United States Rent Prices by State 2023
Each rental market is different with nuanced factors pushing prices upwards or downwards. These figures, shaped by factors like local economy, demand, and property types, reveal a tapestry of rental market dynamics. By understanding this landscape, investors can pinpoint lucrative markets, anticipate trends, and make data-driven decisions. This exploration of state-by-state rent prices forms a key part of the investor’s toolkit, aiding in market analysis and property selection.
Residential Rent Prices by State
Analyzing ‘rent prices by state’ is a crucial aspect of market research, offering a granular view of the rental trends across the U.S. Armed with this information, real estate investors can better identify investment opportunities, understand market dynamics, and plan their strategies accordingly.
| wdt_ID | State | Studio | 1BR | 2BR | 3BR | 4BR |
|---|---|---|---|---|---|---|
| 1 | Alabama (AL) | 679 | 724 | 893 | 1.159 | 1.309 |
| 2 | Alaska (AK) | 918 | 1.013 | 1.334 | 1.895 | 2.272 |
| 3 | Arizona (AZ) | 923 | 1.019 | 1.272 | 1.737 | 2.032 |
| 4 | Arkansas (AK) | 646 | 676 | 838 | 1.095 | 1.331 |
| 5 | California (CA) | 1.393 | 1.544 | 1.937 | 2.639 | 3.035 |
| 6 | Colorado (CO) | 1.049 | 1.173 | 1.463 | 2.018 | 2.336 |
| 7 | Connecticut (CT) | 1.134 | 1.338 | 1.662 | 2.118 | 2.546 |
| 8 | Delaware (DE) | 935 | 1.014 | 1.253 | 1.637 | 1.910 |
| 9 | Florida (FL) | 987 | 1.087 | 1.327 | 1.757 | 2.074 |
| 10 | Georgia (GA) | 768 | 813 | 977 | 1.285 | 1.514 |
| 11 | Hawaii (HI) | 1.548 | 1.661 | 2.117 | 2.962 | 3.386 |
| 12 | Idaho (ID) | 696 | 802 | 1.020 | 1.435 | 1.703 |
| 13 | Illinois (IL) | 702 | 773 | 979 | 1.300 | 1.446 |
| 14 | Indiana (IN) | 690 | 759 | 951 | 1.242 | 1.400 |
| 15 | Iowa (IA) | 657 | 732 | 929 | 1.251 | 1.419 |
| 16 | Kansas (KS) | 694 | 752 | 951 | 1.265 | 1.490 |
| 17 | Kentucky (KY) | 670 | 729 | 915 | 1.218 | 1.408 |
| 18 | Louisiana (LA) | 683 | 749 | 915 | 1.188 | 1.367 |
| 19 | Maine (ME) | 938 | 1.054 | 1.350 | 1.755 | 2.017 |
| 20 | Maryland (MD) | 967 | 1.032 | 1.265 | 1.664 | 1.907 |
| 21 | Massachusetts (MA) | 1.159 | 1.284 | 1.646 | 2.051 | 2.337 |
| 22 | Michigan (MI) | 759 | 832 | 1.035 | 1.337 | 1.482 |
| 23 | Minnesota (MN) | 736 | 814 | 1.020 | 1.408 | 1.688 |
| 24 | Mississippi (MS) | 664 | 737 | 874 | 1.141 | 1.293 |
| 25 | Missouri (MO) | 631 | 671 | 851 | 1.130 | 1.296 |
| 26 | Montana (MT) | 722 | 789 | 1.018 | 1.421 | 1.668 |
| 27 | Nebraska (NE) | 635 | 708 | 903 | 1.180 | 1.327 |
| 28 | Nevada (NV) | 986 | 1.149 | 1.438 | 2.044 | 2.444 |
| 29 | New Hampshire (NH) | 1.294 | 1.408 | 1.800 | 2.290 | 2.578 |
| 30 | New Jersey (NJ) | 1.210 | 1.356 | 1.671 | 2.120 | 2.389 |
| 31 | New Mexico (NM) | 797 | 893 | 1.049 | 1.442 | 1.644 |
| 32 | New York (NY) | 1.033 | 1.135 | 1.395 | 1.770 | 1.949 |
| 33 | North Carolina (NC) | 806 | 848 | 1.018 | 1.345 | 1.612 |
| 34 | North Dakota (ND) | 679 | 755 | 910 | 1.293 | 1.549 |
| 35 | Ohio (OH) | 655 | 716 | 916 | 1.179 | 1.294 |
| 36 | Oklahoma (OK) | 642 | 669 | 855 | 1.140 | 1.299 |
| 37 | Oregon (OR) | 996 | 1.103 | 1.384 | 1.954 | 2.291 |
| 38 | Pennsylvania (PA) | 804 | 886 | 1.105 | 1.418 | 1.570 |
| 39 | Rhode Island (RI) | 1.247 | 1.294 | 1.600 | 2.073 | 2.600 |
| 40 | South Carolina (SC) | 837 | 871 | 1.029 | 1.322 | 1.568 |
| 41 | South Dakota (SD) | 668 | 756 | 971 | 1.283 | 1.524 |
| 42 | Tennessee (TN) | 693 | 734 | 920 | 1.212 | 1.396 |
| 43 | Texas (TX) | 800 | 883 | 1.076 | 1.413 | 1.691 |
| 44 | Utah (UT) | 852 | 950 | 1.165 | 1.617 | 1.931 |
| 45 | Vermont (VT) | 1.139 | 1.238 | 1.615 | 1.982 | 2.170 |
| 46 | Virginia (VA) | 870 | 894 | 1.078 | 1.418 | 1.706 |
| 47 | Washington (WA) | 1.005 | 1.120 | 1.391 | 1.939 | 2.273 |
| 48 | West Virginia (WV) | 669 | 728 | 892 | 1.196 | 1.392 |
| 49 | Wisconsin (WI) | 718 | 798 | 1.014 | 1.344 | 1.482 |
| 50 | Wyoming (WY) | 640 | 752 | 916 | 1.301 | 1.555 |
| State | Studio | 1BR | 2BR | 3BR | 4BR |
Methodology
Areas with insufficient inventory or populations less than 50,000 were excluded from this analysis. Averages are based on the combined average of 0-4 bedroom residential rental properties throughout the United States excluding Puerto Rico.
Data
Rent prices are based on aggregated data from one and/or several sources noted below:
Disclaimer
The information included is used for illustrative purposes only. The data contained herein does not constitute financial, legal, or any material advice. Data is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals before making any material decisions.
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