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New data reveals most expensive states for renters across the US Credits: Social Media
By Paul Fogarty

New data reveals most expensive states for renters across the US

By Paul Fogarty
  • Data from Forbes has revealed the most expensive and cheapest states to rent a home across the US.
  • Hawaii and California take the top two spots on the expensive list with average rent costs in the region of $2,000 per month or above.
  • In comparison, North and South Dakota and Iowa are among the cheapest states in the country to rent.

The cost of living seems to be on an ever-upward trend lately and the quest to save money is something that affects millions of renters across the country and new data from Forbes has revealed which states in the US are the most expensive and cheapest in which to rent. �

The most expensive states to rent in the US

States with the most expensive rent rates tend to have a high population density and a smaller amount of available properties.

  1. Hawaii | $2,418
  2. California | $1,958
  3. District of Columbia | $1,901
  4. New Jersey | $1,850
  5. Massachusetts | $1,811

Hawaiis limited home availability and tourist-focused economy have resulted in it having the highest rent costs in the US while a housing shortage in California and high-salary residents in the nations capital of the District of Columbia contribute to their high rent costs.

A view of scattered clouds and the downtown skyline at sunset in Los Angeles...
Los Angeles, CA – November 30: A view of scattered clouds and the downtown skyline at sunset in Los Angeles Thursday, Nov. 30, 2023. (Allen J. Schaben / Los Angeles Times via Getty Images)

The cheapest states for renters

Conversely, states in and around the Midwest which are more likely to have rural populations and colder winters tend to have cheaper rates when it comes to rent.

  1. North Dakota | $880
  2. Iowa | $974
  3. South Dakota | $977
  4. West Virginia | $992
  5. Kentucky | $999

Smaller population densities in these states mean that there is a wider availability of housing and coupled with lower taxes in some areas, they certainly offer a cheaper cost of living than states with bustling cities.

It should be noted, however, that the data from Forbes did not include rent estimates for Alaska and Vermont.