As many Americans have moved due to the pandemic, particularly from large cities on the East and West Coasts, in search of a better quality of life, home prices have surged. People also have been able to relocate because more companies have allowed employees to work from home. In addition, low mortgage rates also contributed to rising home sales. However, not all people want to buy a home, and many are renting.
To determine rents in U.S. cities, 24/7 Wall St. reviewed data from Realtor.com, which ranked the 50 largest metropolitan areas based on median monthly rent as of May 2021. The city with the lowest rents in America is Oklahoma City. This is the least expensive metro area to buy a home in every state.
Rent prices from city to city vary widely. In Realtor.com’s Monthly Rental Report, Chief Economist Danielle Hale explained, “Led by emerging tech markets and secondary cities, U.S. median rent prices reached the highest level seen in more than two years in May, surpassing pre-COVID levels.” Hale added that rents in more than three-quarters of the 50 largest cities climbed at an average annual pace of 9.1% – nearly double the overall inflation rate of 5%.
While rents in large coastal cities have remained high, they have not risen sharply. In some cases, they actually dropped year over year in May. Rents in Los Angeles fell 0.5% to $2,581, which still makes the city among the most expensive in the country. Rents in San Francisco fell 8.3% to $2,715. By contrast, in Memphis, a medium-sized inland city in Tennessee, rents rose by 17.2% year over year to $1,092 in May. Rents in Phoenix rose 16.8% to $1,543.
Among the 50 largest markets, one stands out with the lowest median rent by far. The rate per month in Oklahoma City was $834, up by 5.6%. No other city had a median rent figure below $1,000. Even struggling Detroit had a median rent of $1,159, up 6.3%.
Notably, Oklahoma City is one of the smallest metropolitan areas on the list. It ranks 41st on the list of largest metropolitan areas in America, with a population of 1,425,375. Still, it is the largest in its state. This is the largest city in every state.
Click here to see which city has the lowest rents in America
To determine the city with the lowest rent in America, 24/7 Wall St. reviewed data from Realtor.com, a subsidiary of News Corp. and the listing website of the National Association of Realtors. The 50 largest metropolitan statistical areas were ranked based on median monthly rent as of May 2021. Supplemental data on the percentage of occupied households occupied by renters, the percentage of renters paying 35% or more of their income on rent, and the average household size of rental units came from the U.S. Census Bureau’s 2019 American Community Survey and are one-year estimates.
1. Atlanta-Sandy Springs-Roswell, GA
> Overall median monthly rent: $1,536
> Households occupied by renters: 35.7%
> Renters paying 35% or more of income on rent: 39.6%
> Avg. household size of rental units: 2.49 rooms
[in-text-ad]
2. Austin-Round Rock, TX
> Overall median monthly rent: $1,421
> Households occupied by renters: 42.4%
> Renters paying 35% or more of income on rent: 36.3%
> Avg. household size of rental units: 2.36 rooms
3. Baltimore-Columbia-Towson, MD
> Overall median monthly rent: $1,600
> Households occupied by renters: 33.6%
> Renters paying 35% or more of income on rent: 40.0%
> Avg. household size of rental units: 2.34 rooms
4. Birmingham-Hoover, AL
> Overall median monthly rent: $1,039
> Households occupied by renters: 32.3%
> Renters paying 35% or more of income on rent: 40.2%
> Avg. household size of rental units: 2.28 rooms
[in-text-ad-2]
5. Boston-Cambridge-Newton, MA-NH
> Overall median monthly rent: $2,400
> Households occupied by renters: 38.5%
> Renters paying 35% or more of income on rent: 39.3%
> Avg. household size of rental units: 2.23 rooms
6. Buffalo-Cheektowaga-Niagara Falls, NY
> Overall median monthly rent: $1,144
> Households occupied by renters: 34.3%
> Renters paying 35% or more of income on rent: 40.6%
> Avg. household size of rental units: 1.93 rooms
[in-text-ad]
7. Charlotte-Concord-Gastonia, NC-SC
> Overall median monthly rent: $1,400
> Households occupied by renters: 34.6%
> Renters paying 35% or more of income on rent: 35.5%
> Avg. household size of rental units: 2.45 rooms
24/7 Wall St.
8. Chicago-Naperville-Elgin, IL-IN-WI
> Overall median monthly rent: $1,650
> Households occupied by renters: 35.6%
> Renters paying 35% or more of income on rent: 38.3%
> Avg. household size of rental units: 2.29 rooms
9. Cincinnati, OH-KY-IN
> Overall median monthly rent: $1,149
> Households occupied by renters: 33.1%
> Renters paying 35% or more of income on rent: 35.6%
> Avg. household size of rental units: 2.15 rooms
[in-text-ad-2]
10. Cleveland-Elyria, OH
> Overall median monthly rent: $1,085
> Households occupied by renters: 35.8%
> Renters paying 35% or more of income on rent: 36.4%
> Avg. household size of rental units: 2.04 rooms
11. Columbus, OH
> Overall median monthly rent: $1,124
> Households occupied by renters: 39.1%
> Renters paying 35% or more of income on rent: 33.0%
> Avg. household size of rental units: 2.32 rooms
[in-text-ad]
12. Dallas-Fort Worth-Arlington, TX
> Overall median monthly rent: $1,339
> Households occupied by renters: 40.5%
> Renters paying 35% or more of income on rent: 37.4%
> Avg. household size of rental units: 2.55 rooms
24/7 Wall St.
