.03%), and Washington, D.C. (0.03%). Median asking rents in these areas all top $2,000. 

At the other end of the spectrum, five metros have over 20% of rentals listed for under $1,000: New Orleans (27.2%), Memphis (26.7%), Cleveland (24.9%), Houston (24.3%), and St. Louis (22.2%). These places are all among the most affordable for renters in the country, with median rents around $400 below the national average. 

It’s worth noting that many of the most affordable metros have seen large rent increases lately – likely because low rents have fueled a rise in demand. The median asking rent in Cleveland, for example, rose 11.1% year over year in September – one of the largest jumps in the country. Louisville also saw a sizable increase. 

When looking at the share of renters paying less than $1,000, New Orleans tops the charts at 63.5%, with Cleveland (63.5%) and Louisville (57.6%) close behind. 

Two interesting metros are Phoenix and Las Vegas, which saw some of the largest year-over-year declines in the share of renters paying under $1,000. Phoenix dropped 15.7 ppts (28.1% to 12.4%), and Las Vegas fell 14.7 ppts (32.5% to 17.8%). Both cities surged in popularity during the pandemic, which drove up demand for housing and, in turn, rents.

$1,000 rentals: Complete metro-level data

Methodology

Based on a Redfin analysis of data from the U.S. Census Bureau, Redfin.com, and Rent.com. 

The data on the share of rental housing by price point and length of stay comes from the U.S. Census Bureau’s 2012-2023 American Community Surveys (ACS*) for units in apartment buildings with five or more units. 2020 data is excluded due to pandemic-related data collection issues. This data has been inflation-adjusted and represents 2023 dollars.

The data on the share of rental listings by price point comes from Redfin and Rent. and covers units in apartment buildings with five or more units. This data, which is based on asking rents, has been inflation-adjusted to reflect values in September 2024 dollars.

*ACS data was retrieved from IPUMS USA:

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0

The post Cincinnati Has a Rapidly Falling Share of Rentals for Under $1,000  appeared first on Rent. Research.

In recent years, rising rental costs have pushed affordability further out of reach for many renters across the U.S., making finding a home for under $1,000 increasingly difficult. In fact, half of all renters now pay more than 30% of their income toward rent, underscoring the gap between market rates and wages. 

Louisville, KY bucks this trend; 17.5% of apartments on the market are listed for under $1,000. The nationwide average is 7.5%. But Louisville used to be much more affordable. 

So what’s happening in the rental market? Why does Louisville have a large share of rentals for under $1,000 per month, and why is the share dropping? Let’s dive in to find out. 

In Louisville, 17.5% of rentals are listed for under $1,000 

Louisville has the sixth-highest share of rental listings below $1,000 in the country, at 17.5% – a steep drop from 27.5% last year. However, Louisville still has a high share of $1,000 rentals largely because of its low asking rent, which currently sits at just $1,260. The nationwide median asking rent is $1,634. 

Even though Louisville has one of the lowest median rents in the nation, it’s worth noting that the metro has seen large increases lately – likely because lower rents have fueled demand. Rents have risen around $300 since 2019, but rose 6.4% year over year in September. Unfortunately, wages have failed to keep up. When adjusted for inflation, today’s minimum wage workers earn roughly the same salary as they did in 1950. 

Compounding this challenge, Kentucky lacks rent control laws, leaving renters vulnerable to rapid rent hikes.

Rent increases, paired with a dwindling share of rentals listed for under $1,000, have had compounded effects on low-income residents. Primarily, many Louisville renters can’t afford to pay the median rent; 14.1% of residents live in poverty, with some suburbs seeing even higher rates. Black and Hispanic residents are much more likely than white residents to be living in poverty and more likely to rent.

This helps explain why nearly half of Louisville renters are cost-burdened (spend more than 30% of income on housing), and a fifth are severely cost-burdened (spend more than 50% on housing). Louisville needs at least 40,000 additional affordable units to meet residents’ needs.

Low-income renters have the option to use Housing Choice Vouchers (aka Section 8), but it can be hard to find a building that accepts them because there simply aren’t enough. And, along with new statewide legislation that makes it illegal to require landlords to accept vouchers, there may also be a massive budget shortfall.

What share of renters in Louisville actually pay less than $1,000/month?

Even though nearly a quarter of listings are on the market for under $1,000, far more (57.6%) Louisville renters pay less than $1,000 per month. This share is tied to the apartment unit and not an individual renter.

A much higher share of renters pay less than $1,000 per month because many signed leases long ago when rents were much lower. Unsurprisingly, this share has decreased in the past decade, from 79% in 2012 to 57.6% today.

However, this drop is relatively small compared to some other metros. In nearby Orlando, for example, nearly 50% of renters spent less than $1,000 on rent in 2012. Today, that figure has dropped to just 11%. 

