What state has lowest monthly rent?

Urban areas generally have higher average rent prices than rural areas because there's a greater demand for housing there. ... The ten states with the lowest average rent payments Arkansas ($736) Kentucky ($759) Mississippi ($771) Iowa ($786) Alabama ($790) Montana ($812) Oklahoma ($816) North Dakota ($817) More items... •

fool.com - The 10 States With the Cheapest Average Rent Payments

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Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. You can rent in all these states for less than $820 per month.

Key points

Many Southern and some Midwestern states offer affordable rentals.

There are steps all renters can take to try to reduce their monthly costs. Renters account for about 34% of the nation's households, according to the U.S. Census Bureau. And in some groups, like young adults and minorities, the rate is much higher. Renting definitely has its drawbacks, including climbing rates that renters often have no say in. But this is more common in some areas than others. The following 10 states have the most affordable average rent payments of anywhere in the nation.

The ten states with the lowest average rent payments

These 10 states have the lowest average monthly rent payments by dollar value in the U.S., according to doxo: West Virginia ($695) South Dakota ($727) Arkansas ($736) Kentucky ($759) Mississippi ($771) Iowa ($786) Alabama ($790) Montana ($812) Oklahoma ($816) North Dakota ($817) To be clear, these states have the cheapest average rent payments overall, but that doesn't mean they fit easily into their residents' budgets. Some of the states on this list, like West Virginia and Mississippi, also have low average incomes. So it's possible that, though they're paying less, residents of these states are spending an equal or larger percentage of each paycheck on housing compared to someone more affluent living in a more expensive state. The above figures are also averages for the entire state, and costs can vary significantly from one city to the next. Urban areas generally have higher average rent prices than rural areas because there's a greater demand for housing there. So depending on where you live in the above states, you could pay considerably more or less than the stated figures.

What you can do to do lower your rent payments

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The most significant thing you can do to reduce your rent payments is to choose your rental carefully. Explore a variety of options in your area or even nearby towns and see how they stack up on price, quality, and proximity to school and work. If you know your rent is going to climb once your lease is up, start looking for new rentals in your area. In some cases, you may be able to negotiate with your landlord if you're not able to pay as much as they want you to. But not all landlords are willing to do this. Another option is to bring in a roommate to split the costs with you. However, if your rental is small, you may need to move to a larger one in order to accommodate everyone. So you must weigh if this is worth the financial help. Some people also try to rent their homes or apartments out on a short-term basis if they're going to be traveling. This is especially common in cities that see a lot of tourists. However, landlords may have rules against this and if you attempt to offer short-term rentals without your landlord's approval, you could be found to be in violation of your lease agreement. So it's best to check the rules before doing this. Even if you aren't able to find a more affordable rental right now, something else may come up in the future, so keep an eye out. And if you see any other opportunities to save, take them. A few extra dollars in your bank account each month could be worth hundreds or thousands of dollars in a few years. You may even find yourself with enough for a nice down payment to buy a home of your own.

fool.com - The 10 States With the Cheapest Average Rent Payments

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