Pandemia Covid-19 pushed rent prices across the country, and in two countries, tenants are paying more than $ 2,000 a month.
Hawaii and California topped the list of countries with the most expensive average rents, with $ 2,132 and $ 2,101, respectively, according to a new report by Rentc Direct, a property management software.
Washington is the third best state, with $ 1,785 a month, followed by New Jersey ($ 1,758) and Florida ($ 1,752).
Where rents are mostly glued
Rentec analyzed rent data over the past five years and found that rents increased 31% from 2019 to 2024.
New Mexico, Tennessee, Georgia and Maryland all saw renting between 61% and 67% during that time, but Arizona to the list as a state with the highest lease jump.
The prices there increased with an astronomical 84%. This results in an average increase of $ 532 per year, to $ 1,641.
Other countries that saw the strongest rental rental lease included Delaware ($ 447), Washington ($ 436), New Jersey ($ 422) and Maryland ($ 383) have all seen population growth.
“Arizona, New Mexico and Tennessee have seen all population points driven by factors such as retirement migration, hard markets, low taxes and a lower living cost,” Kaycee Miller, real estate investor, Rentec Direct, Tels Realtor.com. “This impact is pressuring the supply of already tense housing, intensifying competition and raising rent prices.”
Arizona’s population grew by about 270,000 people from 2019 to 2024, and Tennessee’s population increased by about 300,000 in the same period.
While other countries like South Carolina, Alaska, Idaho, Montana and Wyoming may not have high rental rent – the average monthly rent of Wyoming, for example, up to $ 1,102 – they saw some of the most important percentage increases across the board, between 53% and 56%.
Miller says this is because the owners in these countries are able to cherish simply in question.
“States that experience rapid population growth, limited supply of housing and no rental laws are seeing the growth of steep leases,” Miller says. “Of the 10 countries where rents increased by 50% or more over the last five years, none have a rental control police at the state level. Without rent control, you are afraid to see more pronounced rental increases as housing providers regulate prices to keep the pace and remain competitive.”
Some bright spots on the rent market
While most states saw rent growth, there were some startling landing across the country.
In New York, the average monthly rent remains on the top side, with $ 1,394. However, the research showed that the state experienced an increase of just about $ 160 from 2019 to 2024.
In Luiziana, the average rent prices dropped from $ 846 in 2019 to $ 825 to 2024, as they reached $ 935 in 2023.
These shifts can signal that rental markets are finally starting to stabilize in these areas.
Minnesota, meanwhile, had an impressive reduction of 34% of rent over the past five years.
In 2019, the average rent reached $ 1,285. By 2024, it was reduced to $ 849. Most of this is a duet for a state -owned effort under its Minneapolis 2040 plan to reduce apartments with a family in favor of the highest density housing.
According to Rentec report, the most affordable rent in the country can be found in Western Virginia ($ 693), Luiziana ($ 825), Minnesota ($ 840), Nebraska ($ 850) and South Dakota ($ 901).
The future of renting
RENECT experts predict that inflation and high interest rates can cause the lease price to slow down. On the other hand, supply chain breaks and tariffs can affect the availability and cost of new construction, which can place a premium on leased units in limited markets.
“Rental control and stabilization policies aim to improve housing affordability, reduce relocation and promote economic diversity – Esperanto in large cities,” says Miller.
“But they can also reduce availability, discourage investment and development and increase market rents in areas without regulations. While offering tenants more sustainable and predictable dwellings.”
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