The share of $1,000 rentals has declined nationwide

Nationwide, 7.5% of listings on the market cost less than $1,000. This is a 0.1 percentage point (ppts) increase from the same time last year, but well below the 10% share in September 2019. Why are $1,000 rentals becoming less common?

The primary reason is because rents have increased dramatically. Rents skyrocketed during the pandemic because of a moving frenzy, housing boom, and lack of new construction. They reached a record high of $1,700 in August 2022, with some metros seeing $700 increases over only a few months. 

Rents have since stopped rising and even declined in a few places over the past few months, but are still up nearly 21% from before the pandemic. This has massively strained lower-income renters. 

How many renters nationwide pay less than $1,000/month? 

Nationwide, 32.1% of renter households pay under $1,000 in monthly rent. This far outweighs the share of $1,000 listings, but is the lowest share on record. In comparison, 37% of renters paid less than $1,000 in 2022, and in 2012, the share was 50.4%. 

This gap exists largely because many renters signed their leases years ago when housing was more affordable. Many of these renters are also staying put because they can’t afford the typical apartment on the market today. Property owners do often raise rents for existing tenants, but these increases are usually smaller than the increases they apply when seeking a new tenant. 

Renters who are paying less than $1,000 a month are also more likely to have lived in their apartment for five years or longer.

Metro-level highlights

Around the country, there are 13 metros that have less than 1% of rentals listed for under $1,000, while 7 metros have fewer than 0.1%. The four metros with the lowest share of $1,000 rentals are New York (0.01%), Miami (0.02%), San Francisco (0.03%), and Washington, D.C. (0.03%). Median asking rents in these areas all top $2,000. 

At the other end of the spectrum, five metros have over 20% of rentals listed for under $1,000: New Orleans (27.2%), Memphis (26.7%), Cleveland (24.9%), Houston (24.3%), and St. Louis (22.2%). These places are all among the most affordable for renters in the country, with median rents around $400 below the national average. 

It’s worth noting that many of the most affordable metros have seen large rent increases lately – likely because low rents have fueled a rise in demand. The median asking rent in Cleveland, for example, rose 11.1% year over year in September – one of the largest jumps in the country. Louisville also saw a sizable increase. 

When looking at the share of renters paying less than $1,000, New Orleans tops the charts at 63.5%, with Cleveland (63.5%) and Louisville (57.6%) close behind. 

Two interesting metros are Phoenix and Las Vegas, which saw some of the largest year-over-year declines in the share of renters paying under $1,000. Phoenix dropped 15.7 ppts (28.1% to 12.4%), and Las Vegas fell 14.7 ppts (32.5% to 17.8%). Both cities surged in popularity during the pandemic, which drove up demand for housing and, in turn, rents.

$1,000 rentals: Complete metro-level data

Methodology

Based on a Redfin analysis of data from the U.S. Census Bureau, Redfin.com, and Rent.com. 

The data on the share of rental housing by price point and length of stay comes from the U.S. Census Bureau’s 2012-2023 American Community Surveys (ACS*) for units in apartment buildings with five or more units. 2020 data is excluded due to pandemic-related data collection issues. This data has been inflation-adjusted and represents 2023 dollars.

The data on the share of rental listings by price point comes from Redfin and Rent. and covers units in apartment buildings with five or more units. This data, which is based on asking rents, has been inflation-adjusted to reflect values in September 2024 dollars.

*ACS data was retrieved from IPUMS USA:

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0

The post Louisville Has a Rapidly Falling Share of Rentals for Under $1,000  appeared first on Rent. Research.

In recent years, rising rental costs have pushed affordability further out of reach for many renters across the U.S., making finding a home for under $1,000 increasingly difficult. In fact, half of all renters now pay more than 30% of their income toward rent, underscoring the gap between market rates and wages. 

St. Louis, MO bucks this trend; 22.2% of apartments on the market are listed for under $1,000. The nationwide average is 7.5%. But the Gateway City used to be much more affordable. 

So what’s happening in the rental market? Why does St. Louis have a large share of rentals for under $1,000 per month, and why is the share dropping? Let’s dive in to find out. 

In St. Louis, 22% of rentals are listed for under $1,000 

St. Louis has the fifth-highest share of rental listings below $1,000 in the country, at 22.2% – a large decrease from 31.3% last year. However, St. Louis still has so many $1,000 rentals largely because of its low asking rent, which currently sits at just $1,246. The nationwide median asking rent is $1,634. 

Even though St. Louis has one of the lowest median rents in the nation, it’s worth noting that the metro has seen large increases since the pandemic – likely because lower rents have fueled demand. Rents have risen around $300 since 2019, and have increased by upwards of 17% year over year some months. Wages have failed to keep up. Missouri has no rent control laws. 

Rent increases, paired with a dwindling share of rentals listed for under $1,000, have had compounded effects on low-income residents. Critically, many St. Louis renters can’t afford to pay the median rent; over a fifth (20.2%) of residents live in poverty, with some suburbs seeing even higher rates. Black and Hispanic residents are much more likely than white residents to be living in poverty and more likely to rent.

