Most Expensive Rental Markets in the United States (US)
Did you know that the United States can be divided by how much people pay in rent? In a single state, rental rates can vary as much as $700 for comparable apartments.
For example, in Massachusetts, the average rent is $947. In Middlesex County, it is $1196. The far western counties, though, dip down to an average rent of $600 or less.
California is a study in contrasts, of course. Marin County has the highest rents. Most of the northern and central parts of the state are in the $650 to $800. One county on the Mexico border has rents significantly less than $600. The statewide average is $1135.
The national picture is also very telling about state incomes. The national average rent is $824 per month. California and Hawaii are the only states with an average over $1100. The states of New Jersey and Maryland also have very high rentals rates, with New Jersey's average being $1068.
The lowest rates are found in West Virginia, Kentucky, and North and South Dakotas.
So what does this really mean for renters and landlords?
Knowing the average rents in your state and in the different counties of your state can help renters find the best rates and landlords to set appropriate rates.
Renters: If you have the type of job that you can take with you, either an online job or are self-employed, you might be able to relocate to a state or a county where the rent and cost of living is lower. You can also look to move to places that have growing economies but still low rents. North Dakota is a great example: The gas and oil economy is booming, but much of the rental property is still low enough to keep the cost of living in line.
Landlords: If you know that your area is in the lower rental rates, you can enhance your ability to charge higher rents by adding some additional features. Things like heat included, a gym or transportation vouchers can make a huge difference. For example, if you know that a busline can get people to work from your apartments, how about giving the residents monthly bus passes? You can get discounts and have full occupancy.
There are two Americas of rent – The wealthy counties have rent that can be as much twice the rent of the less pricey counties and that can have a huge effect on the life and cost of living. It's very important information for people on either side of the rental equation.
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