Press release from Construction Coverage:
Inflation data released last month revealed that, while the Consumer Price Index overall was up 2.4% year-over-year, the index for shelter had risen 4.9% over the same span. Increasing rent prices have been a major reason why: limited supply and high demand have driven the national rental vacancy rate—a key metric used to track the availability of rental housing—to its lowest levels since the late 1980s. With fewer units available, prices have risen dramatically, pushing the national median rent to $1,865.
However, the impact of rent increases has not been felt evenly across the U.S., as renters in some locations face much higher costs than in others. Researchers calculated a median monthly rent estimate across all rental types in nearly 400 metros and all 50 states, then ranked locations accordingly.
Key Takeaways, with Data for Asheville, NC
- The most expensive states for renters: 12 states now have median market rents exceeding $2,000 per month, an increase from nine states last year. Hawaii leads with a median rent of $2,909, followed by California at $2,803, Massachusetts at $2,461, and New York at $2,335.
- High-cost states are also home to many of the priciest metros: California metros dominate the list, claiming 11 of the 12 most expensive metros overall, including all five of the most expensive large metros—all nearing or exceeding median rents of $3,000.
- Midwest states prove more affordable: South Dakota boasts the lowest median rent in the country at $1,069, with North Dakota ($1,107), Iowa ($1,126), and Nebraska ($1,202) priced similarly.
- Rent prices in the Asheville metro: Rental prices in the Asheville metro range from a median of $1,286 for studios to $2,702 for 4-bedroom units. With a median rent of $1,697 across all rental sizes, the Asheville metro is more affordable than the national median of $1,865.
Residential Rent Prices by Location
Top coastal states are about twice as expensive as the Midwest for renters
Source: Construction Coverage analysis of U.S. Department of Housing and Urban Development data | Image Credit: Construction Coverage
You can read the full study here, including all sources: https://constructioncoverage.com/research/cities-with-the-most-expensive-rents
Before you comment
The comments section is here to provide a platform for civil dialogue on the issues we face together as a local community. Xpress is committed to offering this platform for all voices, but when the tone of the discussion gets nasty or strays off topic, we believe many people choose not to participate. Xpress editors are determined to moderate comments to ensure a constructive interchange is maintained. All comments judged not to be in keeping with the spirit of civil discourse will be removed and repeat violators will be banned. See here for our terms of service. Thank you for being part of this effort to promote respectful discussion.