This helps explain why about half of St. Louis renters are cost-burdened (spend more than 30% of income on housing), and a quarter are severely cost-burdened (spend more than 50% on housing). St. Louis needs around 63,000 additional affordable units to meet residents’ needs.

Low-income renters have the option to use Housing Choice Vouchers (aka Section 8), but it can be hard to find a building that accepts them because there simply aren’t enough. This supply shortage (due in part to discrimination), paired with budget shortfalls, have made it harder than ever to receive assistance.

What share of renters in St. Louis actually pay less than $1,000/month?

Even though nearly a quarter of listings are on the market for under $1,000, far more (53.9%) St. Louis renters pay less than $1,000 per month. This share is tied to the apartment unit and not an individual renter.

A much higher share of renters pay less than $1,000 per month because many signed leases long ago when rents were much lower. Unsurprisingly, this share has decreased in the past decade, from 71.9% in 2012 to 53.9% today. 

However, this drop is relatively small compared to some other metros. In nearby Orlando, for example, nearly 50% of renters spent less than $1,000 on rent in 2012. Today, that figure has dropped to just 11%. 

The share of $1,000 rentals has declined nationwide

Nationwide, 7.5% of listings on the market cost less than $1,000. This is a 0.1 percentage point (ppts) increase from the same time last year, but well below the 10% share in September 2019. Why are $1,000 rentals becoming less common?

The primary reason is because rents have increased dramatically. Rents skyrocketed during the pandemic because of a moving frenzy, housing boom, and lack of new construction. They reached a record high of $1,700 in August 2022, with some metros seeing $700 increases over only a few months. 

Rents have since stopped rising and even declined in a few places over the past few months, but are still up nearly 21% from before the pandemic. This has massively strained lower-income renters. 

How many renters nationwide pay less than $1,000/month? 

Nationwide, 32.1% of renter households pay under $1,000 in monthly rent. This far outweighs the share of $1,000 listings, but is the lowest share on record. In comparison, 37% of renters paid less than $1,000 in 2022, and in 2012, the share was 50.4%. 

This gap exists largely because many renters signed their leases years ago when housing was more affordable. Many of these renters are also staying put because they can’t afford the typical apartment on the market today. Property owners do often raise rents for existing tenants, but these increases are usually smaller than the increases they apply when seeking a new tenant. 

Renters who are paying less than $1,000 a month are also more likely to have lived in their apartment for five years or longer.

Metro-level highlights

Around the country, there are 13 metros that have less than 1% of rentals listed for under $1,000, while 7 metros have fewer than 0.1%. The four metros with the lowest share of $1,000 rentals are New York (0.01%), Miami (0.02%), San Francisco (0.03%), and Washington, D.C. (0.03%). Median asking rents in these areas all top $2,000. 

At the other end of the spectrum, five metros have over 20% of rentals listed for under $1,000: New Orleans (27.2%), Memphis (26.7%), Cleveland (24.9%), Houston (24.3%), and St. Louis (22.2%). These places are all among the most affordable for renters in the country, with median rents around $400 below the national average. 

It’s worth noting that many of the most affordable metros have seen large rent increases lately – likely because low rents have fueled a rise in demand. The median asking rent in Cleveland, for example, rose 11.1% year over year in September – one of the largest jumps in the country. Louisville also saw a sizable increase. 

When looking at the share of renters paying less than $1,000, New Orleans tops the charts at 63.5%, with Cleveland (63.5%) and Louisville (57.6%) close behind. 

Two interesting metros are Phoenix and Las Vegas, which saw some of the largest year-over-year declines in the share of renters paying under $1,000. Phoenix dropped 15.7 ppts (28.1% to 12.4%), and Las Vegas fell 14.7 ppts (32.5% to 17.8%). Both cities surged in popularity during the pandemic, which drove up demand for housing and, in turn, rents.

$1,000 rentals: Complete metro-level data

Methodology

Based on a Redfin analysis of data from the U.S. Census Bureau, Redfin.com, and Rent.com. 

The data on the share of rental housing by price point and length of stay comes from the U.S. Census Bureau’s 2012-2023 American Community Surveys (ACS*) for units in apartment buildings with five or more units. 2020 data is excluded due to pandemic-related data collection issues. This data has been inflation-adjusted and represents 2023 dollars.

The data on the share of rental listings by price point comes from Redfin and Rent. and covers units in apartment buildings with five or more units. This data, which is based on asking rents, has been inflation-adjusted to reflect values in September 2024 dollars.

*ACS data was retrieved from IPUMS USA:

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0

The post St. Louis Has a Rapidly Falling Share of Rentals for Under $1,000 appeared first on Rent. Research.

