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| Nick VinZant, Sr. |
SEATTLE, WA -- QuoteWizard®, a LendingTree company, and one of the nation's leading online insurance marketplaces, has released a new report finding that the ongoing COVID-19 pandemic has had a significant impact on the cost of rent nationwide.
Our team of analysts found the average
cost of a 1-bedroom apartment has dropped in 15 states. California, New York,
Illinois and Washington state have all experienced price drops that will save
renters more than $1,000 a year.
But while the average price of an
apartment has gone down in some of the U.S.’ most populated cities and states,
it’s quickly rising in less populated ones. Renters in Montana, Idaho and
Vermont are now paying 10% more.
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| Elli Carrillo |
“Our analysts here at QuoteWizard could see a hint of these rental trends in 2019-2020. COVID-19 accelerated that trend, people started leaving cities and heading to suburban areas,” said Nick VinZant, Sr. Research Analyst and Insurance Expert with QuoteWizard.
Nationwide the average cost of a
1-bedroom apartment has gone down from $898 in 2019, to $891 in 2021. However,
this number varies wildly from state to state.
|
Top States Where Rent is Decreasing |
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|
Rank |
State |
Average 1b cost in 2021 |
% Change from 2019 - 2021 |
|
1 |
Massachusetts |
$1,152 |
-11.3% |
|
2 |
North Dakota |
$660 |
-9.1% |
|
3 |
New York |
$1,303 |
-7.8% |
|
4 |
Washington |
$1,149 |
-7.8% |
|
5 |
Illinois |
$863 |
-6.2% |
|
6 |
California |
$1,442 |
-5.0% |
|
7 |
Virginia |
$1,183 |
-4.3% |
|
8 |
Minnesota |
$875 |
-4.0% |
|
9 |
New Jersey |
$1,284 |
-1.7% |
|
10 |
Texas |
$935 |
-1.7% |
|
Top States Where Rent is Increasing |
|||
|
Rank |
State |
Average 1b cost in 2021 |
% Change from 2019 - 2021 |
|
1 |
Delaware |
$1,142 |
12.3% |
|
2 |
Idaho |
$700 |
10.2% |
|
3 |
Arizona |
$979 |
9.1% |
|
4 |
Montana |
$743 |
9.1% |
|
5 |
New Mexico |
$751 |
7.8% |
|
6 |
New Hampshire |
$1,010 |
7.5% |
|
7 |
Nevada |
$845 |
6.4% |
|
8 |
Maine |
$990 |
6.4% |
|
9 |
Mississippi |
$698 |
5.3% |
|
10 |
Alabama |
$726 |
5.2% |
The full report, along with numbers for
each state, are here: https://quotewizard.com/renters-insurance/average-cost-of-renters-insurance#rent-change
About QuoteWizard
QuoteWizard (quotewizard.com) is an insurance
comparison marketplace for consumers looking to save on insurance.
QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance.
Agents and carriers, in turn, benefit from millions of highly qualified leads, calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.
For more information,
please go to quotewizard.com, like our Facebook page and/or follow us on Twitter
@quotewizard.
CONTACTS:
Emily: emily@quotewizardnews.com
Nathan: nathan@quotewizardnews.com
Elli: ecarrillo@quotewizardnews.com
Elli Carrillo | QuoteWizard by LendingTree, LLC
Public Relations Specialist157 Yesler Way, Ste 400 | Seattle, WA 98104
