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 most states, however, there is at least one metropolitan area where renting is relatively uncommon.
To determine the metro area with the lowest rental rate in every state, 24/7 Wall St. reviewed five-year estimates of the share of housing units that are occupied by renters from the U.S. Census Bureau’s 2020 American Community Survey.
Young people are far more likely to rent homes than buy. In a number of metro areas where a relatively low share of housing units are rentals, age appears to be a factor. According to the census, 23.2% of Americans are 18-34 years old. In 41 of the 50 places on this list, that demographic amounts to a smaller share of the population. In The Villages, Florida, which has the lowest rental rate in both the state and the country, 8.6% of the population is 18-34, also the lowest share in the country among metro areas. These are the states where the population has gone up since the pandemic started.
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