According to Apartment List’s National Rent Data from May 2026, the cost of an apartment is up 0.5% since April, and now stands at a median of $1,370. Of course, rent prices vary by state, city, and even season.
Whether you’re looking to rent your first place, moving out of state, or just ready for a change of scenery, as a rule of thumb, stick to the 30% rule—your monthly rent doesn’t exceed 30% of your gross income—and budget for additional costs upfront.
Moving costs can range anywhere from a few hundred bucks to thousands of dollars, depending on if you hire movers or DIY it. Then there’s the application fee, pet fees, renter’s insurance, and more.
So if you’re asking yourself, “How much is my new place actually going to cost me?” You’re in the right place.
According to Apartment List’s National Rent Report as of May 2026, the national median rent is $1,370, down by 1.7% from this time last year.
Apartment List offers detailed reports for over 30 major cities, which you can find linked in our National Rent Report. Each of these has an easy to view snapshot of median rent month-over-month. Additionally, our Data & Rent Estimate Reports offer estimates at the state, city, and county levels for a much larger number of localities.
According to Apartment List’s Historic Rent Estimate report, Hawaii, California, and the District of Columbia were the three most expensive states for rent in May 2026. Renters in April paid a median of $2,358 in Hawaii.
According to Apartment List’s Historic Rent Estimate report, West Virginia, Arkansas, and South Dakota had the lowest rental prices in May 2026. The median value of rent in South Dakota that month was $900.
In April 2026, three California cities—San Mateo, Sunnyvale, and Newport Beach—reported the three highest median rent values. Renters in San Mateo, CA, paid a median rent of $3,560 that month.
In April 2026, Lawton, OK; Toledo, OH; and Seguin, TX reported the lowest median rent values. Renters in Seguin, TX paid a median rent value of $872 in April.
The 30% Rule recommends you shouldn’t spend more than 30% of your gross monthly income (AKA: your take-home pay before taxes) on rent. If you have a better idea of how much you make per year, rather than per month, then you can divide your annual salary (again, before taxes) by 40 to find out how much you should spend on rent.
We’ve also built a rent affordability calculator tool that can crunch the numbers for you. Plug your monthly income into the calculator and we’ll help you get clarity on how much rent you can afford.
Here are some examples of how the 30% rule plays out:
| Annual Income (before taxes) | Monthly Income (before taxes) | Budget at 30% | Max Approved at 2X | Max Approved at 3X |
|---|---|---|---|---|
| $20,000 | $1,667 | $500 | $833 | $556 |
| $40,000 | $3,333 | $1,000 | $1,667 | $1,111 |
| $60,000 | $5,000 | $1,500 | $2,500 | $1,667 |
| $80,000 | $6,666 | $2,000 | $3,333 | $2,222 |
| $100,000 | $8,333 | $2,500 | $4,167 | $2,778 |
| $120,000 | $10,000 | $3,000 | $5,000 | $3,333 |
While the 30% rule is a useful starting point, it doesn't account for your full financial picture. High-interest student loans, aggressive savings goals, or a 401K you’re serious about might mean your ideal number is closer to 25% or 20%. If you make $10,000 a month, that doesn’t mean you have to spend $3,000 on rent—your goals get a vote, too. When in doubt, a financial advisor can help you run the numbers.
Most landlords require your monthly income to be at least 2 to 3 times the monthly rent before approving an application. If you’re moving in with a partner or roommate, that requirement typically applies to your combined household income, which can make qualifying for a higher-priced apartment more attainable than going it alone.
The cost of moving varies by state, whether or not you hire movers to help, and whether or not you’re moving with pets. In general, though, moving costs can add up quickly, so it’s best to budget for everything upfront. And before you sign your lease agreement, double check for any additional fees.
