Why are some cities missing from the rental price index table?

PropHunt only publishes figures it can source-verify. Rather than estimate or interpolate, cells are left blank until a credible, citable data release is available for that metro.

What is an affordability ratio and what threshold signals risk?

The affordability ratio expresses annual median rent as a share of annual median household income. A ratio above 0.30 (30%) is the conventional threshold at which a market is considered rent-burdened.

Rental Price Index by City 2025 — PropHunt Live Tracker

Q: What is the current U.S. 30-year mortgage rate in 2025?

According to FRED, the U.S. 30-year fixed mortgage rate is 6.47%. This is a national average.

Q: What is the federal funds rate in 2025?

FRED reports the U.S. federal funds rate at 3.63%.

Q: What is the U.S. unemployment rate in 2025?

The U.S. unemployment rate is 4.3% per FRED.

Q: How often is the PropHunt Rental Price Index updated?

The PropHunt Rental Price Index targets a monthly update cadence. Each update adds newly verified city-level rent figures and refreshes the embedded chart.

Q: How does the federal funds rate affect rents?

The federal funds rate of 3.63% (FRED) influences multifamily construction financing costs, cap-rate expectations, and the relative attractiveness of real-estate investment versus fixed-income alternatives — all of which shape landlord pricing power and new supply pipelines.

About This Tracker

The PropHunt Rental Price Index aggregates publicly available rent data to give commercial real-estate investors a single, citable reference for **average rent by city in 2025**. The table and chart below are updated monthly. Each row shows the city, median asking rent, year-over-year percentage change, and an affordability ratio (median rent as a multiple of local median household income, annualised). Use the column headers to sort. > **Methodology note:** Median rents reflect asking prices for residential units as a proxy for residential-to-commercial rent spread analysis. Affordability ratios use the most recently published census income estimates for each metro. All macro rate figures are sourced from the Federal Reserve Economic Data (FRED) database and are **national, not city-level** figures.

Macro Rate Context (FRED, 2025)

Before diving into city-level data, three national macro indicators set the cost-of-capital backdrop that shapes every rent negotiation and cap-rate model in 2025: | Indicator | Value | Source | |---|---|---| | U.S. 30-year fixed mortgage rate | **6.47%** | FRED | | U.S. federal funds rate | **3.63%** | FRED | | U.S. unemployment rate | **4.3%** | FRED | **Why these numbers matter for rent investors:** - A **6.47% 30-year fixed mortgage rate** (FRED) keeps ownership costs elevated, sustaining demand for rental accommodation across most metro markets. When financing a purchase is expensive, households rent longer — which structurally supports occupancy rates. - The **federal funds rate of 3.63%** (FRED) sits meaningfully above pre-2022 levels, meaning floating-rate debt on multifamily assets still carries real cost. Investors underwriting acquisitions should stress-test NOI against a rate environment that remains restrictive by historical post-GFC standards. - **Unemployment at 4.3%** (FRED) is a key rent-collection risk signal. A modest uptick from the historic lows of 2023 warrants monitoring in markets with concentrated employer exposure (tech, government, manufacturing), but is not yet at a level that historically triggers broad rent concession cycles.

Rental Price Index Table — 2025

The table below will be populated with verified city-level median rent, YoY change, and affordability ratio figures as data partners confirm monthly releases. **PropHunt does not publish estimated or interpolated city figures** — every cell is sourced on insertion. | City | Median Asking Rent | YoY % Change | Affordability Ratio | Data Source | Last Updated | |---|---|---|---|---|---| | — | *Pending verified release* | — | — | — | — | > **Investors & data teams:** If you publish rent data under an open or licensed dataset and would like your metro included, contact PropHunt's data partnerships team. We cite all sources explicitly in each cell. ### How to Read the Affordability Ratio The affordability ratio expresses annual median rent as a share of annual median household income for the same metro. A ratio above **0.30** (30%) is the conventional threshold at which a market is considered rent-burdened, which historically correlates with higher tenant turnover, slower lease-up on new supply, and greater exposure to concession pressure in softening markets.

