HOUSTON (CW39) The ongoing COVID-19 pandemic has had a significant impact on the price of rent nationwide.
The average cost for a 1-bedroom apartment is going down in 15 states.
Analysts at QuoteWizard found that the average cost of a 1-bedroom apartment has changed significantly from the city to the suburbs. The nationwide change in rental rates is difficult to attribute to one single factor, however, statistics compiled by iProperty Management show that renters are leaving cities for the suburbs. Since the beginning of the COVID-19 pandemic, the number of open apartments has gone down 10% in suburban areas.
Other key findings:
Texas ranks #10 in rental cost decreases.
The average cost of an apartment has gone down -1.7% in Texas over the last two years.
You can read the full report along with a ranking of all 50 states here: https://quotewizard.com/renters-insurance/average-cost-of-renters-insurance#rent-change