Rental Car Pricing Statistics: 2024

Rental car prices are volatile. Prices hit their all-time highs in July 2021 due to a combination of high demand and limited supply.

Presumably, travelers were itching to go on summer vacation after a rough 2020. Yet, issues like staff shortages and a tight semiconductor supply limited the number of cars available to book. Given that, rental car companies hiked prices.

While prices have since dipped from those summer 2021 highs, they have still been far higher for every month thus far of 2024 than at any time before the COVID-19 pandemic. In fact, whereas average prices across all items are up about 23% since before the pandemic, rental car prices in 2024 are up a much sharper 35%.

But not all rental car prices are created equal, even if the rental car is otherwise the same. Depending on the company or city you’re renting from, you might pay significantly more or less than the average. Even renting from an airport versus a downtown location in the same city might have a drastically different cost.

NerdWallet conducted an analysis in June 2024 of more than 480 rental car prices (including taxes and fees) to better understand rental car pricing trends. The analysis looked at the price of a seven-night rental across eight major rental car companies based on the company’s lowest-priced available car (typically a small sedan). Data was gathered for 15 regions, and it covered both the cost to rent from an airport location versus the same company’s nearby downtown counterparts.

Here are the results of our car rental pricing data collection.

NerdWallet’s analysis looked at areas of the U.S. with the 15 largest airports based on enplanements using 2023 Federal Aviation Administration data. Enplanements are paying passengers who board an aircraft, including those boarding another as part of a layover.

Then, those 15 areas were ranked by lowest to highest rental car prices to give us a better sense of the cheapest metro areas for renting cars.

Miami is the only city in our data set to fall below $400 for an average weekly rental price. Meanwhile, Chicago and Seattle are the only areas with an average weekly rental price above $600.

When looking specifically at airport rental locations, results were mostly similar to the overall averages, with some slight deviations. Here are the largest U.S. airports, ranked by average weekly car rental price, from cheapest to most expensive:

Just as renting a car from downtown Miami is the cheapest of any city in NerdWallet's analysis, Miami International Airport also has the lowest prices of any airport.

Likewise, Chicago as a whole has the highest overall prices, and airport rentals are no exception. Chicago O'Hare Airport has the highest average prices — more than $700 for a seven-night rental.

Within each city, NerdWallet also looked at prices broken down by eight major rental car brands: Enterprise, Budget, Hertz, Dollar, Thrifty, Avis, Alamo and National.

In this analysis, National almost always had the highest rental car prices, with average, seven-night rental car prices costing $600.92. The cheapest car rental company, Thrifty, offered car rentals at an average price of just $414.34 for seven nights.

The best time to book a rental car isn't in advance. Rental cars tend to be cheaper when booked last-minute.

The average weekly rental price for cars booked 91 days in advance was $555. For cars booked seven days in advance, it was just $481. That amounts to a 13% discount, on average, for those who roll the dice and risk availability to book a car closer to their travel dates.

Here’s the percentage difference in costs broken down by rental car company:

At Enterprise, the cost savings for booking early versus procrastinating was minimal. But at Hertz and Thrifty, you can save, on average, more than 20% by delaying.

To save on car rentals, you should almost always book at an offsite rental car location versus the airport outpost.

NerdWallet found that seven-night car rentals for downtown locations were, on average, $86 cheaper than airport locations. That means you’ll spend on average about 18.3% more for an airport rental compared with a downtown rental.

The price difference is usually (though not always) due to fees charged by the airport. Exact amounts vary, but they’re typically charged by the airports to the car rental car company (which then passes the cost on to customers) to cover services like an airport-provided shuttle, cleaning, security, and sometimes simply the right to do business.

Use travel credit cards

The best credit cards for rental cars tend to offer both bonus points and miles from your spending, as well as the other (potentially more lucrative) benefit of rental car insurance coverage, which can sometimes save you hundreds of dollars if you decline the rental car company’s coverage at the counter. Among cards with rental car benefits:

(To view rates and fees of The Platinum Card® from American Express, see this page.)

» See more options: Best credit cards for rental cars

Join rental car loyalty programs

These programs are generally free to join. In exchange for signing up, they offer perks like member-exclusive rates, or the ability to skip the line (which won’t save money, but can save you time). For loyal customers with elite status, expect complimentary upgrades, free rental days and more.

Among the car rental programs you can join are:

• Avis Preferred.

• Budget Rent a Car’s Fastbreak.

• Dollar Express Rewards.

• Enterprise Plus.

• Hertz Gold Plus Rewards.

• National Car Rental Emerald Club.

Book now, then rebook

Most rental car companies don’t require payment upfront. Given the unpredictability of travel, it can make sense to reserve a car rental as soon as you’re able to. Then, periodically check in with your rental car company’s booking tool to see if prices drop. As long as that company doesn’t charge a cancellation fee (most rental car companies don’t), then cancel and rebook the same rental.