Over the last year there have been some astronomical rises in the cost of renting in the USA. A new analysis by Rent.com shows that rents have risen by at least 40% in many cities across the country in just the last year. For example in Long Beach, California the average rent for a one bedroom apartment has escalated by 56.7% since March 2021.
In A Monthly Look at Average Rent Price Trends Rent.com have created two interactive maps which help visualize the soaring cost of renting in America. One map shows the average year-on-year increase of the cost of renting in each state. The other map shows the average year-on-year rent increase in the 100 largest cities in the USA. Across the whole United States the cost of renting a one bedroom apartment has risen 24.4% on average. The average year-on-year increase in rent for a two bedroom property was 21.8%.
In South Dakota the cost of renting a one bedroom apartment has more than doubled in the last year. In Oregon the average year-on-year rent change for a one bedroom property was 94.07% and in Rhode Island the average increase was 87.03%. The only state to see a decrease in the average rent for a one bedroom apartment was Nebraska, where rents fell by -2.18%.
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