States With Declining Family Home Rentals

It’s becoming more difficult than ever to find reasonably priced homes for rent with home rental prices soaring and income levels remaining relatively stagnant compared to that of the national inflation rate. Purchasing a home is a major financial decision and often out of the question for the majority. So, where does this leave those in the market for something that fits their budget?

Despite the consistent rental rate fluctuations, there are regions and states where you can still find reasonable homes where rates haven’t increased drastically. 

A few select cities have actually recorded decreasing rental prices, and here are the states with their yearly declines:

• Idaho (-5.79%)

• Arizona (-2.64%)

• Nevada (-2.05%)

• Virginia (-1.77%)

• Colorado (-1.74%)

• Massachusetts (-0.99%)

• Minnesota (-0.44%)

• Washington (-0.12%)

Let’s take a closer look at a few select states and see how far your dollar might get you.

Washington D.C.

Over the last year, rent in Washington decreased by 0.12% and the average price for a 2-bedroom family home in the Washington area will now cost $1053 per month. The decrease is particularly interesting to renters who are looking to move to a new state.

Reasons To Move To Washington

Whether you’re looking to put down roots in Washington or visit for a stay, these are a some of the factors that you could take into consideration:

Rich in History and Culture

Washington is one of the most historically rich places you can find, with over 80 museums and 160 monuments, you would be spoilt for choice.  It’s a great place for history enthusiasts or for those looking to learn more about the history of the country.

Best of all, all the museums are free to visit! 

Sporting Haven

For those that follow sports religiously, DC is brimming with professional sports every season from the DC Commanders to the Washington Capitals. You’ll never be in short supply of sporting events in this state. With the newly introduced DC Defenders XFL team, you're sure to enjoy various types of sporting events to attend throughout the course of the year.

Consistent Job Market

Washington has many job opportunities, particularly for those looking to be employed by the government. The unemployment rate for DC is 4.90% which is slightly higher than the national average of 3.6%. With the average individual earning gross $104,000 per year. 

Virginia

Virginia has recently seen a decrease of 1.77% in rental rates. This means that the average price of a 2-bedroom family home will now cost $793 per month.    

Reasons To Move To Virginia

Breathtaking Scenery

If you’re someone who enjoys the outdoors and landscape views, Virginia should be next on your list. It's brimming with beautiful views throughout the seasons. With the crescendo of mountains from the Appalachian trail on its west and the beautiful lapping waves of Virginia Beach on your east, there’s something for every season.

Low Crime Rates

Virginia boasts one of the country's lowest crime rates, which can be attributed to its strong military presence and some external factors. Needless to say you can enjoy all the activities this state has to offer with peace of mind. Whether you’re visiting or considering permanently relocating.

Economic Stability

Economic stability is one of the factors that make this an attractive destination to many. Virginia has great state infrastructure and programs that residents benefit from.

It boasts of job opportunities, good salaries and lower taxes which is a major plus for anyone looking to relocate. Its unemployment rate of 3.2% sits way below the national average. 

Idaho

Idaho has seen the largest percentage decrease in recent years and recently recorded a 5.79% decrease in home rentals. You can now expect to pay an enticing $1310.00 for a 2 bedroom home. 

Reasons To Move To Idaho?

Vibrant Scenery

Idaho is one of the most popular states when it comes to outdoor life, with millions of people visiting to partake in the various activities Idaho has to offer. One can enjoy both warm and cold season activities, which include hiking, fishing, mountain biking, swimming, snowboarding and skiing.

This makes it a prime destination for people from all walks of life. 

Entertainment and Culturally Rich

Idaho is a state known for its vast cultural diversity, entertainment and food. It holds some of the best breweries, farms, and restaurants in the US. Country music is what most locals listen to and there’s a lot of choice here.

If you consider yourself a wine connoisseur, Idaho has vast amounts of wineries, breweries and is becoming popular with the craft beer crowd. The crowds here tend to be merry and bright!

Lower Cost Of Living

Idaho has one of the lowest costs of living in the country and means that if you’re looking to stretch your dollar further during this recession, Idaho might be calling you home. The cost of living index in Idaho is 93, while the average is 100, meaning that it’s relatively cheaper to live there.

Groceries and healthcare have been reported to be lower in Idaho compared to that of the national average as well. Toilet paper might be a hot commodity in most cities but not here!

Nevada

Has seen a 2.05% decrease in rental prices in the recent year, so if you’ve been thinking of moving to Nevada or planning to give the city a few months living trial, this is the time to do that. A family 2-bedroom home in Nevada would cost $1058.00 per month. 

Reasons To Visit Nevada

Buzzing Nightlife

When it comes to entertainment Nevada is never short of it. Home to some of the most popular casinos like Caesars palace, Red Rock Casino Resort and Spa, The Venetian Las Vegas and MGM Grand Las Vegas, you're sure to have a good time with gambling or live entertainment. Walk out onto the Las Vegas strip for a show of your own, watch the crowds from across the world, catch the fountain show at the Venetian or grab a boozy cocktail at Taco Bell Cantina and let the vibes sink in.

Many people flock to this state to experience the nightclubs, casinos, lounges and bars but, Vegas is whatever you’d like to make it.

Outdoor Activities

It’s a great place to enjoy a wide range of outdoor activities such as biking, hiking, rock climbing, golf, skiing, and water sports. Popular places to visit include Lake Tahoe, Red Rock Canyon State Park and Great Basin National Park.

No State Income Tax

Nevada is one of the states where there’s no state income tax and you enjoy multiple tax benefits, including no tax on:

• pensions

• sale or transfer of shares

• social security

• franchise tax 

• issuance of corporate shares

• estate or inheritance, 

• gross receipts tax 

• inventory tax 

And low low property taxes. These incentives make it appealing for entrepreneurs who want to launch their businesses.

Trends And What They Mean for Renters?

Renters gain crucial insights on what is happening in the market, which is useful for those who recently moved and about to enter into new agreements or sitting tenants who are looking to renew existing agreements. 

Temporarily Move To A New State

If you’re not ready to drop the hammer and permanently move to these states, you can find flexible rentals at FLXLease.com. We have stunning properties all across the US that offer medium-term home rentals and give you the freedom of living in those new states before making a final decision. Interested in seeing what more we have to offer? Check out our site at www.FLXLease.com to find your next month-to-month stay.