Average Rent by State [Updated May 2022] (2024)

FAQs

What state has the most expensive rent right now? ›

California is the most expensive state to rent, with an average rent of $1,901, outpacing the runner-up, Hawaii, by nearly $200.

California once again cities topped the charts for the most expensive single-family home rental markets in the country, with Los Angeles, San Jose, San Francisco, and San Diego taking the top four spots with asking rent at $4,099, $3,850, $3,736 and $3,600 respectively.

Typical asking rents in the U.S. are now $2,018, a 5.3% increase compared with the same time last year. Rent growth, overall, has been slowing since its 16.9% year-over-year peak growth in February 2022. The current year-over-year rate is 0.5% higher than the peak typical rent of $2,008 in September 2022.

1. Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.

The short answer is, yes. You can negotiate your rent. When you're renting an apartment, the price you pay isn't set in stone. But before you even consider negotiating, you need to make sure you know why you're asking for a discount.

Why is rent so high in the US right now? Over the past two years, the U.S. median rent rose by 18%. That was mostly because a competitive housing market and higher mortgage rates shut many people out of home buying. A strong jobs market and shortage of inventory also contributed to rising rent.

California had the most renting households with 5.73 million, or 13.6 percent of the nation's 42 million rental homes. Tenants in California make up 44 percent of households in the state, the third-largest share of renters behind. D.C., at 58 percent, and New York at 45 percent.

The most expensive rental market in the US remains to be New York. The average monthly rent for a one-bedroom is roughly $3,260. This is about a $500 decrease from 2021, however as demand continues to increase prices are likely to follow.

What state is the best to rent? ›

North Dakota, South Dakota and Iowa are the best states for renters. California, Massachusetts and Nevada are the worst states for renters. Overall median rent ranges from $1,774 to $770 per month in Hawaii and West Virginia, respectively.

The average monthly rent for all apartment types in the United States rose substantially in 2021. As of February 2023, the average monthly rent for a two-bedroom apartment in the United States reached 1,320 U.S. dollars, up from 1,282 U.S. dollars a year before.

The average rent for an apartment in the U.S. is $1,702. The cost of rent varies depending on several factors, including location, size, and quality.

According to Florida Realtors, there was a 36% increase in rental prices from the start of 2020 to the end of 2022, and many landlords continue to hike the rates.

The three cheapest states to move to in terms of housing costs are: West Virginia, with an average price of $123,000; Mississippi, with an average price of $125,000; and Arkansas, with an average house price of 133,600.

The lowest rental rates are usually found between October and April, particularly right after the December holiday season. Fewer people are interested in moving—the weather's bad, schools are in session, etc. So individuals renting between the months of December and March typically find the best rental bargains.

What are the 10 cheapest cities to live in in the United States? ›

But in our opinion, it's 100% worth it to negotiate rent and get the best price possible for your new home. Since rent prices make up a large portion of our expenses, shaving off even a small percentage of your rent can save you thousands of dollars a year.

U.S. rent prices decreased by 0.25% from January to February 2023, according to the latest data from rental listings site Rent.com. While it's a smaller decrease than in previous months, it brings the U.S. monthly average rent price down to $1,937 — lower than its August 2022 peak of $2,053.

Just because there's a recession doesn't necessarily mean rent prices go down. In fact, during the 2008 recession, it was the exact opposite. In the current rental market, we have seen the rate of increase in rental prices come down, but this only translates to lower rent prices if you're in select markets.

From 2017 to 2022, the average year-over-year increase in rent was 5.77% nationwide, with the biggest increase occurring from 2021 to 2022 at 14.07%.

Homeowner vs.

In the under-35 age group, 65% of American households are rented. Meanwhile, in the 65+ age group (senior citizens), 79.3% own a home. The median age of homebuyers is 47 years old, while the median age of renters is 38 years old. A whopping 64% of millennials who own homes regret their purchase of a home.

The best type is the one who checks you out too

Nothing too evasive from their side but enough to show that they are serious diligent tenants that you can feel comfortable to trust that they will pay their rent in time and look after your property.

1. 10.6 Million Americans Earn Income from Rental Properties. Approximately 10.6 million American tax filers declared rental income when they filed their taxes. That means about 7.1% of 1040 filers could potentially be landlords.

