If you’ve rented a home or apartment before, it may seem unthinkable that rent would ever go down. However, it does happen! Here are the 2017 rent trends by state. And yes, some actually DID go down!
Rent Trends For 2017
2017 was a year of ups and down. Especially where rent was concerned. Here are the recent findings from Joint Center for Housing Studies at Harvard University.
Rent went up in 28 states last year and went down or stayed the same in 22 states. The states with the biggest decreases were Connecticut, Washington, and New Mexico. The states with the biggest INCREASE were Rhode Island, West Virginia, and Wyoming.
Most states, on average, saw a fluctuation of within 2% of their rent from last year. This includes rents that went up as well as down.
More Rent Trends
Regardless of the change, coastal states dominated the highest rent category. Massachusetts, Hawaii, California, and New York are near the top of the list. Washington, D.C. holds the distinction of being the area with the highest average rent.
The south and mid west saw the lowest rents with South Dakota’s average rent of $525 per month being the lowest. New Mexico, Idaho, and Kansas weren’t far behind.
Overall, the cities with the highest lowest and rents mirror the state performance. Large, coastal cities are near the top while smaller cities, many in the south and mid-west, are near the bottom.
Trends in rent will always fluctuate. However, individuals are increasingly fleeing high rent state. This is particularly true for millennials who are migrating from big cities for small city life.
Looking to Move?
If moving out of a high rent city is in your future, give City vs City a try! Our powerful cost of living calculator will determine your real cost of living and compare your current cost with another city of your choosing.
Our app examines your income, savings, expenses, and major state and local taxes. Then, we stack it up against another city you’re thinking of moving to and show you the difference.
Rent is an important factor when determining where to live. If you’re not happy with your current city, or just want to see what else is out there: download the City vs City app today!