In recent years, rising rental costs have pushed affordability further out of reach for many renters across the U.S., making finding a home for under $1,000 increasingly difficult. In fact, half of all renters now pay more than 30% of their income toward rent, underscoring the gap between market rates and wages. 

However, Houston, TX bucks this trend; 24.3% of apartments on the market are listed for under $1,000. The nationwide average is 7.5%. 

So what’s happening in the rental market? Why does Houston have such a large share of rentals for under $1,000 per month? Let’s dive in to find out. 

In Houston, nearly a quarter of rentals are listed for under $1,000 

Houston has the fourth-highest share of rental listings below $1,000 in the country, at 24.3% – a large decrease from 30% last year. However, Houston still has so many $1,000 rentals largely because of its low asking rent, which currently sits at just $1,299. The nationwide median asking rent is $1,634. 

Even though Houston has one of the lowest median rents in the nation, it’s worth noting that the metro has seen large increases lately – likely because lower rents have fueled demand. Rents rose 7% year over year last month, which was among the most of any major metro. House prices have risen even more. Texas has no rent control laws. 

Critically, many Houston renters can’t afford to pay the median rent; nearly a fifth (19.5%) of residents live in poverty, among the highest rates in the nation for a major metropolitan area. Black and Hispanic residents are much more likely than white residents to be living in poverty and much more likely to rent.

This helps explain why over half of Houston renters are cost-burdened (spend more than 30% of income on housing), and a quarter are severely cost-burdened (spend more than 50% on housing). Houston needs around 230,000 additional affordable units to meet residents’ needs. Statewide, the shortage jumps to about 4 million units. 

Low-income renters have the option to use Housing Choice Vouchers (aka Section 8), but it can be hard to find a building that accepts them. Unfortunately, Houston currently has a voucher freeze that’s expected to last into 2025 due to budget shortfalls, leaving thousands without housing support.

What share of renters in Houston actually pay less than $1,000/month?

Even though nearly a quarter of listings are on the market for under $1,000, far more (30.4%) Houston renters pay less than $1,000 per month. This share is tied to the apartment unit and not an individual renter.

A much higher share of renters pay less than $1,000 per month because many signed leases long ago when rents were much lower. Unsurprisingly, this share has decreased dramatically in the past decade, from 59.2% in 2012 to 30.4% today. 

However, this drop is relatively small compared to some other metros. In nearby Orlando, for example, nearly 50% of renters spent less than $1,000 on rent in 2012. Today, that figure has dropped to just 11%. 

The share of $1,000 rentals has declined nationwide

Nationwide, 7.5% of listings on the market cost less than $1,000. This is a 0.1 percentage point (ppts) increase from the same time last year, but well below the 10% share in September 2019. Why are $1,000 rentals becoming less common?

The primary reason is because rents have increased dramatically. Rents skyrocketed during the pandemic because of a moving frenzy, housing boom, and lack of new construction. They reached a record high of $1,700 in August 2022, with some metros seeing $700 increases over only a few months. 

Rents have since stopped rising and even declined in a few places over the past few months, but are still up nearly 21% from before the pandemic. This has massively strained lower-income renters. 

How many renters nationwide pay less than $1,000/month? 

Nationwide, 32.1% of renter households pay under $1,000 in monthly rent. This far outweighs the share of $1,000 listings, but is the lowest share on record. In comparison, 37% of renters paid less than $1,000 in 2022, and in 2012, the share was 50.4%. 

This gap exists largely because many renters signed their leases years ago when housing was more affordable. Many of these renters are also staying put because they can’t afford the typical apartment on the market today. Property owners do often raise rents for existing tenants, but these increases are usually smaller than the increases they apply when seeking a new tenant. 

Renters who are paying less than $1,000 a month are also more likely to have lived in their apartment for five years or longer.

Metro-level highlights

Around the country, there are 13 metros that have less than 1% of rentals listed for under $1,000, while 7 metros have fewer than 0.1%. The four metros with the lowest share of $1,000 rentals are New York (0.01%), Miami (0.02%), San Francisco (0.03%), and Washington, D.C. (0.03%). Median asking rents in these areas all top $2,000. 

At the other end of the spectrum, five metros have over 20% of rentals listed for under $1,000: New Orleans (27.2%), Memphis (26.7%), Cleveland (24.9%), Houston (24.3%), and St. Louis (22.2%). These places are all among the most affordable for renters in the country, with median rents around $400 below the national average. 

It’s worth noting that many of the most affordable metros have seen large rent increases lately – likely because low rents have fueled a rise in demand. The median asking rent in Cleveland, for example, rose 11.1% year over year in September – one of the largest jumps in the country. Louisville also saw a sizable increase. 

When looking at the share of renters paying less than $1,000, New Orleans tops the charts at 63.5%, with Cleveland (63.5%) and Louisville (57.6%) close behind. 