Embed-Ready Chart

The interactive chart below (updated monthly) plots median asking rent on the Y-axis against YoY percentage change on the X-axis for every city in the index. Bubble size represents metro population. Use this view to identify markets combining **rent growth momentum** with **relative affordability** — the quadrant most favoured by value-add multifamily investors. ``` [Chart embed placeholder — rendered in PropHunt app] Type: Scatter / bubble chart X-axis: YoY rent change (%) Y-axis: Median asking rent ($) Bubble size: Metro population Data refresh: Monthly Embed code: <iframe src="https://prophunt.com/embeds/rent-index-2025" width="100%" height="520" frameborder="0"></iframe> ``` *Chart data is sourced from the same verified partners as the table above. No city appears in the chart until its rent figure has passed PropHunt's source-verification check.*

How the Macro Environment Shapes City-Level Rent Trends

City-level rent trajectories do not move in isolation — they are downstream of the national cost-of-capital environment captured in the FRED figures above. **Mortgage rate transmission:** When the 30-year fixed rate sits at **6.47%** (FRED), the monthly payment on a median-priced home rises sharply relative to renting. This "lock-in" effect reduces for-sale inventory and pushes would-be buyers into the rental pool, supporting demand particularly in Sun Belt and secondary markets where home prices are still elevated relative to incomes. **Federal funds rate and new supply:** At **3.63%** (FRED), construction financing remains expensive. Developers face higher hurdle rates on new multifamily projects, which constrains the pipeline of new rentable supply in a lagged, 18–36-month window. Markets that were overbuilt in 2021–2023 may absorb this supply headwind faster than markets with chronically under-built housing stock. **Unemployment as a leading indicator:** The national unemployment rate of **4.3%** (FRED) is the single most-watched macro variable for rent-collection performance. PropHunt flags any metro in the index where the local unemployment rate materially exceeds the national figure, as this creates asymmetric downside risk to occupancy assumptions in investor underwriting models.

FAQ — Average Rent by City 2025

**Q: What is the current U.S. 30-year mortgage rate in 2025?** A: According to FRED, the U.S. 30-year fixed mortgage rate is **6.47%**. This is a national average and will vary by borrower profile and lender. **Q: What is the federal funds rate in 2025?** A: FRED reports the U.S. federal funds rate at **3.63%** as of the most recent data point used in this tracker. **Q: What is the U.S. unemployment rate in 2025?** A: The U.S. unemployment rate is **4.3%** per FRED. PropHunt monitors metro-level deviations from this national figure as a rent-risk signal. **Q: How often is the PropHunt Rental Price Index updated?** A: The index targets a monthly update cadence. Each update adds newly verified city-level rent figures and refreshes the embedded chart. **Q: Can I cite PropHunt's Rental Price Index in research or media?** A: Yes. PropHunt publishes source attribution for every data point. When citing this page, please reference both PropHunt and the underlying data partner listed in the table's source column. **Q: Why are some cities missing from the table?** A: PropHunt only publishes figures it can source-verify. Rather than estimate or interpolate, we leave cells blank until a credible, citable data release is available for that metro. This is intentional — accuracy over coverage. **Q: Does a high affordability ratio mean rents will fall?** A: Not automatically. Markets can sustain high affordability ratios for extended periods when supply is constrained or when the market serves high-income renters by choice. The ratio is a risk flag for underwriting, not a directional forecast. **Q: How does the federal funds rate affect rents indirectly?** A: The federal funds rate of **3.63%** (FRED) influences multifamily construction financing costs, cap-rate expectations, and the relative attractiveness of real-estate investment versus fixed-income alternatives — all of which shape landlord pricing power and new supply pipelines over a multi-year horizon.

Data Sources & Methodology

| Data Series | Source | Scope | |---|---|---| | U.S. 30-year fixed mortgage rate (6.47%) | Federal Reserve Economic Data (FRED) | National | | U.S. federal funds rate (3.63%) | Federal Reserve Economic Data (FRED) | National | | U.S. unemployment rate (4.3%) | Federal Reserve Economic Data (FRED) | National | | City-level median asking rents | Partner data releases (cited per cell) | Metro-level | | Affordability ratios | Derived: median annual rent ÷ metro median household income | Metro-level | **Important geographic disclaimer:** The three FRED figures above are **national averages**. They are presented here as macro context, not as representative of any individual city. PropHunt does not re-label national figures as city-level data. *Page last reviewed: 2025. Next scheduled update: monthly.*