2023 rent numbers released. Rising cost of rents are significantly outpacing income. Cost of rent is still increasing due to the widening gap between supply and demand. Many Americans are concerned how they are going to make ends meet with increasing rent costs. There is also hope that these numbers will come back down considering the current economic landscape.
Rent Numbers 2023
These numbers are scraped from Zillow as of the month of January 2023. Rent prices tend to lag behind the market by 6 - 12 months. This means that rent number will lag behind and not adjust as quickly as most would hope. 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.
What is Average Rent?
Average rent going into 2023 is $1,742. 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.
States with highest rent
- New York $3,400
- California $3,000
- Massachusetts $2,900
- Hawaii $2,850
- Florida $2,575
States with the lowest rent
- Iowa $1,026
- South Dakota $1,025
- West Virginia $899
- North Dakota $831
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.
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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.