Two interesting metros are Phoenix and Las Vegas, which saw some of the largest year-over-year declines in the share of renters paying under $1,000. Phoenix dropped 15.7 ppts (28.1% to 12.4%), and Las Vegas fell 14.7 ppts (32.5% to 17.8%). Both cities surged in popularity during the pandemic, which drove up demand for housing and, in turn, rents.

$1,000 rentals: Complete metro-level data

Methodology

Based on a Redfin analysis of data from the U.S. Census Bureau, Redfin.com, and Rent.com. 

The data on the share of rental housing by price point and length of stay comes from the U.S. Census Bureau’s 2012-2023 American Community Surveys (ACS*) for units in apartment buildings with five or more units. 2020 data is excluded due to pandemic-related data collection issues. This data has been inflation-adjusted and represents 2023 dollars.

The data on the share of rental listings by price point comes from Redfin and Rent. and covers units in apartment buildings with five or more units. This data, which is based on asking rents, has been inflation-adjusted to reflect values in September 2024 dollars.

*ACS data was retrieved from IPUMS USA:

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0

The post Houston Has One of the Largest Shares of Rentals for Under $1,000 appeared first on Rent. Research.

In recent years, rising rental costs have pushed affordability further out of reach for many renters across the U.S., making finding a home for under $1,000 increasingly difficult. In fact, half of all renters now pay more than 30% of their income toward rent, underscoring the gap between market rates and wages. 

This trend is especially obvious in Los Angeles, CA, where just 0.06% of rentals on the market are listed for under $1,000. The nationwide average is 7.5%. 

So what’s happening in the rental market? Why does LA have so few rentals for under $1,000 per month? Let’s dive in to find out. 

In Los Angeles, there are almost zero apartment listings for under $1,000 

Los Angeles has the sixth-lowest share of rental listings below $1,000 in the country, at just 0.06% – a small increase from last year. Like many coastal metros, LA has so few $1,000 rentals largely because of its high median asking rent, which currently sits at $2,775. The nationwide median asking rent is $1,634. 

Rents are so high largely because demand far outpaces supply. 54% of LA County’s population are renters, and construction has not kept pace with demand. A recent population exodus has helped cool rent increases, though. 

The very high median rent has put increased pressure on low-income residents, many of whom can’t find an affordable place to live. Los Angeles County faces a shortage of 500,000 affordable homes, while the city proper is short 270,000. California on the whole has a massive shortage of housing that began in the 1970’s – around 3-4 million statewide, or 20-30% of the housing stock. 

This lack of affordable rentals has had consequences. When accounting for the entire LA County renter population, around half are rent burdened (spend more than 30% of their income on housing). A disproportionate share of cost-burdened renters are people of color. 

Los Angeles does have renter laws, though, including rent stabilization. The city has also been trying to increase construction of affordable housing. Some homeowners are pushing back against new affordable developments being built near their homes, though. 

What share of renters in LA actually pay less than $1,000/month?

Even though $1,000 listings are almost nonexistent, 13% of Los Angeles renters still pay less than $1,000 per month. This share is tied to the apartment unit and not an individual renter.

A higher share of LA residents pay less than $1,000 per month because many signed leases long ago when rents were much lower, or they live in subsidized (usually via Section 8) or public housing. 

Unsurprisingly, the share of renters spending less than $1,000 on rent has dropped in the past decade, from 19.4% in 2012 to 13% today. However, this drop is relatively small compared to some other metros. In nearby Orlando, for example, nearly 50% of renters spent less than $1,000 on rent in 2012. Today, that figure has dropped to just 11%. 

The share of $1,000 rentals has declined nationwide

Nationwide, 7.5% of listings on the market cost less than $1,000. This is a 0.1 percentage point (ppts) increase from the same time last year, but well below the 10% share in September 2019. Why are $1,000 rentals becoming less common?

The primary reason is because rents have increased dramatically. Rents skyrocketed during the pandemic because of a moving frenzy, housing boom, and lack of new construction. They reached a record high of $1,700 in August 2022, with some metros seeing $700 increases over only a few months. 

Rents have since stopped rising and even declined in a few places over the past few months, but are still up nearly 21% from before the pandemic. This has massively strained lower-income renters. 

How many renters nationwide pay less than $1,000/month? 

Nationwide, 32.1% of renter households pay under $1,000 in monthly rent. This far outweighs the share of $1,000 listings, but is the lowest share on record. In comparison, 37% of renters paid less than $1,000 in 2022, and in 2012, the share was 50.4%. 

This gap exists largely because many renters signed their leases years ago when housing was more affordable. Many of these renters are also staying put because they can’t afford the typical apartment on the market today. Property owners do often raise rents for existing tenants, but these increases are usually smaller than the increases they apply when seeking a new tenant. 

Renters who are paying less than $1,000 a month are also more likely to have lived in their apartment for five years or longer.

