Special Report

The Town With the Highest Rental Rate, in Every State

For the first time in the nation’s history, median monthly rents in the United States crossed the $2,000 mark. According to a report from real estate listing site Redfin, the median rent on all apartments listed nationwide rose 15% compared to a year ago. For those millions of Americans who do not have the stability afforded to them through homeownership, rising rent will take a serious financial toll. 

Nationwide, 35.6% of housing units are occupied by renters. In every state, there is at least one town with a higher rental rate. 

To determine the town with the highest rental rate in every state, 24/7 Wall St. reviewed five-year estimates of the share of housing units that are occupied by renters in U.S. cities from the U.S. Census Bureau’s 2020 American Community Survey. Towns are defined as having populations of between 1,000 people and 25,000.

A great many of the places on this list are unincorporated census designated places on military bases. This is likely due to the often transient nature of armed service and because bases likely do not offer homes for sale. Soldiers often get different assignments during their enlistment, which typically only lasts a few years. This is the American city where the most people are in the military. 

A number of other towns on this list encompass large housing developments that contain a great many rental units. Others are places with, or near, a college or university, where students rent off-campus housing. This is the hardest college to get into in every state

Click here to see the towns with the highest rental rate in every state.

Click here to see our detailed methodology.

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.