South Dakota, Iowa Have Some of the Smallest Rent Hikes in America
One of the biggest drawbacks to renting a place versus buying a place is the constant fear that what you're paying per month next year is going to be higher than what you're paying this year.
Across the country, the latest numbers show that there are very good reasons why renters share that anxiety.
According to the most recent figures from the U.S. Census Bureau Household Pulse Survey, rents just didn't go up a little across the United States, in some places it jumped considerably.
In fact, HelpAdvisor.com says nearly one in eight tenants had their rent increase by at least $250 per month over the last year, including nearly one-third of renters in one state.
And while the national average is about 12 percent (11.8%) of renters who saw an increase of $250 or more, the numbers in Iowa and South Dakota are well below that.
In the Hawkeye State, 17,201 renters are paying $250 or more than last year, which is less than four percent of renters statewide.
South Dakota renters are also in the top ten of the smallest hikes, with 5,774 renters seeing a spike of $250 or more, That's just over five percent.
STATES WITH THE SMALLEST RENT HIKES (percentage of residents)
- Missouri - 2.1%
- Wyoming - 2.2%
- West Virginia - 2.7%
- Oklahoma - 2.8%
- Kentucky - 3.1%
- Iowa - 3.6%
- Kansas - 4.2%
- Pennsylvania - 4.3%
- Wisconsin - 4.5%
- South Dakota - 5.1%
More than one out of four renters in Florida, Nevada, and Montana saw their rent increase by at least $250 between July 2021 and July 2022.
STATES WITH THE BIGGEST RENT HIKES (percentage of residents)
- Florida - 30.2%
- Nevada - 27.8%
- Montana - 27.5%
- Washington - 17.5%
- Delaware - 16.7%
- Colorado - 16.2%
- Utah - 15.9%
- Arizona - 14.6%
- Tennessee - 14.4%
- Massachusetts - 14.2%