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Rent continues to increase: Here are regions, states where it’s changed the most

By Megan Ziegler
Published  April 16, 2024 3:24pm CDT
Housing
FOX TV Digital Team

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Inflation rose faster than expected in March as an increase in costs kept prices painfully high for millions of Americans.

Rent was one of the categories in which prices continued to increase, according to The Labor Department’s consumer price index (CPI). 

Rent costs rose 0.5% for the month and are up 5.7% from the same time last year. 

RELATED: March inflation breakdown: What prices are rising the fastest?

Research from Rent.com, an apartment search engine and online marketplace, found the median rent price in the U.S. last month to be $1,987. 

Here’s how that number breaks down across the country: 

Rentals by region

Northeast: Where rent remains the highest in the nation. This region has experienced a 3.8% rise in asking rents on a yearly basis.

The West: Where rent is the second highest in the nation. Markets were slightly down here in March, as oversupply and job relocations amid pandemic-era growth have caused a cooling, Rent.com said.

The South: Where rent is the second most affordable. Asking rents have gone down slightly, in part because supply continues to be delivered in the region, Rent.com said.

The Midwest: Where rent is most affordable in the nation, though it’s also the area that has recorded the largest increase year over year. Asking rents in the Midwest rose by 5.3%, according to Rent.com’s data. 

Changes by state

Rent.com says the following states have experienced the greatest changes in rent prices year over year as of March 2024:

Across the country, here’s where the median rents by state have changed the most over the past year, from March 2023 - March 2024: 

States with the highest median rent, according to Rent.com’s data as of March 2024, include: 

  • Massachusetts ($3,242)
  • California ($3,007) 
  • New York ($2,868)
  • Connecticut ($2,367)
  • Washington ($2,247) 

States with the lowest median rent, according to Rent.com’s data as of March 2024, include: 

  • Oklahoma ($1,028) 
  • Arkansas ($1,056)
  • North Dakota ($1,085) 
  • Iowa ($1,175) 
  • Missouri ($1,200) 

This story was reported from Detroit.