With the price of rent always trending upwards, cheap rent can be a strong motivator. Tenants may want to seek cheaper alternatives, and rental property investors may seek for properties that have lower price points. Here we analyze the cheapest rent prices for residential properties throughout the country in 2023, with an emphasis on different states and major metropolitan areas.
Cheapest State Rent
Missouri (MI)
$9161
Cheapest Metro Rent
St. Louis Metro
$9791
Cheapest City Rent
Akron, Ohio (OH)
$8961
1Based on average of Fair Market Rents (FMRs) for 0-4 bedroom residential rental units throughout the United States, excluding Puerto Rico.
10 Cheapest Rent US States 2023
| Rank | State | Average Rent2 |
|---|---|---|
| #1 | Missouri (MI) | $916 |
| #2 | Arkansas (AK) | $917 |
| #3 | Oklahoma (OK) | $921 |
| #4 | Mississippi (MI) | $942 |
| #5 | Nebraska (NE) | $951 |
| #6 | Ohio (OH) | $952 |
| #7 | Alabama (AL) | $953 |
| #8 | West Virgina (WV) | $975 |
| #9 | Louisiana (LA) | $981 |
| #10 | Kentucky (KY) | $988 |
10 Cheapest Rent US Metros 2023
| Rank | Metro | Average Rent2 |
|---|---|---|
| #1 | St. Louis, MO-IL Metro | $979 |
| #2 | Oklahoma City, OK Metro | $1,031 |
| #3 | Cleveland-Elyria, OH Metro | $1,039 |
| #4 | Birmingham-Hoover, AL Metro | $1,052 |
| #5 | Louisville, KY-IN Metro | $1,069 |
| #6 | Columbus, OH Metro | $1,076 |
| #7 | Memphis, TN-MS-AR Metro | $1,080 |
| #8 | Rochester, NY Metro | $1,101 |
| #9 | Indianapolis-Carmel-Anderson, IN Metro | $1,103 |
| #10 | Kansas City, MO-KS Metro | $1,170 |
10 Cheapest Rent US Cities 2023
| Rank | City3 | Average Rent2 |
|---|---|---|
| #1 | Akron, OH | $896 |
| #2 | Toledo, OH | $918 |
| #3 | Wichita, KS | $951 |
| #4 | Sioux Falls, SD | $954 |
| #5 | Shreveport, LA | $956 |
| #6 | Montgomery, AL | $968 |
| #7 | Mobile, AL | $989 |
| #8 | Lubbock, TX | $1,010 |
| #9 | Jackson, MS | $1,018 |
| #10 | Baton Rouge, LA | $1,026 |
Average Rent Prices by US State 2023
Methodology
Areas with insufficient inventory or populations less than 150,000 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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