As fast-rising real estate values during the COVID-19 pandemic priced more people out of homebuying, rental markets became more competitive among consumers. On the supply side, inflation in the cost of materials, rising interest rates, and tightness in the labor market have all contributed to difficulties in developing new housing stock. With fewer units available, prices have risen dramatically.
The website ConstructionCoverage.com looked into the numbers to see what states had the best and worst median rent prices for one-bedroom and two-bedroom units.
The study shows median rent in Indiana is $1,242, with a median price of $985 for 1-bedroom units, and $1,198 for 2 bedrooms. Comparatively, the median rent for the U.S. overall is $1,782. For 1-bedroom units, the cost is $1,423; and for 2-bedroom units, $1,716. Overall, Indiana has the 15th lowest median rent in the U.S.
To see the full study, visit constructioncoverage.com/research/cities-with-the-most-expensive-rents.