The city with the highest rental rate in every state – 24/7 Wall St.

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For the first time in the country’s history, median monthly rents in the United States have crossed the $2,000 mark. According to a report by real estate listing site Redfin, the median rent for all apartments listed nationwide is up 15% from a year ago. For those millions of Americans who lack the stability that home ownership provides, rising rents will take a heavy financial toll.

Nationally, 35.6% of housing is occupied by tenants. In every state, there is at least one city with a higher rental rate.

To determine the city with the highest rental rate in each state, 24/7 Wall St. looked at five-year estimates of the share of renter-occupied housing in U.S. cities from the 2020 survey of the American community of the US Census Bureau. Cities are defined as having a population of at least 25,000.

Young people are much more likely to rent houses than to buy. More than half of all renters in the United States are under the age of 35, yet this age group represents less than 10% of landlords. Many cities on this list have such high renter shares because they have a younger population.

According to the census, 23.2% of Americans are between the ages of 18 and 34. In all but one of the cities on this list, this age group represents a larger share of the population relative to the national value and respective state figure. In State College, Pennsylvania, which has the highest rental rate among cities in Pennsylvania, an estimated 73.0% of the population are younger adults. State College is home to the main campus of Penn State University. A number of other cities on this list are home to college campuses. It is the youngest county in each state.

Population density is also/another factor on the part of housing units that are rentals. In heavily urbanized areas, a large portion of residents live in multi-story rental buildings, rather than single-family homes. The US population density is 93.8 people per square mile. The vast majority of cities on this list have higher population densities compared to their home states, and all but two have population densities above 1,000 people per square mile. West Hollywood, California, which has the highest rental rate in the state and the third highest in the nation, has a population density of 18,939 people per square mile. These are the 50 largest cities in America.

Click here to see the city with the highest rental rate in each state.

Click here to see our detailed methodology.

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