Where are the highest and lowest rents?
While rents are on the rise across the United States, some states are more tenant friendly than others. If you are looking to move, it is helpful to know Where Are the Highest and Lowest Rents.
According to research from real estate software firm, Stessa, the closer to the coasts, the higher the rent. As a result, 9 of the 10 most expensive states are on the coast. Hawaii and California not surprisingly have the highest median rents.
|#4 New York||$1818|
|#7 New Jersey||$1700|
Of these states, California dominates when looking at the most expensive large metro areas for tenants. San Jose leads the pack with a median rent of $3186.
|METRO AREA||MEDIAN RENT|
|#1 San Jose-Sunnyvale-Santa Clara, CA||$3186|
|#2 San Francisco-Oakland-Berkeley, CA||$2830|
|#3 Boston-Cambridge-Newton, MA||$2377|
|#4 Los Angeles-Long Beach-Anaheim, CA||$2255|
|#5 San Diego-Chula Vista-Carlsbad, CA||$2251|
|#6 Seattle-Tacoma-Bellevue, WA||$2080|
|#7 New York-Newark-Jersey City, NY-NJ||$2045|
|#8 Washington-Arlington-Alexandria, DC-VA-MD||$1976|
|#9 Riverside-San Bernardino-Ontario, CA||$1859|
|#10 Sacramento-Roseville-Folsom, CA||$1845|
While the rents being charged in coastal states and cities is intimidating, all hope is not lost when looking for an affordable place to live. There are 14 states with median rents under $1000. While the cheapest state for renters is Arkansas, others include West Virginia, South Dakota, Iowa and Kentucky.
|#45 North Dakota||$949|
|#48 South Dakota||$926|
|#49 West Virginia||$921|
When looking at the largest Metro area with the lowest rent, Cleveland, OH is the least expensive with a median rent of $982. It is also the only large metro area with a median rent under $1000. Other cities that match the least expensive states include Cincinnati, Louisville, and Indianapolis.
|METRO AREA||MEDIAN RENT|
|#46 Milwaukee, WI||$1073|
|#47 Buffalo-Cheektowaga, NY||$1069|
|#48 Louisville/Jefferson County, KY-IN||$1069|
|#49 Pittsburgh, PA||$1063|
|#50 Cincinnati, OH-KY-IN||$1058|
|#51 Oklahoma City, OK||$1056|
|#52 St. Louis, MO-IL||$1035|
|#53 Indianapolis-Carmel-Anderson, IN||$1032|
|#54 Tulsa, OK||$1028|
|#55 Cleveland-Elyria, OH||$982|
Where to Go
More people are moving to coastal states and warmer climates. As a result, rents are going up in these areas while areas in less demand are more affordable. As budgets get pressured by higher living expenses and remote work increases in popularity, tenants may find the need to look at lower rent cities and states for relief. This may be a blessing in disguise. According to U.S. News’ BEST PLACES TO LIVE IN THE US 2022-2023, 8 of the top 50 cities are in lower rent cities and states. Take a look!
- Fayetteville, AR (#7)
- Des Moines, IA (#14)
- Pittsburgh, PA (#26)
- Lincoln, NE (#28)
- Omaha, NE (#29)
- Lexington, KY (#34)
- Cincinnati, OH (#41)
- Fort Wayne, IN (#48)
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