These are some of the most common moving and move-in fees to keep in mind:
| Moving Cost | Typical Cost Range | What It Is |
|---|---|---|
| Security Deposit | First + last months’ rent | A refundable upfront payment held by the landlord to cover damage or unpaid rent. |
| Application Fees | $30-$100, one-time payment | A nonrefundable fee to process your rental application, helping landlords filter for serious renters. |
| Pet Fees | $200-$500, one-time | A refundable deposit to cover potential pet-related damage. |
| Hiring Movers | $500-$3,500 (local); $1,500-$8,500+ (long-distance) | Costs vary by distance, home size, and season. DIY is cheaper, but can add up quickly when you factor in truck rental, gas, and lodging. |
| Moving Cost | Typical Cost Range | What It Is |
|---|---|---|
| Monthly Rent | Varies by location | Your base monthly payment; ideally no more than 30% of your gross income. |
| Pet Rent | $25-$75 | A recurring monthly charge added to your base rent for having a pet. |
| Renter’s Insurance | $13-$18 per month | Covers personal property damage from fire, smoke, theft, vandalism, water damage, and more. |
A security deposit is typically equal to first and/or last month’s rent, paid upfront before you move in. Your landlord holds it for the duration of your lease and returns it when you move out, as long as the unit is left in good condition and rent is paid in full.
Many landlords and apartment complexes charge an application fee to cover background and credit checks, and to ensure only serious renters apply. Fees are nonrefundable and generally range from $30 to $100, though some communities waive them. According to our data, the average is $50.
Renting with a pet often means paying more than one fee. There’s typically a refundable pet deposit to cover potential damage, a one-time non-refundable pet fee, and more often than not, monthly pet rent added to your base rent. Costs vary by community, so ask for a full breakdown before signing—it adds up more than most renters expect. For more, see our guide on finding a pet-friendly apartment.
Moving costs extend well beyond the truck. Professional movers, replacement household supplies, and new furniture can push your total spend higher than anticipated. Local moves can run anywhere between $500 and $3,500, while long-distance moves can reach up to $8,500 or more. Getting a few quotes in advance and moving during the off-season or mid-month can help keep costs in check.
Renters insurance protects renters who live in an apartment, condo, or home and typically covers unexpected personal property damage from specific, pre-approved emergencies and mishaps.
Renters insurance covers personal property damage from fire, smoke, theft, vandalism, water damage, and more. It also typically covers liability if someone gets hurt in your apartment. Whether or not your landlord requires it, for what it costs, the peace of mind is a no-brainer.
Rent is just the beginning. The real cost—or value—of an apartment comes down to where it puts you: close to work, transit, good schools, and the kind of life you actually want to live. Here are the factors worth weighing before you sign.
Time is money. Nationwide, nearly 4 million people spend more than 90 minutes commuting each way, and that number is rising. Finding a home close to work means more hours back in your day and less wear on your wallet (and your patience).
If public transit is your main mode of getting around, proximity to a bus stop, subway, or bike share can make or break a commute. Even if you have a car, having options nearby is a real perk.
In dense cities, a designated parking spot can be worth hundreds of dollars a month, so when it’s included in your rent, the savings go a long way. If you own a car, factor in what parking costs (or doesn’t) before you commit.
Most apartment communities offer tons of on-site amenities. A gym, pool, or rooftop that comes with your apartment is money you’re not spending elsewhere—gym memberships, pool access, and event space rentals add up fast. Free amenities can save you a lot.
For parents and students alike, being close to school makes life so much easier. Whether proximity lets you roll out of bed right before class or save time dropping the kids off in the morning, it’s a big benefit.
A new apartment building or a recently renovated unit means fewer maintenance headaches for you. Older units have charm, but dealing with slow repairs and aging fixtures has a real cost in time and frustration. Always check the appliances before you sign.
Take our quick quiz to tell us what matters for your next place—budget, wishlist, and all—and we’ll match you with apartments that check all your boxes.
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Rent data: All of the rental data included here comes from Apartment List’s National Rent Report and internal database of rent estimates, which is updated monthly, and is available for download.
In unit laundry, Hardwood floors, Dishwasher, 24hr maintenance, Stainless steel, Walk in closets + more
In unit laundry, Patio / balcony, Pet friendly, Stainless steel, Walk in closets, Gym + more
