The COVID-19 pandemic has resulted in rising rental prices across the U.S., with Hawaii and California leading at over $2,000 in median rent. Rentec Direct reported average rent increases of 31% from 2019 to 2024, with Arizona notably experiencing an 84% surge, spurred by substantial population growth. Other states such as New Mexico and Tennessee also saw significant increases due to migration trends linked to job opportunities and lower living costs. Even states with lower median rents had considerable percentage hikes, reflecting a nationwide trend of rising housing costs fueled by demand exceeding supply.
"Arizona, New Mexico, and Tennessee have all seen population spikes driven by factors like retirement migration, strong job markets, low taxes, and a lower cost of living."
"This influx is putting pressure on already strained housing supply, intensifying competition and pushing up rental prices."
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