Metro-level highlights

Around the country, there are 13 metros that have less than 1% of rentals listed for under $1,000, while 7 metros have fewer than 0.1%. The four metros with the lowest share of $1,000 rentals are New York (0.01%), Miami (0.02%), San Francisco (0.03%), and Washington, D.C. (0.03%). Median asking rents in these areas all top $2,000. 

At the other end of the spectrum, five metros have over 20% of rentals listed for under $1,000: New Orleans (27.2%), Memphis (26.7%), Cleveland (24.9%), Houston (24.3%), and St. Louis (22.2%). These places are all among the most affordable for renters in the country, with median rents around $400 below the national average. 

It’s worth noting that many of the most affordable metros have seen large rent increases lately – likely because low rents have fueled a rise in demand. The median asking rent in Cleveland, for example, rose 11.1% year over year in September – one of the largest jumps in the country. Louisville also saw a sizable increase. 

When looking at the share of renters paying less than $1,000, New Orleans tops the charts at 63.5%, with Cleveland (63.5%) and Louisville (57.6%) close behind. 

Two interesting metros are Phoenix and Las Vegas, which saw some of the largest year-over-year declines in the share of renters paying under $1,000. Phoenix dropped 15.7 ppts (28.1% to 12.4%), and Las Vegas fell 14.7 ppts (32.5% to 17.8%). Both cities surged in popularity during the pandemic, which drove up demand for housing and, in turn, rents.

$1,000 rentals: Complete metro-level data

Methodology

Based on a Redfin analysis of data from the U.S. Census Bureau, Redfin.com, and Rent.com. 

The data on the share of rental housing by price point and length of stay comes from the U.S. Census Bureau’s 2012-2023 American Community Surveys (ACS*) for units in apartment buildings with five or more units. 2020 data is excluded due to pandemic-related data collection issues. This data has been inflation-adjusted and represents 2023 dollars.

The data on the share of rental listings by price point comes from Redfin and Rent. and covers units in apartment buildings with five or more units. This data, which is based on asking rents, has been inflation-adjusted to reflect values in September 2024 dollars.

*ACS data was retrieved from IPUMS USA:

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0

The post Los Angeles, CA Has Virtually Zero Rentals Listed for Under $1,000 appeared first on Rent. Research.

In recent years, rising rental costs have pushed affordability further out of reach for many renters across the U.S., making finding a home for under $1,000 increasingly difficult. In fact, half of all renters now pay more than 30% of their income toward rent, underscoring the gap between market rates and wages. 

This trend is especially obvious in Providence, RI, where just 0.04% of rentals on the market are listed for under $1,000. The nationwide average is 7.5%. 

So what’s happening in the rental market? Why does Providence have so few rentals for under $1,000 per month? Let’s dive in to find out. 

In Providence, there are almost zero apartment listings for under $1,000 

Providence has the fifth-lowest share of rental listings below $1,000 in the country, at just 0.04% – a small decrease from last year. Like many coastal metros, Providence has so few $1,000 rentals largely because of its high median asking rent, which currently sits at $2,103. The nationwide median asking rent is $1,634. 

Unfortunately, Providence is becoming less affordable. The metro saw one of the largest increases in median rent year over year in September (7.8%), and the largest increase back in April (16%). These rises can be attributed to a shortage of supply and strong demand. Construction has lagged for a decade, and 40% of the city’s population are renters. 

High and rising rents have put increased pressure on low-income residents, who often can’t find an affordable place to live. Rhode Island faces a shortage of over 24,000 affordable homes. However, Providence has continued investing into affordable housing projects, and Rhode Island has begun using inventive tactics to increase supply. 

This lack of affordable rentals has had consequences. When accounting for the entire Providence renter population, around half are rent burdened (spend more than 30% of their income on housing). When looking at extremely low-income renters across the state, 75% spend more than half of their income on housing. 

What share of renters in Providence actually pay less than $1,000/month?

Even though $1,000 listings are almost nonexistent, 47% of Providence renters still pay less than $1,000 per month. This share is tied to the apartment unit and not an individual renter.

A higher share of Providence residents pay less than $1,000 per month because many signed leases long ago when rents were much lower, or they live in subsidized (usually via Section 8) or public housing. 

Unsurprisingly, the share of renters spending less than $1,000 on rent has dropped in the past decade, from 65.7% in 2012 to 47% today. However, this drop is relatively small compared to some other metros, which may be due to rents only recently skyrocketing. In nearby Orlando, for example, nearly 50% of renters spent less than $1,000 on rent in 2012. Today, that figure has dropped to just 11%. 

The share of $1,000 rentals has declined nationwide

Nationwide, 7.5% of listings on the market cost less than $1,000. This is a 0.1 percentage point (ppts) increase from the same time last year, but well below the 10% share in September 2019. Why are $1,000 rentals becoming less common?

