What is the average rent price for a one-bedroom apartment?

Summary 

What does it cost to rent an apartment in the US? 

The national average rent for a one-bedroom apartment in the US is $1,713 per month. However, depending on location, this amount can vary dramatically.  

Other factors influencing the average rent for one-bedroom apartments in the US include regional economic conditions, supply and demand, and local regulations such as rent control.  

Generally speaking, the bigger the city and the more densely populated the area, the steeper the rental prices will be.  

​​What are the current nationwide trends affecting rental prices? 

In the US, current rent rates are 31.4% higher than they were pre-pandemic. There has been a trend of increasingly steep rental costs over the past few years.  

The two main reasons for this are inflation and drastically increasing mortgage rates. Many of the people who wanted to buy property in the early 2020s got bought out by higher-paying bidders, pushing them into rentals and raising the national average for a 1 bedroom apartment for rent.  

State-by-state rent analysis 

The average rent for a one-bedroom apartment in the US fluctuates depending on which state you are in.  

For example, the average rent for a one-bedroom apartment in Massachusetts is $885 higher than the average rent for a one-bedroom apartment in Pennsylvania.  

Let’s take a look at each state’s average rent for a one-bedroom apartment, keeping in mind that these costs fluctuate depending on where in the state you choose to live. 

On this list, the five most expensive states for renting a one-bedroom apartment are New York, Washington, the District of Columbia, Vermont, and New Jersey.  

All of these states have dense populations, and the demand for rentals is always high. They thrive economically, offer plenty of employment opportunities with higher salaries, and have high living costs that are compared to other states.  

At the bottom of the list, the least expensive states for a one-bedroom apartment for rent are Wyoming, Michigan, North Dakota, Mississippi, and Oklahoma. Wyoming is one of the Mountain States, and it has the lowest cost of living, making it far cheaper to rent here. Michigan and North Dakota in the Midwest also have low costs of living, and there are many rental options available in the housing market.  

In the south, Mississippi and Oklahoma are also cheap states to live in, and land is abundant for development, keeping rental prices low.  

How do you find affordable rentals? 

Finding an affordable one-bedroom apartment for rent can be challenging in the current economic climate.  

Over 50% of renters in the US say they can’t afford to pay their housing bills, and many struggle for years to find rental accommodations that suit their budget.  

Utilizing online resources like HousingLink, as well as social media forums like Instagram, Facebook, and TikTo k, can help you keep track of affordable housing availability,  

The best time to rent for affordability is November through March when demand is typically at its lowest. Understanding lease terms and renter’s rights can also help you identify the best spots for rental and ensure you get a fair deal.  

What is the impact of rent control laws and housing policies on rental costs? 

State-specific rent control laws and housing policies also affect the average rent for a one-bedroom apartment.  

The higher a city’s population, the more the law obligates it to make rent rates more accessible.  

However, this can lead to a reduction in rental stock, which pushes rates back up and antagonizes affordable housing shortages.  

What additional costs should you consider when renting? 

In addition to rent, other costs like utilities, parking, and security deposits should be taken into consideration. These costs can vary significantly by state and even within regions of a state. 

It is also useful to look at the general cost of living in an area before moving there from a different state.  

For example, New York doesn’t just have the most expensive average rent for a one-bedroom apartment; the cost of living in the Big Apple is also almost double the cost of living in Idaho, where there is less commercialization.  

Get expert financial advice 

The rental market in the US is competitive, and finding a one-bedroom apartment for rent within your budget can be a challenge. By educating yourself on rental averages per state and the various factors that go into current rent costs, you can identify a housing opportunity that works for you.  

To learn more about the average rent for a one-bedroom apartment and create an effective budget, get matched with an expert SEC-regulated financial advisor at Unbiased.