2024’s Top States for Highest Rent Per Square Foot — Is Your State on the List?

Renting costs money — in some places more than others. A recent study from Perfect Rug , which compiled open reports by Zillow, World Population Review and American Home Shield found that there are 10 states in the U.S. where rents are through the roof according to square footage. The study determined the highest rent costs across states by analyzing the average home size, the rent costs and calculated the rent per square foot.

Are you living in one of these top ten states? You might need to think about moving or even buying a place to save money . Here are 2024’s top states for highest rent in order, with 10 being the lowest and one being the highest.

Try This: 3 Best States To Buy Property in the Next 5 Years, According to Experts

Check Out: How To Get Rich in Real Estate Starting With Just $1,000

Trending Now: Boomers Hold Half of U.S. Wealth-- So Why Are Thousands Living Without Homes?

10. Nevada

• Rental Cost: $104.3 per square foot

The study found that Nevada has the most spacious houses in all of the rankings with 2,060 square feet that adds up to an average rent of $2,150. So while it might be the Silver State, you could need some serious gold to rent there.

For You: 20 Best Cities Where You Can Buy a House for Under $100K

9. Arizona

• Rental Cost: $107.10 per 100 square feet

The data showed that in 2024 Arizona has the second biggest houses, adding up to about 2,049 square feet on average, making rent in the Grand Canyon state come out to roughly $2,195 a month. That can definitely put a big hole in your wallet.

8. Maine

• Rental Cost: $111.60 per 100 square feet

The study found that Maine has the lowest availability of homes for rent, giving way to high rental costs. The houses in the Pine Tree State come out to about 1,680 square feet on average, meaning that they are much smaller compared to other states.

7. Rhode Island

• Rental Cost: $112.30 per 100 square feet

Rhode Island is a state that has not only spacious houses, but a high density of available housing. This might explain some of the reasons why rent in the Ocean State is fairly costly.

6. New Jersey

• Rental Cost: $125.4 per 100 square feet

According to the study, the Garden State has the second highest density of available homes after Massachusetts. With that, overall rent in New Jersey is cheaper than in Florida or New York but with the average square footage amounting to 1,753 meaning the house tends to be much smaller.

5. Florida

• Rental Cost: $131.3 per 100 square feet

Of all the states in America, Florida has the highest rent per 100 square feet, only the homes are much bigger than other expensive states like California or New York. Rent in the Sunshine State typically is in the range of $2,575.

4. Massachusetts

• Rental Cost: $161.1 per 100 square feet

True, the overall rent is slightly higher in Massachusetts than the number one state on this list, however, but houses are over 600 square feet bigger in the Bay State. With almost 28,000 houses for renting, Massachusetts ranks as the state with the highest density of available housing.

3. California

• Rental Cost: $161.2 per 100 square feet

The overall rent in California is the second highest in all the U.S. but the state also offers spacious houses: 1,860 square feet on average, according to the study’s findings. The housing market in the Golden State remains a challenge while the density of houses available for rent still suprasses Hawaii or New York.

2. New York

• Rental Cost: $228.1 per 100 square feet

New York has the highest average rent of $3,400. In the Empire State, everything is bigger, including the size of homes, except maybe the availability of housing. The study found that there are only approximately 69 available homes per 100 square miles.

1. Hawaii

• Rental Cost: $244.8 per 100 square feet

Hawaii is the state with the highest rent per square foot in America and the smallest houses in the study, coming to about 1,164 square feet on average. Not only that, but the Aloha State’s housing market is relatively small, reporting only approximately 23 houses being available for rent per 100 square miles. That only goes to show why rent is so high in 2024 and likely, for years to come.

This article originally appeared on GOBankingRates.com : 2024’s Top States for Highest Rent Per Square Foot — Is Your State on the List?