House Rent Average Price Sees Steady Increase Over Five Years

House Rent Average Price Sees Steady Increase Over Five Years

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According to data from ApartmentList, analyzed by GOBankingRates, the national average rent in August 2018 stood at $1,099. By August 2023, this figure had risen by nearly 25% to $1,371.

House Rent Average Price Sees Steady Increase Over Five Years
House Rent Average Price Sees Steady Increase Over Five Years ( Photo: LinkedIn )

The house rent average price in the United States has shown a consistent upward trend over the past half-decade, reflecting both the real estate market’s state and Americans’ financial well-being

The Midwest emerged as the most affordable region, with the lowest overall increase of just under 25%. Notably, Indiana experienced the most significant spike in the Midwest, with rents surging by nearly 34%. In contrast, North Dakota maintained its position as the least expensive state, with a meager 4% increase in rent over the five-year span.

The Northeast, historically the costliest region, saw the most pronounced surge, with house rent average prices soaring by an average of 28%. Delaware led the Northeast with a staggering 47% increase, followed by Maine and New Hampshire, each experiencing hikes of 43% and 41%, respectively. Meanwhile, Washington, D.C., known for high living costs, saw a relatively modest 5% increase.

In the South, house rent average price in August 2018 averaged $1,032, $67 below the national average

By August 2023, this had risen by 27% to $1,313. Florida witnessed the most substantial increase at nearly 37%, while Louisiana saw the smallest rise, standing at 14%. Notably, West Virginia and Kentucky maintained house rent average prices below $1,000.

Out West, the house rent average price in 2018 was $1,178, exceeding the national average by $79. However, by August 2023, this had surged by 27% to $1,496. Despite having the highest house rent average price in the nation, California and Hawaii experienced relatively smaller increases at around 17% and 19%, respectively.

New Mexico witnessed the most significant surge nationwide, with rents skyrocketing by an astonishing 54%. Meanwhile, Arizona also played a substantial role in the region’s increases, with a notable 45% rise in rent prices. These developments underscore a consistent trend of rising house rent average prices across the United States over the past five years.

 

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