Renters are feeling the pain of the housing crisis and inflation through with record-breaking rental prices. I know personally mine went up $200 a month when I resigned my lease in June. That’s an extra $2,400 a month which is not a small difference. And while making day-to-day more expensive it also makes it more difficult for renters to save for a home and get out of the rent game. This prompted Lawn Love to conduct a study on the most expensive metros for rent. They compared 185 markets and discovered that the median rent in the country is $2,000. Ouch. I was shocked however at the most expensive cities for rent in both North and South Carolina.
I would have thought easily Charlotte would be the most expensive, but the Queen City is not. In fact, they are the 9th-ranked metro in the Carolinas. Ninth. And I thought we had it bad. The rankings are based on average rent prices and the year-over-year change, renters insurance, as well as a percentage of renters who spend 30% or more of their income on rent.
With housing prices still at record highs, there really is no relief for your average American these days. The probably is exasperated by rental companies coming in and buying up the limited supply of houses to then rent or flip to sell.
Check out the 25 most expensive metros for rent in the country and the North & South Carolina rankings below.
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.