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U.S. Average Monthly Rent Falls Below $2,000 Per Month

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House For Rent [Photo: Investopedia]
House For Rent [Photo: Investopedia]

The average monthly rent in the U.S. has now fallen below $2,000 per month. However, a rent price this low is still high compared to 2020.

Monthly Rent [Photo: Bay Property Management Group]

Monthly Rent [Photo: Bay Property Management Group]

In December 2022, the average monthly rent in the U.S. has decreased to $1,978. This is a decrease of 1.41% from November 2022 and has become the lowest average rent since April. However, the rent last December 2022 is still high as renters paid $329 more than what they paid in December 2020. In the early 2022, chief economist Selma Hepp stated that the rate of rent growth quadrupled. Fortunately, it has started decreasing recently and is expected to continue until it reaches an average of 3% to 4% growth, as reported by Leckie.

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Rent Prices in the West

According to Chen, four states in the West have the biggest decrease in rent prices. The biggest annual decrease happened in Idaho where rent prices have decreased by 5.4%. The state of Nevada followed after decreasing by 2.7%, Arizona decreased by 2.5%, and Oregon decreased by 2.4%.

In addition, the most popular cities in the West like Las Vegas and Phoenix also had the slowest annual growth in November 2022. Reports say rent in Phoenix decreased by 5% in December 2021. Six other states that reported a decrease in annual rent rates included Virginia which decreased by 1.2%, Maryland by 1.1%, Pennsylvania by 0.7%, Georgia by 0.6%, Minnesota by 0.3%, and Washington by 0.1%.

Rent Prices in the East

On the contrary, six states in the East have the biggest increase in rent prices. The biggest annual increase happened in Florida where rent prices have increased by 23.9% compared to 2022. The state of Arkansas followed after increasing by 17.5%, Delaware increased by 14.5%, Tennessee increased by 14.2%, Mississippi increased by 13.2%, and North Carolina increased by 12.2%. New York also recorded a high increase in rent at 20.1%. However, in December 2022, it also had the biggest monthly decrease of 5.15%.

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