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US Rent Prices Soar to Record Highs: Median Asking Rent Up 56% Since 2019

Abhishek Sharma
Founder & Editor-in-Chief
Published: Updated: 1 min read
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US Rent Prices Soar to Record Highs: Median Asking Rent Up 56% Since 2019
Source: Bloomberg

In the second quarter of 2024, median asking rent prices in the US reached an unprecedented $1,481 per month, marking a record high.

Since 2019, there has been an extraordinary 56% increase in median asking rents, as reported by the US Census Bureau.

Currently, the median asking rent represents approximately 29% of the average monthly disposable personal income.

In contrast, this proportion was notably lower in 2019, at around 24%.

This indicates that rental costs have surged at a pace significantly outstripping the growth in post-tax household income.

Consequently, renting a home is increasingly becoming a luxury.

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Abhishek Sharma
Founder & Editor-in-Chief

Abhishek Sharma

I’m Abhishek Sharma, an Advocate based in Delhi, entrepreneur, investor, and founder of BigBreakingWire. I am an enrolled Advocate with a strong interest in entrepreneurship, media, and technology. I founded BigBreakingWire, a digital news platform covering breaking news, business, financial markets, companies, and important developments in India and around the world. I also have a software company and take an active interest in technology, software, AI, digital products, and new business ideas. As an investor, I’m interested in discovering and investing in promising businesses and startups. I look for good ideas, strong founders, practical business models, and opportunities with long-term potential. I enjoy building businesses, learning about new industries, and connecting with people who are working on interesting ideas and opportunities. Advocate | Entrepreneur | Investor | Founder & Editor-in-Chief, BigBreakingWire

Last reviewed by Abhishek Sharma on August 31, 2026

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