Apartment rent-to-income ratios have hit 22.7% for June, following a trend of lower ratios that has persisted for several months.
Trailing-12-month ratios first dropped below 23% in October 2023, coinciding with the stagnation of conventional rent growth across the country, according to RealPage Market Analytics. The ratio varies from market to market. Midwest markets including Detroit, Chicago and Pittsburgh registered the lowest rent-to-income ratios in the country, while Riverside and San Diego, California, had the highest rent-to-income ratios as of June.
Average monthly incomes on executed leases, which includes all income for a unit, such as dual-income roommates or couples, reached nearly $8,800 in June. That translates to a little over $105,000 per year, according to the report.
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