What US state has the most apartments? ›

Data drawn from an analysis of over 500,000 property listings reveals that Madagascar has the world's cheapest apartment rental. For house-hunters or 'staycationers', the lowest rental price in the country is 1500 Malagasy ariary – or about 60 US cents per month.

Hong Kong is the most expensive city to live in the world

Owing to its mammoth population size of 7 million people and finite spice, rent and hotels are extremely expensive. The price of food varies – depending on whether you buy fresh, imported produce versus local, market produce.

Many often believed it to be the most expensive in the world. Still, it wasn't until a report released in recent days by the Economist Intelligence Unit (EIU) that declared New York City to, in fact, be the most expensive city on the planet. It's official: New York City is the most expensive city in the world.

Renters are seeing their housing costs jump as population increases, strict zoning regulations and rising home sales push up rent prices.

For example, the Phoenix metro area is projected to experience a 0.9% decline in housing prices by the end of February 2023, followed by a further 1.6% decline by the end of April 2023. However, the market is expected to rebound slightly by the end of January 2024 with a 0.2% increase in prices.

The average rental property cost around $1,662 in April 2021, according to data compiled from new listings on Rentals.ca, but the average price to rent is now around $2,002 as of April 2023.

Take rent for example. The traditional advice is simple: Spend no more than 30% of your before-tax income on housing costs. That means if you bring in $5,000 per month before taxes, your rent shouldn't exceed $1,500.

Over 19 million U.S. renter households spent more than 30% of their income on housing costs in 2021, according to data from the 2017-2021 American Community Survey (ACS) 5-year estimates released today.

In Florida, landlords can raise the rent by any amount that they wish. There is no legal limit or cap on the amount of a rent increase.

Is there a 5 rent increase law in Florida? ›

Rent increases of more than 5% require 60 days' notice from tenants in Royal Palm Beach and Miami-Dade County. To find out if your region has notice requirements, check your local legislation.

— The cost to rent a home in Florida continues to rise above the national average. But according to a national survey by Florida Atlantic University, there is some good news for residents. Rent hikes devastated many residents who live in Palm Beach County and the Treasure Coast about a year after the pandemic hit.

The study analyzed the U.S. Census Bureau housing data of more than 300 cities with a population of 100,000 or more and conducted a survey of over 1,000 people from around the country in November. Newark, New Jersey, has the most, with more than 79% of residents renting.

The most expensive city in the U.S. in terms of housing costs is San Jose, California. It combined the highest monthly housing costs in our study with the second-highest home values, but San Francisco wasn't far behind.

In 2023, the maximum most landlords can raise a tenant's rent without the approval of the Landlord and Tenant Board is 2.5% (rent control).

Rent Inflation in the United States averaged 4.17 percent from 1954 until 2023, reaching an all time high of 20.85 percent in June of 1980 and a record low of -0.73 percent in April of 2010. This page includes a chart with historical data for the United States Rent Inflation.

The highest percentage of renters in the U.S. can be found on the East Coast. Newark, New Jersey ranks number one with 79.15%.

Key findings. 8,070,524 people ages 18 or older in the U.S. aren't caught up on rent payments. Put another way, 13.17% of the nation's adult renters live in a household that charges them rent and are behind on payment. Nationwide, 3,560,345 adults — 5.81% of adult renters — live in a household that doesn't pay rent.

States With Lowest Cost of Living

The ten states with the lowest cost of living are Mississippi, Oklahoma, Kansas, Alabama, Georgia, Missouri, Iowa, Indiana, West Virginia, and Tennessee. Mississippi is the state with the lowest cost of living in the US, with a cost of living index of 85.

What state has the most unaffordable housing? ›

According to worldpopulationreview.com, Hawaii is the most expensive state to live in, with its housing costing three times the national average. New York and California rank as the second and third most expensive states in which to live, respectively.

All the cities on this graphic are classified as severely unaffordable⁠—and, for the 12th year in a row, Hong Kong takes the top spot as the world's most unaffordable housing market, with a score of 23.2.

The average price of the most expensive neighborhoods in every U.S. state is $5,249,542, but America's most expensive neighborhood—Manalapan, Fla.,—far surpasses that at a whopping average house price of $39,761,000.