Apartments.com Rent Report for November 2025: Pandemic-Era Migration Creates Supply Constraints in Florida
Key Takeaways
- The national average rent was $1,631 per month, an increase of 0.6% over the last year.
- Two Florida cities entered the top five rent increases, the first time Florida has been in the top five since June.
- Over- and undersupply is pushing rental markets to extremes, with cities across the country seeing drastic rent increases and decreases.
In November, the national average rent was $1,631 per month for a one-bedroom and $1,889 per month for a two-bedroom.
According to Apartments.com’s November 2025 Multifamily Rent Growth Report, the disconnect between supply and demand across the country is creating polarized markets. In cities like San Francisco, where the AI and tech boom is driving up demand for rentals, rent is climbing as the market grows more supply-constrained. On the flipside, many Florida markets have seen consecutive months of rent decline due to oversupply.
Population Boom in West Palm Beach
According to the U.S. Census Bureau, more people moved during the COVID-19 pandemic as the world shifted online. West Palm Beach was one of many areas that saw a major population spike in 2020, with freshly remote workers seeking beach life amid lockdown regulations. Census Bureau estimates show that West Palm Beach’s population grew by 10,000 between 2020 and 2024, an increase of 9%.
Once COVID-era supply chain lags began to subside, developers in West Palm Beach increased construction of rentals to meet the new demand. 1,305 new units were added to the rental market in 2023, an increase of almost 450% from before the COVID-19 pandemic. In 2024, over 1,500 new units entered the market.
While construction has slowed and the absorption rate has begun to decline, supply still can’t keep up with demand. The vacancy rate is currently 7.6%, down from last year’s 10.2%, and rents are steadily increasing, signaling a hot market.
November 2025 Rent Increases by City
Hollywood, FL, and West Palm Beach, FL, entered the top five biggest rent increases in November, the first time since June that Florida has been in the running.
Here are the cities with the biggest rent increases in November:
- Brooklyn, NY: +4.7%
- Chicago, IL: +4.3%
- Hollywood, FL: +4.1%
- New York, NY: +3.1%
- West Palm Beach, FL: +2.4%
November 2025 Rent Decreases by City
Cape Coral, FL, continues to lead in rent declines, with the year-over-year decrease rising to 10.1% in November. Sarasota, Fort Myers, and Naples continue to trail behind Cape Coral, and Denver’s year-over-year decrease accelerated to 2.6%.
Here are the cities with the biggest rent decreases in November:
- Cape Coral, FL: -10.1%
- Sarasota, FL: -6.1%
- Fort Myers, FL: -4.9%
- Naples, FL: -3.8%
- Denver, CO: -2.6%
Current Rent Prices Across the U.S.
|
City |
Current Average Rent |
Last Month’s Average Rent |
Year-Over-Year Difference |
|
$2,320 |
$2,328 |
-0.8% |
|
|
$1,602 |
$1,613 |
+0% |
|
|
$1,383 |
$1,395 |
-4.5% |
|
|
$3,437 |
$3,452 |
+1.1% |
|
|
$1,632 |
$1,643 |
+0.1% |
|
|
$2,951 |
$2,958 |
+1.4% |
|
|
$1,796 |
$1,792 |
+0.6% |
|
|
$1,462 |
$1,461 |
-1.5% |
|
|
$1,954 |
$1,953 |
+4.4% |
|
|
$1,111 |
$1,120 |
+1.7% |
|
|
$1,280 |
$1,279 |
-3.5% |
|
|
$1,137 |
$1,140 |
-0.3% |
|
|
$1,395 |
$1,392 |
-0.3% |
|
|
$1,598 |
$1,601 |
-3.4% |
|
|
$2,239 |
$2,236 |
+1% |
|
|
$1,259 |
$1,265 |
-0.6% |
|
|
$3,823 |
$3,816 |
+4.1% |
|
|
$1,704 |
$1,722 |
+0.4% |
|
|
$1,182 |
$1,188 |
-1.2% |
|
|
$1,107 |
$1,107 |
+0.3% |
|
|
$2,966 |
$2,987 |
+1.4% |
|
|
$1,282 |
$1,285 |
-2.1% |
|
|
$3,152 |
$3,164 |
+0.6% |
|
|
$1,201 |
$1,193 |
+1.3% |
|
|
$1,267 |
$1,276 |
-2.4% |
|
|
$1,805 |
$1,799 |
+0.2% |
|
|
$2,167 |
$2,170 |
-0.4% |
|
|
$1,460 |
$1,464 |
+1.3% |
|
|
$2,186 |
$2,176 |
+0.8% |
|
|
$1,177 |
$1,181 |
+1% |
|
|
$1,386 |
$1,385 |
+2.6% |
|
|
$1,655 |
$1,661 |
-1.9% |
|
|
$4,025 |
$4,030 |
+2.4% |
|
|
$1,568 |
$1,564 |
-1% |
|
|
$1,719 |
$1,727 |
+0.4% |
|
|
$1,299 |
$1,298 |
-3.9% |
|
|
$1,376 |
$1,380 |
+1.6% |
|
|
$1,508 |
$1,519 |
-0.1% |
|
|
$3,466 |
$3,472 |
+2.2% |
|
|
$1,349 |
$1,354 |
-2.1% |
|
|
$1,397 |
$1,402 |
+0.7% |
|
|
$1,560 |
$1,565 |
-1% |
|
|
$1,121 |
$1,122 |
+0.8% |
|
|
$1,069 |
$1,077 |
-2.8% |
|
|
$2,372 |
$2,374 |
-0.6% |
|
|
$3,119 |
$3,113 |
+5.9% |
|
|
$2,632 |
$2,654 |
+2.5% |
|
|
$2,089 |
$2,101 |
+1.4% |
|
|
$1,633 |
$1,635 |
-1.5% |
|
|
$2,244 |
$2,259 |
-2.1% |
How Current Rent Prices Impact Renters
It’s crucial to understand the local rental market when you’re thinking about moving. If you’re apartment hunting in a concentrated market like San Francisco or New York, keep an eye out for rent concessions, time your move before the summer moving season, and be prepared to compromise with property managers.
Need help comparing cities? Our Cost of Living Calculator makes it easy. You can also compare the rent prices from this report to those from August and July to determine the overall trend and visit the U.S. Rent Trends page to view the most current rent prices available across the U.S.
Methodology:
The rent data in this report is sourced from CoStar Group’s Market Trend reports. CoStar Group is the leading authority in commercial real estate information, analytics, and news, trusted by real estate professionals for more than 37 years. By combining this data with Apartments.com internal data and public record, we’re able to deliver the most up-to-date rental information available.
To determine overall rent trends, we evaluate rent prices from more than 2,400 cities across the nation, including the top 80 national markets. This analysis includes year-over-year and month-over-month rent changes to provide a comprehensive view of market dynamics. This report covers a diverse range of property types to ensure a holistic view of the rental market.
FAQs
What is the average rent in the U.S. right now?
The average rent in the U.S. is currently $1,631 per month, a year-over-year increase of 0.6%.
Which states had the largest rent increases in November 2025?
The states with the largest rent increases in November 2025 were North Dakota, Illinois, and Rhode Island. North Dakota’s rent increased by 4.1% compared to last year, Illinois’ average rents increased by 3.8%, and Rhode Island’s average rent increased by 3.7%.
Which states have the cheapest rent right now?
The states with the cheapest rent are Oklahoma, Arkansas, and Iowa. Oklahoma has the cheapest rent in the U.S. at $907/month.
Are rent prices rising or falling in the U.S.?
Rent prices in the U.S. are rising, averaging 0.6% more than last year.
