Rising Rent

This Map Of National Rent Price Changes Is Eye Opening

It might be time to move to Idaho.

Jan Hakan Dahlstrom/Photodisc/Getty Images

There is no question that families have been really struggling to cover basic needs like food, rent, and transportation. There’s been so much fluctuation between inflation and issues with supply chains that finding anywhere to save a little money each month can feel impossible. A new report from Rent.com gives a snapshot of how costly keeping a roof over our heads has become, and a released a map of monthly changes in rent. It might be time to move to Idaho.

According to Rent.com, the national median rent now sits at $1,967, which is slightly less than what was seen in March, and it’s significantly better than when rent prices peaked in 2022. However, when looking at rental prices over a two-year period, rent is up 16.33%, and it’s easy to see why so many parents are struggling.

But the rise in rental prices isn’t the same across the country; some states are seeing a drop in prices far faster than the national median. Rent.com collected data on the metro areas that have experienced the greatest decreases in rent prices year-over-year and created an easy-to-read map.

To find the areas across the country that are seeing decreases in rental prices, Rent.com analyzed the April 2023 rental prices based on its own available inventory, considering the number of bedrooms. Using data from the U.S. Census Bureau, Rent.com pulled information on the top 50 metropolitan areas based on population estimates and sorted all the information to get the year-over-year state rental increases and decreases, plus the metro areas that have seen the greatest decreases in rent prices.

The states with the highest year-over-year rent prices:

  1. South Dakota ↑28.59%
  2. Mississippi ↑24.69%
  3. Iowa ↑16.76%
  4. Arkansas ↑14.47%
  5. New Hampshire ↑14.28%

The states with the lowest year-over-year rent prices:

  1. Idaho ↓5.37%
  2. Nevada ↓4.78%
  3. Arizona ↓4.29%
  4. Washington ↓4.15%
  5. Illinois ↓2.21%

Metro areas that have seen the greatest decreases in rent prices:

  1. New Orleans-Metairie, LA ↓14.95%
  2. Austin-Round Rock-Georgetown, TX ↓14.33%
  3. Phoenix-Mesa-Chandler, AZ ↓9.63%
  4. Las Vegas-Henderson-Paradise, NV ↓7.13%
  5. Oklahoma City, OK ↓6.43%

To read more, check out Rent.com.