Standard rent for apartments varies significantly by region, and as of 2015, New York has the highest average monthly rent in the Northeast and in the United States, explains MyApartmentMap. Arkansas has the nation's lowest rent. Illinois, and California and Hawaii have the highest averages for two-bedroom units. New York rent is averages around $2,593. California's average rent runs about $2,069 on average; Hawaii, about $2,453; and about $1,394 in Illinois.Continue Reading
Historically, renters allocated about 25 percent of their income to rent costs, according to Forbes Magazine. However, the amount tenants allocate to rent is closer to 30 percent, because rental rates have increased about twice as fast as renters' monthly incomes since 2000. For renters in some regions, renting is becoming a barrier to ultimately owning a home. In cities such as San Francisco and San Jose, California, and Denver, Colorado, the annual average increase in monthly rent is close to 15 percent. The national average for annual rent increases is about 3.3 percent.
Under the federally funded Section 8 program, qualified individual tenants and families typically pay about 30 percent of their income toward their rental housing, notes MyApartmentMap.com. If tenants' rental costs exceed a certain threshold, the local public housing authority pays the difference in the rent to the landlord directly.Learn more about Finding a Home