The primary reason is because rents have increased dramatically. Rents skyrocketed during the pandemic because of a moving frenzy, housing boom, and lack of new construction. They reached a record high of $1,700 in August 2022, with some metros seeing $700 increases over only a few months. 

Rents have since stopped rising and even declined in a few places over the past few months, but are still up nearly 21% from before the pandemic. This has massively strained lower-income renters. 

How many renters nationwide pay less than $1,000/month? 

Nationwide, 32.1% of renter households pay under $1,000 in monthly rent. This far outweighs the share of $1,000 listings, but is the lowest share on record. In comparison, 37% of renters paid less than $1,000 in 2022, and in 2012, the share was 50.4%. 

This gap exists largely because many renters signed their leases years ago when housing was more affordable. Many of these renters are also staying put because they can’t afford the typical apartment on the market today. Property owners do often raise rents for existing tenants, but these increases are usually smaller than the increases they apply when seeking a new tenant. 

Renters who are paying less than $1,000 a month are also more likely to have lived in their apartment for five years or longer.

Metro-level highlights

Around the country, there are 13 metros that have less than 1% of rentals listed for under $1,000, while 7 metros have fewer than 0.1%. The four metros with the lowest share of $1,000 rentals are New York (0.01%), Miami (0.02%), San Francisco (0.03%), and Washington, D.C. (0.03%). Median asking rents in these areas all top $2,000. 

At the other end of the spectrum, five metros have over 20% of rentals listed for under $1,000: New Orleans (27.2%), Memphis (26.7%), Cleveland (24.9%), Houston (24.3%), and St. Louis (22.2%). These places are all among the most affordable for renters in the country, with median rents around $400 below the national average. 

It’s worth noting that many of the most affordable metros have seen large rent increases lately – likely because low rents have fueled a rise in demand. The median asking rent in Cleveland, for example, rose 11.1% year over year in September – one of the largest jumps in the country. Louisville also saw a sizable increase. 

When looking at the share of renters paying less than $1,000, New Orleans tops the charts at 63.5%, with Cleveland (63.5%) and Louisville (57.6%) close behind. 

Two interesting metros are Phoenix and Las Vegas, which saw some of the largest year-over-year declines in the share of renters paying under $1,000. Phoenix dropped 15.7 ppts (28.1% to 12.4%), and Las Vegas fell 14.7 ppts (32.5% to 17.8%). Both cities surged in popularity during the pandemic, which drove up demand for housing and, in turn, rents.

$1,000 rentals: Complete metro-level data

Methodology

Based on a Redfin analysis of data from the U.S. Census Bureau, Redfin.com, and Rent.com. 

The data on the share of rental housing by price point and length of stay comes from the U.S. Census Bureau’s 2012-2023 American Community Surveys (ACS*) for units in apartment buildings with five or more units. 2020 data is excluded due to pandemic-related data collection issues. This data has been inflation-adjusted and represents 2023 dollars.

The data on the share of rental listings by price point comes from Redfin and Rent. and covers units in apartment buildings with five or more units. This data, which is based on asking rents, has been inflation-adjusted to reflect values in September 2024 dollars.

*ACS data was retrieved from IPUMS USA:

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0

The post Providence, RI Has Virtually Zero Rentals Listed for Under $1,000 appeared first on Rent. Research.

In recent years, rising rental costs have pushed affordability further out of reach for many renters across the U.S., making finding a home for under $1,000 increasingly difficult. In fact, half of all renters now pay more than 30% of their income toward rent, underscoring the gap between market rates and wages. 

This trend is especially obvious in Washington, D.C., where just 0.03% of rentals on the market are listed for under $1,000. The nationwide average is 7.5%. 

So what’s happening in the rental market? Why does the DMV have so few rentals for under $1,000 per month? Let’s dive in to find out. 

In Washington, D.C., there are almost zero apartment listings for under $1,000 

Washington, D.C. has the fourth-lowest share of rental listings below $1,000 in the country, at just 0.03% – an increase from 0% last year. D.C. has so few $1,000 rentals largely because of its high median asking rent, which currently sits at $2,088. The nationwide median asking rent is $1,634. 

Unfortunately, the DMV is actively becoming less affordable. The metro saw the nation’s largest increases in median rent year over year in September, at 12%, largely because of a severe shortage of supply. The shortage is especially acute for lower-priced rentals, which is putting upward pressure on the market.  

Thankfully, Washington, D.C. has strong protections for some renters, including rent control, subsidies, and inclusionary zoning, and eviction prevention. For example, renters living in a building built before June 14, 1975, can only have their rents increased by the annual inflation rate plus 2%, with some caveats. 

However, the city still faces a shortage of over 33,000 affordable homes, and eviction protections have recently come under fire due to a $100 million backlog in unpaid rents. Affordable housing is at risk throughout the DMV, and especially in wealthy areas. 

