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 rental real estate data on rent prices for residential properties throughout the country in 2024, with an emphasis on different states and major metropolitan areas.
Cheapest State Rent
Missouri
(MI)
$1,0001
Cheapest Metro Rent
Cleveland Metro (OH)
$1,1591
Cheapest City Rent
Toledo
(OH)
$1,0231
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 2024
| Rank | State | Average Rent2 |
|---|---|---|
| #1 | Missouri (MI) | $1,000 |
| #2 | Oklahoma (OK) | $1,020 |
| #3 | Ohio (OH) | $1,023 |
| #4 | Iowa (IA) | $1,030 |
| #5 | Nebraska (NE) | $1,033 |
| #6 | Arkansas (AR) | $1,055 |
| #7 | West Virginia (WV) | $1,065 |
| #8 | North Dakota (ND) | 1,075 |
| #9 | Louisiana (LA) | $1,086 |
| #10 | Alabama (AL) | $1,091 |
10 Cheapest Rent US Metros 2024
| Rank | Metro | Average Rent2 |
|---|---|---|
| #1 | Cleveland-Elyria, OH Metro | $1,159 |
| #2 | Oklahoma City, OK Metro | $1,217 |
| #3 | St. Louis, MO-IL Metro | $1,298 |
| #4 | Rochester, NY Metro | $1,323 |
| #5 | Columbus, OH Metro | $1,331 |
| #6 | Birmingham-Hoover, AL Metro | $1,332 |
| #7 | Indianapolis-Carmel-Anderson, IN Metro | $1,472 |
| #8 | Kansas City, MO-KS Metro | $1.383 |
| #9 | Louisville, KY-IN Metro | $1,402 |
| #10 | Memphis, TN-MS-AR Metro | $1,436 |
10 Cheapest Rent US Cities 2024
| Rank | City3 | Average Rent2 |
|---|---|---|
| #1 | Toledo, OH | $1,023 |
| #2 | Akron, OH | $1,055 |
| #3 | Wichita, KS | $1,092 |
| #4 | Shreveport, LA | $1,125 |
| #5 | Sioux Falls, SD | $1,176 |
| #6 | Mobile, AL | $1,145 |
| #7 | Montgomery, AL | $1,195 |
| #8 | Jackson, MS | $1,223 |
| #9 | Lubbock, TX | $1,240 |
| #10 | Baton Rouge, LA | $1,446 |
The #1 Rental Property Newsletter
Once a month, we send out an exclusive Rental Property Market Update with top stories, current mortgage rates, building products, and more. No spam and unsubscribe anytime.
Average Rent Prices by State
Analyzing U.S. rent prices by each state is an important aspect of market research that can unveils rental economic trends. With this information, real estate investors can better identify investment opportunities and understand market dynamics. Click on a State below to see its fair market residential rent price breakdown:
Most Expensive Rent in the United States
It’s no secret that rents have been continually on the rise, but where are rents really the highest in the United States?
Average Rent in the United States
Average rent prices across the United States provide excellent insights into highs, lows, and emerging market trends.
Rent Prices by State in the United States
Data on rents across the United States can provide excellent insights into highs, lows, and emerging market trends.
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.