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States with the fastest-growing rents

  • #31. Mississippi

    - 2000-2019 median rent growth: 77%
    --- Median rent: $439 in 2000; $777 in 2019
    - 2000-2019 median household income growth: 33.5%
    --- Median household income: $34,299 in 2000; $45,792 in 2019

    Mississippi’s rental costs have grown at more than two times the rate of wages. The state has had slow economic growth, lagging behind the majority of other states, which may be impacting household income. Data from the advisory firm Stout shows that up to 181,000 renter households in Mississippi may be at risk of eviction due to the pandemic.

  • #30. Vermont

    - 2000-2019 median rent growth: 77.2%
    --- Median rent: $553 in 2000; $980 in 2019
    - 2000-2019 median household income growth: 59.1%
    --- Median household income: $39,594 in 2000; $63,001 in 2019

    Vermont’s expensive cost of developing housing has led to higher-cost rental units throughout the region. Vermont’s wage stagnancy has prevented many low-income residents from attaining the same economic growth as their middle- and high-income counterparts, also compounding the burden of high rent. The economic impact of the coronavirus pandemic may result in up to 10,000 eviction filings in Vermont by January, according to the investment bank Stout.

  • #29. New Hampshire

    - 2000-2019 median rent growth: 77.6%
    --- Median rent: $646 in 2000; $1,147 in 2019
    - 2000-2019 median household income growth: 53%
    --- Median household income: $50,926 in 2000; $77,933 in 2019

    New Hampshire has had rent increase at a faster pace than incomes. While the population has been relatively steady, the proportion of individuals looking to rent versus buying a home has grown rapidly. Median rents have continued to climb during the pandemic, as wealthy workers from Boston take advantage of new work-from-home policies and relocate to New Hampshire, the Concord Monitor reported in October.

  • #28. Arizona

    - 2000-2019 median rent growth: 77.9%
    --- Median rent: $619 in 2000; $1,101 in 2019
    - 2000-2019 median household income growth: 56%
    --- Median household income: $39,783 in 2000; $62,055 in 2019

    In Arizona, housing costs have exceeded income growth. The state has reserved $7 million from its emergency fund to provide assistance to tenants and property owners who have faced financial challenges during the pandemic. That funding is on top of the roughly $50 million that various other programs across the state have allocated to help renters, per KTAR News.

  • #27. Oklahoma

    - 2000-2019 median rent growth: 78.5%
    --- Median rent: $456 in 2000; $814 in 2019
    - 2000-2019 median household income growth: 67.9%
    --- Median household income: $32,432 in 2000; $54,449 in 2019

    In Oklahoma, rents have grown at a moderately higher rate than incomes. A big factor accounting for the increase in rent in Oklahoma City is that the majority of new developers are creating high-end and luxury rental units, rather than affordable apartments. The investment bank Stout predicts that hardships from the pandemic will lead to 100,000 eviction filings in Oklahoma in January 2021.

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  • #26. Tennessee

    - 2000-2019 median rent growth: 79%
    --- Median rent: $505 in 2000; $904 in 2019
    - 2000-2019 median household income growth: 64.5%
    --- Median household income: $34,096 in 2000; $56,071 in 2019

    A November report from LendingTree found that Tennessee has the third-highest rate of tenants behind on rent of all states in the United States, with nearly a quarter of renters unable to pay right now. Data from Stout shows that the state has an estimated rent shortfall of up to $314 million because of the pandemic.

  • #25. Pennsylvania

    - 2000-2019 median rent growth: 79.1%
    --- Median rent: $531 in 2000; $951 in 2019
    - 2000-2019 median household income growth: 50.5%
    --- Median household income: $42,176 in 2000; $63,463 in 2019

    Philadelphia tenants facing financial challenges from the coronavirus pandemic may be able to receive up to $9,000 in rental assistance from the government. In October, Pennsylvania eased restrictions on rent relief programs to help Pennsylvanians ward off homelessness.

  • #24. Minnesota

    - 2000-2019 median rent growth: 79.5%
    --- Median rent: $566 in 2000; $1,016 in 2019
    - 2000-2019 median household income growth: 37.5%
    --- Median household income: $54,251 in 2000; $74,593 in 2019

    Minnesota has seen the demand for rentals increase substantially as more millennials who cannot afford to buy homes turn to long-term renting as an alternative. During the pandemic, residents of higher-priced apartments in the state have generally been able to continue paying rent, while those in the least-expensive units have had trouble keeping up with their bills, per the Minneapolis/St. Paul Business Journal.

  • #23. South Dakota

    - 2000-2019 median rent growth: 80.5%
    --- Median rent: $426 in 2000; $769 in 2019
    - 2000-2019 median household income growth: 63.2%
    --- Median household income: $36,475 in 2000; $59,533 in 2019

    The rent in South Dakota has outpaced income growth in the region. In Rapid City, the increase of younger individuals looking for apartments coupled with higher numbers of retirees looking to downsize into rental units have caused rent prices to spike. Despite the increase, rents are still relatively low compared to other states, and local realtors say they’ve seen an influx of new people moving to South Dakota to take advantage of more affordable housing during the pandemic.

  • #22. Alabama

    - 2000-2019 median rent growth: 80.5%
    --- Median rent: $447 in 2000; $807 in 2019
    - 2000-2019 median household income growth: 46%
    --- Median household income: $35,424 in 2000; $51,734 in 2019

    Over the past few years, Alabama has seen an influx of people move into the state for educational and economic opportunities, which has created a higher demand for rental properties. Advocacy groups in the state have urged the government to set up rent relief programs through the nearly $1 billion it received from the federal government, as all unused funds will go back to Washington D.C. by the end of the year, the Associated Press has reported.

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