This lack of super affordable apartments has had consequences. When accounting for the entire D.C. renter population – about half the total population – nearly 50% are rent burdened (spent more than 30% of their income on housing). When looking at extremely low-income renters, 75% spend more than 50% of their income on housing. 

Without intervention, the D.C. metro area may soon become unaffordable for a huge portion of the low-income population.

What share of renters in D.C. actually pay less than $1,000/month?

Even though $1,000 listings are almost nonexistent, 8% of Washington, D.C. renters still pay less than $1,000 per month. This share is tied to the apartment unit and not an individual renter.

A higher share of D.C. residents pay less than $1,000 per month because many signed leases long ago when rents were much lower, they live in subsidized (usually via Section 8) or public housing, or live in a rent-controlled apartment. However, this share is the lowest in the nation, largely due to the aforementioned supply crunch among lower-price rentals. 

Unsurprisingly, the share of renters spending less than $1,000 on rent has dropped in the past decade, from 11.2% in 2012 to 8% today. This drop is relatively small compared to some other metros, though. In nearby Orlando, for example, nearly 50% of renters spent less than $1,000 on rent in 2012. Today, that figure has dropped to just 11%.

The share of $1,000 rentals has declined nationwide

Nationwide, 7.5% of listings on the market cost less than $1,000. This is a 0.1 percentage point (ppts) increase from the same time last year, but well below the 10% share in September 2019. Why are $1,000 rentals becoming less common?

The primary reason is because rents have increased dramatically. Rents skyrocketed during the pandemic because of a moving frenzy, housing boom, and lack of new construction. They reached a record high of $1,700 in August 2022, with some metros seeing $700 increases over only a few months. 

Rents have since stopped rising and even declined in a few places over the past few months, but are still up nearly 21% from before the pandemic. This has massively strained lower-income renters. 

How many renters nationwide pay less than $1,000/month? 

Nationwide, 32.1% of renter households pay under $1,000 in monthly rent. This far outweighs the share of $1,000 listings, but is the lowest share on record. In comparison, 37% of renters paid less than $1,000 in 2022, and in 2012, the share was 50.4%. 

This gap exists largely because many renters signed their leases years ago when housing was more affordable. Many of these renters are also staying put because they can’t afford the typical apartment on the market today. Property owners do often raise rents for existing tenants, but these increases are usually smaller than the increases they apply when seeking a new tenant. 

Renters who are paying less than $1,000 a month are also more likely to have lived in their apartment for five years or longer.

Metro-level highlights

Around the country, there are 13 metros that have less than 1% of rentals listed for under $1,000, while 7 metros have fewer than 0.1%. The four metros with the lowest share of $1,000 rentals are New York (0.01%), Miami (0.02%), San Francisco (0.03%), and Washington, D.C. (0.03%). Median asking rents in these areas all top $2,000. 

At the other end of the spectrum, five metros have over 20% of rentals listed for under $1,000: New Orleans (27.2%), Memphis (26.7%), Cleveland (24.9%), Houston (24.3%), and St. Louis (22.2%). These places are all among the most affordable for renters in the country, with median rents around $400 below the national average. 

It’s worth noting that many of the most affordable metros have seen large rent increases lately – likely because low rents have fueled a rise in demand. The median asking rent in Cleveland, for example, rose 11.1% year over year in September – one of the largest jumps in the country. Louisville also saw a sizable increase. 

When looking at the share of renters paying less than $1,000, New Orleans tops the charts at 63.5%, with Cleveland (63.5%) and Louisville (57.6%) close behind. 

Two interesting metros are Phoenix and Las Vegas, which saw some of the largest year-over-year declines in the share of renters paying under $1,000. Phoenix dropped 15.7 ppts (28.1% to 12.4%), and Las Vegas fell 14.7 ppts (32.5% to 17.8%). Both cities surged in popularity during the pandemic, which drove up demand for housing and, in turn, rents.

$1,000 rentals: Complete metro-level data

Methodology

Based on a Redfin analysis of data from the U.S. Census Bureau, Redfin.com, and Rent.com. 

The data on the share of rental housing by price point and length of stay comes from the U.S. Census Bureau’s 2012-2023 American Community Surveys (ACS*) for units in apartment buildings with five or more units. 2020 data is excluded due to pandemic-related data collection issues. This data has been inflation-adjusted and represents 2023 dollars.

The data on the share of rental listings by price point comes from Redfin and Rent. and covers units in apartment buildings with five or more units. This data, which is based on asking rents, has been inflation-adjusted to reflect values in September 2024 dollars.

*ACS data was retrieved from IPUMS USA:

Steven Ruggles, Sarah Flood, Matthew Sobek, Daniel Backman, Annie Chen, Grace Cooper, Stephanie Richards, Renae Rodgers, and Megan Schouweiler. IPUMS USA: Version 15.0 [dataset]. Minneapolis, MN: IPUMS, 2024. https://doi.org/10.18128/D010.V15.0

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