QuoteWizard, a LendingTree company, and one of the nation’s leading online insurance marketplaces released a new report finding that the ongoing COVID-19 pandemic has had a significant impact on the cost of rent nationwide. Arizona ranked No. 3 among states for increasing rent, according to the report.
Our team of analysts found the average cost of a 1-bedroom apartment has dropped in 15 states. California, New York, Illinois and Washington state have all experienced price drops that will save renters more than $1,000 a year.
READ ALSO: Phoenix ranks No. 6 among hottest multifamily markets
But while the average price of an apartment has gone down in some of the U.S.’ most populated cities and states, it’s quickly rising in less populated ones. Renters in Montana, Idaho and Vermont are now paying 10% more.
“Our analysts here at QuoteWizard could see a hint of these rental trends in 2019-2020. COVID-19 accelerated that trend, people started leaving cities and heading to suburban areas,” said Nick VinZant, Sr. Research Analyst and Insurance Expert with QuoteWizard.
Nationwide the average cost of a 1-bedroom apartment has gone down from $898 in 2019, to $891 in 2021. However, this number varies wildly from state-to-state.
You can read the full report along with numbers for each state here: https://quotewizard.com/renters-insurance/average-cost-of-renters-insurance#rent-change
