The 10 states with the highest rental prices
Rents across the country have gone through a period of historic growth in the last two years. According to real estate research firm CoStar Group, US rental prices rose 11.3% last year. In the previous five years alone, gross rents increased by 18.1%.
The increase in rental prices is due to a combination of an increase in inflation and the lack of houses for rent.
This lack of supply relative to demand is due to the fact that the number of people looking to rent has increased greatly since the pandemic began, while the number of available properties has been limited by the shortage of construction materials also related to the pandemic and other construction delays.
The 10 states with the highest rental prices
Next, we share with you the 10 states with the highest rental prices:
10. Alaska
- Average monthly rental cost: $1,240 dollars
- Percentage of income normally spent on rent: 27.5%
- Percentage of homes that are rented: 35.2%
9. Virginia
- Average monthly rental cost: $1,257 dollars
- Percentage of income normally spent on rent: 28.8%
- Percentage of homes that are rented: 33.3%
8. New York
- Average monthly rental cost: $1,315 dollars
- Percentage of income normally spent on rent: 30.8%
- Percentage of homes that are rented: 45.9%
7. Colorado
- Average monthly rental cost: $1,335 dollars
- Percentage of income normally spent on rent: 30.6%
- Percentage of homes that are rented: 33.8%
6. Massachusetts
- Average monthly rental cost: $1,336 dollars
- Percentage of income normally spent on rent: 29.6%
- Percentage of homes that are rented: 37.5%
Read: What are the cities where rents increased the most in the last year in the US?
5. Washington
- Average monthly rental cost: $1,337 dollars
- Percentage of income normally spent on rent: 29.1%
- Percentage of homes that are rented: 36.7%
4. New Jersey
- Average monthly rental cost: $1,368 dollars
- Percentage of income normally spent on rent: 30.3%
- Percentage of homes that are rented: 36%
3. Maryland
- Average monthly rental cost: $1,415 dollars
- Percentage of income normally spent on rent: 29.7%
- Percentage of homes that are rented: 32.9%
2. California
- Average monthly rental cost: $1,586 dollars
- Percentage of income normally spent on rent: 32.2%
- Percentage of homes that are rented: 44.7%
1. Hawaii
- Average monthly rental cost: $1,651 dollars
- Percentage of income normally spent on rent: 32.5%
- Percentage of homes that are rented: 39.7%
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