Colorado has seen the biggest increase in rent prices over the past three years of 54%. In the first three months of 2020, the average rent price in MSAs in the state was $2,439.56, compared to an average of $3,757.93 across January, February and March in 2023. This is a 4.5 times larger increase than the state with the smallest increase, West Virginia.
Coming in second is Florida with a 46.7% increase in rent prices in just three years. Renters in MSAs were paying on average $1,448.43 between January and March 2020 and are now paying $2,126.06; a $677.63 increase. In comparison, the state’s average annual salary rise from the previous year is only 7.6%.
Montana ranks as the state whose major MSAs had the third-highest increase in average prices for renters. In the first three months of 2020, rent prices were $906.45. The state has seen a $396.17 increase in price, to an average of $1,302.62 between January and March 2023.
In fourth position is Idaho where renters have experienced an average 41% increase in prices. An increase of $474.46 can be seen in this state over the past three years.
Arizona places as having the fifth largest increase in rent, going from $1,313.44 in early 2020, to $1,821.46 in 2023; a 38.67% increase over the three-year period.
In sixth position is Tennessee where the major MSAs’ average rent price has increased from $1,045.76 to $1,447.32, coming in just below Arizona with a 38.39% increase.
Coming in seventh is Georgia with a 38.35% increase in rent prices over the past three years. Renters are now paying $1,460.07 compared to $1,055.30 in 2020.
New Hampshire is the state with the eighth-highest increase in rent prices of 36.76%.
In the ninth position is New Mexico where renters are paying on average $1610.50; a $428.16 increase compared to 2020.
MSAs in West Virginia have seen the smallest increase in prices for renters in 2023, seeing only a 12% increase in rent prices since 2020.
A spokesperson for MovingFeedback commented on the findings: “Rent demand is strong in the U.S. with rising homeownership costs. It is estimated that there is a shortage of 7.3 million affordable rental homes for those with low incomes. This paired with rising inflation means that rent prices have continued to soar. This data reveals huge disparities in pricing across the U.S. with cities in Colorado and Florida seeing rent increase by around 50%, compared to states like West Virginia and Iowa, which have seen average increases below 15% over the past three years. The Enterprise group has found that nearly 11 million households spend more than 50% of their income on rent.”
Each state’s average rental price was compared from Jan-March 2020 to Jan-March 2023 to reveal which states have had the highest and lowest increases over the past three years.
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