13. Denver-Aurora-Lakewood, CO
> Overall median monthly rent: $1,755
> Households occupied by renters: 35.7%
> Renters paying 35% or more of income on rent: 39.3%
> Avg. household size of rental units: 2.28 rooms
14. Detroit-Warren-Dearborn, MI
> Overall median monthly rent: $1,159
> Households occupied by renters: 30.4%
> Renters paying 35% or more of income on rent: 40.6%
> Avg. household size of rental units: 2.20 rooms
[in-text-ad-2]
15. Hartford-West Hartford-East Hartford, CT
> Overall median monthly rent: $1,500
> Households occupied by renters: 34.1%
> Renters paying 35% or more of income on rent: 39.5%
> Avg. household size of rental units: 2.11 rooms
16. Houston-The Woodlands-Sugar Land, TX
> Overall median monthly rent: $1,250
> Households occupied by renters: 39.9%
> Renters paying 35% or more of income on rent: 40.9%
> Avg. household size of rental units: 2.61 rooms
[in-text-ad]
17. Indianapolis-Carmel-Anderson, IN
> Overall median monthly rent: $1,093
> Households occupied by renters: 34.8%
> Renters paying 35% or more of income on rent: 36.6%
> Avg. household size of rental units: 2.23 rooms
18. Jacksonville, FL
> Overall median monthly rent: $1,260
> Households occupied by renters: 34.0%
> Renters paying 35% or more of income on rent: 40.4%
> Avg. household size of rental units: 2.42 rooms
19. Kansas City, MO-KS
> Overall median monthly rent: $1,109
> Households occupied by renters: 34.9%
> Renters paying 35% or more of income on rent: 34.7%
> Avg. household size of rental units: 2.23 rooms
[in-text-ad-2]
20. Las Vegas-Henderson-Paradise, NV
> Overall median monthly rent: $1,340
> Households occupied by renters: 45.7%
> Renters paying 35% or more of income on rent: 42.6%
> Avg. household size of rental units: 2.64 rooms
21. Los Angeles-Long Beach-Anaheim, CA
> Overall median monthly rent: $2,581
> Households occupied by renters: 51.8%
> Renters paying 35% or more of income on rent: 46.2%
> Avg. household size of rental units: 2.85 rooms
[in-text-ad]
22. Louisville/Jefferson County, KY-IN
> Overall median monthly rent: $1,005
> Households occupied by renters: 32.8%
> Renters paying 35% or more of income on rent: 33.9%
> Avg. household size of rental units: 2.32 rooms
23. Memphis, TN-MS-AR
> Overall median monthly rent: $1,092
> Households occupied by renters: 41.2%
> Renters paying 35% or more of income on rent: 42.9%
> Avg. household size of rental units: 2.47 rooms
24. Miami-Fort Lauderdale-West Palm Beach, FL
> Overall median monthly rent: $2,000
> Households occupied by renters: 40.8%
> Renters paying 35% or more of income on rent: 51.4%
> Avg. household size of rental units: 2.75 rooms
[in-text-ad-2]
25. Milwaukee-Waukesha-West Allis, WI
> Overall median monthly rent: $1,355
> Households occupied by renters: 40.1%
> Renters paying 35% or more of income on rent: 37.5%
> Avg. household size of rental units: 2.19 rooms
26. Minneapolis-St. Paul-Bloomington, MN-WI
> Overall median monthly rent: $1,468
> Households occupied by renters: 29.8%
> Renters paying 35% or more of income on rent: 35.7%
> Avg. household size of rental units: 2.17 rooms
[in-text-ad]
27. Nashville-DavidsonâMurfreesboroâFranklin, TN
> Overall median monthly rent: $1,390
> Households occupied by renters: 34.2%
> Renters paying 35% or more of income on rent: 35.5%
> Avg. household size of rental units: 2.34 rooms
28. New Orleans-Metairie, LA
> Overall median monthly rent: $1,350
> Households occupied by renters: 36.6%
> Renters paying 35% or more of income on rent: 43.1%
> Avg. household size of rental units: 2.37 rooms
29. New York-Newark-Jersey City, NY-NJ-PA
> Overall median monthly rent: $2,400
> Households occupied by renters: 49.2%
> Renters paying 35% or more of income on rent: 41.0%
> Avg. household size of rental units: 2.45 rooms
[in-text-ad-2]
30. Oklahoma City, OK
> Overall median monthly rent: $834
> Households occupied by renters: 36.7%
> Renters paying 35% or more of income on rent: 36.3%
> Avg. household size of rental units: 2.49 rooms
31. Orlando-Kissimmee-Sanford, FL
> Overall median monthly rent: $1,444
> Households occupied by renters: 38.1%
> Renters paying 35% or more of income on rent: 46.8%
> Avg. household size of rental units: 2.85 rooms
[in-text-ad]
32. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
> Overall median monthly rent: $1,600
> Households occupied by renters: 33.3%
> Renters paying 35% or more of income on rent: 41.6%
> Avg. household size of rental units: 2.25 rooms
33. Phoenix-Mesa-Scottsdale, AZ
> Overall median monthly rent: $1,543
> Households occupied by renters: 35.4%
> Renters paying 35% or more of income on rent: 37.1%
> Avg. household size of rental units: 2.67 rooms
34. Pittsburgh, PA
> Overall median monthly rent: $1,334
> Households occupied by renters: 31.8%
> Renters paying 35% or more of income on rent: 33.9%
> Avg. household size of rental units: 1.85 rooms
[in-text-ad-2]
35. Portland-Vancouver-Hillsboro, OR-WA
> Overall median monthly rent: $1,595
> Households occupied by renters: 38.2%
> Renters paying 35% or more of income on rent: 40.7%
> Avg. household size of rental units: 2.29 rooms
36. Providence-Warwick, RI-MA
> Overall median monthly rent: $1,750
> Households occupied by renters: 38.0%
> Renters paying 35% or more of income on rent: 38.1%
> Avg. household size of rental units: 2.20 rooms
[in-text-ad]
37. Raleigh, NC
> Overall median monthly rent: $1,318
> Households occupied by renters: 34.4%
> Renters paying 35% or more of income on rent: 35.1%
> Avg. household size of rental units: 2.37 rooms
38. Richmond, VA
> Overall median monthly rent: $1,233
> Households occupied by renters: 33.7%
> Renters paying 35% or more of income on rent: 43.5%
> Avg. household size of rental units: 2.38 rooms
39. Riverside-San Bernardino-Ontario, CA
> Overall median monthly rent: $2,020
> Households occupied by renters: 36.1%
> Renters paying 35% or more of income on rent: 46.4%
> Avg. household size of rental units: 3.21 rooms
[in-text-ad-2]
40. Rochester, NY
> Overall median monthly rent: $1,200
> Households occupied by renters: 33.7%
> Renters paying 35% or more of income on rent: 41.3%
> Avg. household size of rental units: 2.06 rooms
41. SacramentoâRosevilleâArden-Arcade, CA
> Overall median monthly rent: $1,760
> Households occupied by renters: 39.6%
> Renters paying 35% or more of income on rent: 44.9%
> Avg. household size of rental units: 2.65 rooms
[in-text-ad]
42. San Antonio-New Braunfels, TX
> Overall median monthly rent: $1,105
> Households occupied by renters: 37.3%
> Renters paying 35% or more of income on rent: 38.8%
> Avg. household size of rental units: 2.80 rooms
24/7 Wall St.
43. San Diego-Carlsbad, CA
> Overall median monthly rent: $2,389
> Households occupied by renters: 46.2%
> Renters paying 35% or more of income on rent: 45.2%
> Avg. household size of rental units: 2.77 rooms
44. San Francisco-Oakland-Hayward, CA
> Overall median monthly rent: $2,715
> Households occupied by renters: 46.0%
> Renters paying 35% or more of income on rent: 35.0%
> Avg. household size of rental units: 2.54 rooms
[in-text-ad-2]
45. San Jose-Sunnyvale-Santa Clara, CA
> Overall median monthly rent: $2,795
> Households occupied by renters: 44.8%
> Renters paying 35% or more of income on rent: 36.4%
> Avg. household size of rental units: 2.81 rooms
46. Seattle-Tacoma-Bellevue, WA
> Overall median monthly rent: $1,850
> Households occupied by renters: 40.3%
> Renters paying 35% or more of income on rent: 37.7%
> Avg. household size of rental units: 2.27 rooms
[in-text-ad]
47. St. Louis, MO-IL
> Overall median monthly rent: $1,145
> Households occupied by renters: 30.8%
> Renters paying 35% or more of income on rent: 35.6%
> Avg. household size of rental units: 2.05 rooms
48. Tampa-St. Petersburg-Clearwater, FL
> Overall median monthly rent: $1,520
> Households occupied by renters: 33.3%
> Renters paying 35% or more of income on rent: 43.7%
> Avg. household size of rental units: 2.48 rooms
49. Virginia Beach-Norfolk-Newport News, VA-NC
> Overall median monthly rent: $1,272
> Households occupied by renters: 38.9%
> Renters paying 35% or more of income on rent: 38.2%
> Avg. household size of rental units: 2.37 rooms
[in-text-ad-2]
50. Washington-Arlington-Alexandria, DC-VA-MD-WV
> Overall median monthly rent: $1,931
> Households occupied by renters: 36.5%
> Renters paying 35% or more of income on rent: 36.8%
> Avg. household size of rental units: 2.50 rooms
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.