What Are The 100 Least Expensive Rental Markets in The US?

In recent years, the United States has witnessed a shift in population, with many people moving from major urban areas to smaller cities. One of the key drivers of this migration has been the desire for more affordable rents and larger living spaces. As rental prices soar in many parts of the country, certain regions continue to offer affordable housing options that are well below the national average. Here’s a closer look at some of the most affordable cities for renters. 

The Midwest and South Continue to Offer Affordable Rents 

According to the analysis conducted by Rent.com, the Midwest and South are notable for offering the most affordable rents in the country. States such as Missouri, Kansas, Iowa, South Dakota, and Texas have a range of cities where tenants can find rental prices below the national average. It’s worth highlighting that Texas was a prominent state, with three cities ranking among the top ten most affordable: Lubbock, Port Arthur, and Victoria.

The Cheapest Average Rent: Springfield, MO

Springfield, Missouri, known as the birthplace of Route 66 and home to Missouri State University, takes the lead as the city with the cheapest average rent in the entire U.S. With an average monthly rent of just $662, Springfield offers an affordable option for renters. Among the ten cheapest cities, all except Wichita, Kansas, have populations of fewer than 300,000 residents, suggesting that smaller cities tend to have lower rental costs.

The Steepest Decrease in Average Rent: Pearland, TX

Despite the overall trend of rising rental prices in many cities, Pearland, Texas, bucked the trend with a remarkable 55 percent year-over-year decrease in average rent. Located just 30 minutes outside of Houston, Pearland saw its rental prices drop by $1,243, now averaging $1,007 per month. This significant decrease highlights the considerable variation in rental affordability that can exist within regions, even in close proximity to major urban centers.

Texas and North Carolina Dominate the List of Cheapest Cities 

The state of Texas tops the list of cities with the most affordable rents, boasting a staggering 18 cities in the top 100. San Antonio, one of the largest cities in Texas, ranks 51st on the list, with an average rent of $1,257 per month. North Carolina takes the second spot, with ten cities among the top 100, including Chapel Hill, Charlotte, and Greensboro, all offering rents below $1,600 per month on average.

To see the complete list of cities and how they ranked, click here

Be Prepared for Increased Interest in These Areas

As renters continue to seek affordable housing options, the Midwest and South have become attractive regions with cost-effective rental markets. Landlords in these areas, particularly in Texas with its multitude of affordable cities, should recognize that with the growing influx of people and the increased interest in these locations, they’ll likely see greater interest in their rentals as well. With an influx of interested renters, it will be even more important to conduct thorough tenant screening.

All of TSCI’s screening services are available online 24/7; we also offer RentalConnect, which allows you to defer the cost of the report to the applicant. As with all our reports, we strongly suggest reviewing your local laws to ensure you’re using the information legally. Some states and local governments have enacted limits to when certain types of screenings can be conducted and under what circumstances. For more information and tips on tenant screening, visit our blog or contact us at 800-523-2381. 

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