10. Michigan
Year-on-year increase: 8.86%
Average monthly renters insurance premium: $26
Credit: iStockphoto
9. Alabama
Year-on-year increase: 8.94%
Average monthly renters insurance premium: $29
Credit: allard1/Adobe Stock
8. New Hampshire
Year-on-year increase: 9.7%
Average monthly renters insurance premium: $12
Credit: Shutterstock.com
7. Nebraska
Year-on-year increase: 10.19%
Average monthly renters insurance premium: $15
Credit: Shutterstock.com
6. Arkansas
Year-on-year increase: 11.75%
Average monthly renters insurance premium: $23
Credit: Shutterstock.com
5. North Dakota
Year-on-year increase: 12.51%
Average monthly renters insurance premium: $14
Credit: Shutterstock.com
4. New York
Year-on-year increase: 12.92%
Average monthly renters insurance premium: $14
Credit: Elisa/Adobe Stock
3. Iowa
Year-on-year increase: 17.95%
Average monthly renters insurance premium: $13
Credit: Shutterstock.com
2. Mississippi
Year-on-year increase: 25.15%
Average monthly renters insurance premium: $31
Credit: Ingo70/Shutterstock
1. South Dakota
Year-on-year increase: 26.55%
Average monthly renters insurance premium: $12
Credit: iStock
For the first time in nearly two years, the national median rent price saw a year-on-year decline, according to Rent.com, which reported a 0.57% drop in May rent prices.
The national median rent price now sits at $1,995, tumbling from a peak of $2,053 in August 2022.
According to Quotewizard.com, location can play a role in how much a renters insurance policy costs. For example, areas with lower crime rates and those with less of a risk of natural catastrophes tend to see lower rates.
Additionally, units with equipment such as deadbolts, alarm systems and fire extinguishers can result in lower renters insurance rates.
On average, renters insurance costs around $18 per month, according to ValuePenguin.com, which noted renters coverage is considerably less expensive than home insurance.
The above slideshow reveals the states that have seen the biggest year-on-year increases in rent prices, according to Rent.com research. The slideshow also includes average renters insurance prices based on Valuepenguin.com data.
Related:
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.