Around 44.1 million households in the United States are renters, with these households paying around $485 billion in rent each year, according to reporting from The Zebra. This means over one-third of households in the U.S. are renters. Of these, more than 22.4 million households spend over 30% of their income on rent, with 12.1 million spending more than 50%.
On top of rent, they must also consider the expense of renters coverage. Renters insurance premiums in the United States average $148 annually, or about $12 each month, according to NerdWallet.
The states with the cheapest renters insurance in the U.S. include Wyoming, Alaska, Wisconsin, Iowa and Vermont. States where renters should expect to pay the highest premiums, NerdWallet reports, are Georgia, Oklahoma, Arkansas, Mississippi and Louisiana.
When it comes to specific cities, they found Los Angeles has the most expensive renters rates and Seattle has the least expensive.
A recent study from RentCafe of the 150 largest U.S. cities showed that the South was the most popular region for renters in September 2024, with 11 cities making the top-30 list of rental activity. Some of the most sought-after areas for rentals in the South were Louisville, Kentucky; Orlando, Florida; Tampa, Florida; and Richmond, Virginia.
Of the cities included in the report, those with the lowest amount of rental activity in September were Laredo, Texas; Oxnard, California; Bronx, New York; St. Louis, Missouri; and Toledo, Ohio.
In the slideshow above, we’ll look at which ten U.S. cities are the hottest for rental activity this Fall, according to RentCafe.
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