Statewide Average Rent on the Rise: Alabama stands out in contrast to the national decline in average rent, but the Birmingham metro area is experiencing a contrary trend.
National trends vs. Alabama
National rent averages continue their third consecutive monthly decline, dropping by 0.57%. In contrast, Alabama is witnessing an upward trend in average rent,
- Median Rent (November): $1,187 ($779 below national median)
- Year-over-year change: +4.08%
- Month-over-month change: +1.59%
Neighboring states showed some varying numbers in comparison to Alabama:
- Georgia: Median rent $1,779, +4.22% YoY change, -.54% MoM change
- Tennessee: Median rent $1,579, +1.33% YoY change, -2% MoM change
- Mississippi: Median rent $1,187, +13.93% YoY change, -1.73% MoM change
- Florida: Median rent $2,119, -4.84% YoY change, -1.57% MoM change
Across the Southeast in 2023, rates are generally increasing, except for Florida. However, recent trends show decreasing rates. Mississippi has experienced the largest year-over-year increase in our region, with its November median rate matching that of Alabama.
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Birminghams average rent is dropping
In Birmingham, the monthly decrease in rent aligns with the national trend. Despite this, with median rent prices $382 higher than the statewide average, the Magic City still experiences relatively high rental rates.
Here are the Birmingham stats
Median Rent (November): $1,569 ($397 below national median)
Year-over-year change: +1.57%
Month-over-month change: -2.76%
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Our Reader’s Queries
Which state has the highest rent increase?
The national average rent dropped by one percent. North Dakota had the biggest rental increase, while Oregon saw the largest decline. California, one of the priciest states for renting an apartment, experienced a 1.84 percent decrease from the previous year.
What state has the highest rent 2023?
1. Hawaii leads the nation with a median rent price of $1,651.
2. The District of Columbia follows closely with a median rent price of $1,607.
3. California comes in third with a median rent price of $1,586.
4. Maryland rounds out the top four with a median rent price of $1,415.
What is the average rent growth in the US?
Annual price growth is steadily declining after reaching a peak of 16.2% in Feb. 2022. The average typical asking rents in the U.S. have now risen to $1,982, showing a 3.3% increase from last year, as per Zillow’s rental report for November released on Dec. 7.
What is the average rent increase per year in Texas?
In Q3 2023, the average rent price in Dallas rose by 6% to $2,826, while Houston saw a 4% increase to $2,224.