Since 2020, home prices have outpaced rents (everywhere)

The following dashboard compares growth in the price of sold homes (as measured by the Case Shiller National and Metro Home Price Indices) and growth in multifamily rents (as measured by the Apartment List National and Metro Rent Indices). Both models employ a "same-store" methodology to control for changes in the composition of local housing markets. Data are available nationwide and for 20 select large metropolitan areas.

Since 2020, a significant gap has emerged between the for-sale and rental segments of each major housing market. The gap is largely driven by two inflection points: 2020, when the covid-19 pandemic brought most rental markets to a standstill but accelerated demand (and higher prices) for single-family homes, and 2023, when rapid supply expansion pushed rent growth into negative territory (where it has remained since).

Between January 2020 and January 2026, home prices were up 54% since 2020 while rents were up 18%. Miami FL is home to both the fastest home price growth (+77%) as well as the fastest rent growth (+33%) during that six-year period. The widest spread between price growth and rent growth is 51 percentage points, in Charlotte NC.

For more information about the current state of the rental market, please see the Apartment List National Rent Report, updated monthly.