Rent Numbers Released

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. 

States By Rent Cost

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. 

State Median Rent
Hawaii $2,850
California $3,000
Maryland $1,844
New Jersey $2,200
Washington $2,195
Massachusetts $2,900
Colorado $2,250
New York $3,400
Virginia $1,997
Alaska $1,489
Florida $2,575
Connecticut $1,485
Oregon $1,854
Nevada $2,150
Delaware $1,610
New Hampshire $1,930
Arizona $2,195
Utah $2,000
Texas $1,886
Georgia $1,999
Illinois $1,650
Rhode Island $2,150
Minnesota $1,537
Vermont $1,900
Pennsylvania $1,525
North Carolina $1,850
South Carolina $1,775
Tennessee $1,860
Michigan $1,335
Idaho $2,073
Louisiana $1,395
Maine $1,875
Wisconsin $1,100
Kansas $1,056
Nebraska $1,186
New Mexico $1,595
Wyoming $1,100
Indiana $1,395
Missouri $1,300
Montana $1,800
North Dakota $831
Ohio $1,300
Oklahoma $1,400
Alabama $1,461
Iowa $1,026
Mississippi $1,410
Kentucky $1,250
South Dakota $1,025
Arkansas $1,235
West Virginia $899

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. 

State Median Rent

 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. 

    google search query for rent


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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.

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