The COVID-19 pandemic has led to increased rental prices across the U.S., with Hawaii and California having the highest median rents at over $2,100 a month. Between 2019 and 2024, the national average rent rose by 31%, significantly impacted by states like Arizona, where rent surged by 84%. This rise is attributed to population growth in states driven by job opportunities, retirement migration, and affordability issues, intensifying competition in the housing market and subsequently pushing rental prices higher, especially as demand rises in various regions.
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.
Rents have climbed an average of 31% from 2019 to 2024, with states like Arizona seeing an astronomical increase of 84%.
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