Cheapest United States Rent Prices in 2024

Cheapest Rent in US

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

RankStateAverage Rent2
#1Missouri (MI)$1,000
#2Oklahoma (OK)$1,020
#3Ohio (OH)$1,023
#4Iowa (IA)$1,030
#5Nebraska (NE)$1,033
#6Arkansas (AR)$1,055
#7West Virginia (WV)$1,065
#8North Dakota (ND)1,075
#9Louisiana (LA)$1,086
#10Alabama (AL)$1,091
2Based on average of Fair Market Rents (FMRs) for 0-4 bedroom residential rental units throughout United States excluding Puerto Rico for calendar year 2024.

10 Cheapest Rent US Metros 2024

RankMetroAverage Rent2
#1Cleveland-Elyria, OH Metro$1,159
#2Oklahoma City, OK Metro$1,217
#3St. Louis, MO-IL Metro$1,298
#4Rochester, NY Metro$1,323
#5Columbus, OH Metro$1,331
#6Birmingham-Hoover, AL Metro$1,332
#7Indianapolis-Carmel-Anderson, IN Metro$1,472
#8Kansas City, MO-KS Metro$1.383
#9Louisville, KY-IN Metro$1,402
#10Memphis, TN-MS-AR Metro$1,436
2Based on average of Fair Market Rents (FMRs) for 0-4 bedroom residential rental units throughout United States excluding Puerto Rico for calendar year 2024. Minimum metro population of 500,000.

10 Cheapest Rent US Cities 2024

RankCity3Average Rent2
#1Toledo, OH$1,023
#2Akron, OH$1,055
#3Wichita, KS$1,092
#4Shreveport, LA$1,125
#5Sioux Falls, SD$1,176
#6Mobile, AL$1,145
#7Montgomery, AL$1,195
#8Jackson, MS$1,223
#9Lubbock, TX$1,240
#10Baton Rouge, LA$1,446
2Based on average of Fair Market Rents (FMRs) for 0-4 bedroom residential rental units throughout United States excluding Puerto Rico for calendar year 2024. 3Minimum city population of 150,000

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 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

Rental Property Rent Payments

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.

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