2022 Rent Numbers Released

Housing being the largest expense for most households in the US, you can imagine that many eyes are on the cost of housing. Inflation has been rampant on rental prices and it's likely to not end soon. 

Inflation and Rent Costs

Rent prices tend to lag behind the market by 6 months to a 1 year. This means that we haven't seen the end of increasing rent prices. Households generally spend around 30% of their income on rent and that number is being threatened. Average Rent prices have been released and its not looking good for renters. 

2022 average renters pay $1,326 per month

Most states have seen a devastating 10% increase in rent costs. Five of the states that have been affected the most be increases are: Utah, Arizona, Tennessee, New York, and Nevada. 

Rent cost by state

 States with highest rent

  • Hawaii coming in with average rent at $2,399 per month.
  • California costs the average renter $1,844 per month.
  • District of Columbia average rent cost is $1,785 per month. 
  • Florida average is $1,686 per month. 

States with the lowest rent

  • West Virginia average rent is $725
  • Arkansas average rent is $745
  • South Dakota average rent is $747
  • Kentucky average rent is $763
2022 rent numbers released

Google Search Query Numbers

Google search term for "houses for rent near me" has seen a huge increase over the last year. This is yet another indicator that people are looking for cheaper housing and are trying to find a solution to increasing rent problems. 

google search query for rent

What is the median cost of rent per state

State Median Rent
Hawaii 1617
California 1503
Maryland 1392
New Jersey 1334
Massachusetts 1282
New York 1280
Colorado 1271
Washington 1258
Alaska 1244
Virginia 1234
Connecticut 1180
Florida 1175
Delaware 1130
New Hampshire 1111
Oregon 1110
Nevada 1107
Arizona 1052
Texas 1045
Utah 1037
Illinois 1010
Georgia 1006
Rhode Island 1004
Vermont 985
Minnesota 977
Pennsylvania 938
North Carolina 907
South Carolina 894
Michigan 871
Tennessee 869
Louisiana 866
Wisconsin 856
Wyoming 855
Idaho 853
Maine 853
Kansas 850
New Mexico 844
Nebraska 833
Missouri 830
Indiana 826
North Dakota 826
Montana 810
Oklahoma 810
Ohio 808
Alabama 792
Iowa 789
Mississippi 780
Kentucky 763
South Dakota 747
Arkansas 745
West Virginia 725

Disclaimer

These numbers are averages and medians. Certain locations within each state will have much higher rent. The cost of rent in more rural areas will lower the average and median pricing. That being said it still is a strong indicator that planning for rent increases should be a part of your financial plan. Data was scraped from World Population Review.

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