Despite low unemployment levels, easing inflation, and a robust stock market, many Americans continue to feel the squeeze of high costs—particularly when it comes to housing. Median rents for 2025 are expected to be 4.8% higher nationally than last year, with some areas seeing increases of 20% or more.

Construction Coverage’s latest report explores which areas are seeing the highest rent price increases, and where rents are actually declining.

Key Takeaways, With Data for New York State

• Studios projected to see the largest increases: Nationally, rents for studio apartments are expected to rise 5.9% to a median of $1,384 in 2025. One-bedroom units follow closely with a 5.3% increase to $1,499.
• Larger rentals will fare slightly better: Median rents for two-, three- and four-bedroom homes are projected to grow by over 4% each, reaching median rents as high as $2,681 nationwide.
• Rent prices in New York State: In 2024, the median rent in New York State was $2,301. In 2025, it is expected to be $34 more expensive at $2,335, a year-over-year increase of just 1.5%.

The full report includes data for nearly 400 U.S. metros and all 50 states.