West Virginia has lowest 2020-2023 increase in rent prices, study finds

FILE – A “For Rent” sign is displayed outside a building in Philadelphia, June 22, 2022. The cost of renting an apartment is easing after …

FILE – A “For Rent” sign is displayed outside a building in Philadelphia, June 22, 2022. The cost of renting an apartment is easing after skyrocketing in recent years, though it remain painfully high for many Americans. The U.S. median rent rose 2.4% in January 2023 from a year earlier to $1,942, the lowest annual increase since June 2021, according to data from Rent, which tracks listings for apartment and rental houses. (AP Photo/Matt Rourke, File)

by: Alexandra Weaver

Posted: May 24, 2023 / 03:49 PM EDT

Updated: May 24, 2023 / 03:49 PM EDT

CLARKSBURG, W.Va. (WBOY) — A new study has found that West Virginia saw the lowest increase in rent between 2020 and 2023 in the nation.

MovingFeedback used data from Zillow during the study, based on each states’ major metropolitan statistical areas. The study compared average January, February and March rents from both years.

The study found that rent in West Virginia saw a 2020 to 2023 increase of 12%, going from an average of $950.54 to $1,066.29. The next nine lowest were:

Iowa: $947.54 to $1,085.55 (14.57%)
Hawaii: $2,283.08 to $2,650.13 (16.08%)
Wyoming: $1,053.34 to $1,226.59 (16.45%)
Louisiana: $1,108.43 to $1,296.71 (16.99%)
North Dakota: $1,087.38 to $1,279.56 (17.67%)
Minnesota: $1,151.26 to $1,357.17 (17.89%)
Kansas: $829.92 to $992.09 (19.54%)
Wisconsin: $935.81 to $1,133.63 (21.14%)
Massachusetts: $1,769.67 to $2,149.79 (21.48%)

On the other hand, the study found that Colorado had the greatest increase in rent, with prices averaging $2,439.56 in 2020 and $3,757.93 in 2023, a 54.04% uptick. The next nine highest were:

Florida: $1,448.43 to $2,126.06 (46.78%)
Montana: $906.45 to $1,302.62 (43.71%)
Idaho: $1,155.35 to $1,629.82 (41.07%)
Arizona: $1,313.44 to $1,821.46 (38.68%)
Tennessee: $1,045.76 to $1,447.32 (38.40%)
Georgia: $1,055.30 to $1,460.07 (38.36%)
New Hampshire: $1,352.16 to $1,849.35 (36.77%)
New Mexico: $1,182.34 to $1,610.50 (36.21%)
Utah: $1,498.58 to $2,039.27 (36.08%)

Experts at MovingFeedback say they expect the upward trend in rent prices to continue.

“Rent demand is strong in the US with rising homeownership costs. It is estimated that there is a shortage of 7.3 million affordable rental homes for those with low incomes. This paired with rising inflation means that rent prices have continued to soar,” a spokesperson for the company said in a press release.

The study also found that nearly 11 million households spend more than 50% of their income on rent. Financial experts generally suggest that people don’t spend more than 30% of their income before taxes on rent.