A recent report from Abodo showed U.S. renters paid a record $504.4 billion in rent in 2018, topping 2017’s total by $12.6 billion.
On a state-by-state basis, Abodo’s report shows that rents rose in 29 states (including the District of Columbia) in 2018, while rents fell in 22 states. Rents remained the same in just one state: South Dakota.
Check out the graphic below to see where rents rose and fell last year. Green-shaded states are those were rents fell, while those in red are states where rents rose.
On an overall price basis, Washington, D.C., tops the nation in rent, with an average rent of $2,358, followed by Massachusetts at $2,139, Rhode Island at $1,732, Hawaii at $1,676, and New York at $1,633.
On the other end of the spectrum, South Dakota has the lowest median rent at $525 per month, followed by New Mexico at $576, Arkansas at $582, and Oklahoma at $613.
Drilling down a little more, the seven cities with the highest rents all saw their rents increase in 2018. San Francisco is the most expensive rental market in the nation, with its median rent checking in at more than $3,500 per month.
The least expensive rental market is Springfield, Missouri, where the median rent is just $503 per month.
For a full look at the top 10 and bottom 10 cities, see the image below…
Originally published HERE.