Rental costs on the rise in the First State

With the market still in flux, many people are looking for affordable places to rent, so here are some Delaware towns you may want to check out.

According to Apartments.com, the average rent in the First State is roughly $1,433 per month, about $100 less than the national average.

Zillow Rental Manager has estimated that homes for rent in Delaware usually fall in between $490 to $15,000, with 659 available rentals as of July 3.

Delaware also has the 11th highest rent in the United States.

Here’s what we know about the most and least affordable places to live in the First State.

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Which places are the most affordable?

According to Redfin, the most affordable places to rent a one-bedroom apartment in Delaware include Dover ($1,315 per month), Bear ($1,872 per month) and Smyrna ($1,050 per month).

SoFi also ranks Milford and Wilmington as other low-cost cities to live in Delaware.

Which places are the most expensive?

According to data collected by Zillow Rentals Data, the average cost of rent in Fenwick Island is $4,000 per month. Other high-ranking places to rent in the First State included Millville ($2,775 per month), Townsend ($2,750 per month), Rehoboth Beach ($2,650 per month) and Bethany Beach ($2,900 per month).

What about the rest of the U.S.?

According to Forbes Advisor, the best cities to rent in the United States include Lincoln, Nebraska; Raleigh, North Carolina; Austin, Texas; Oklahoma City, Oklahoma; and Lexington, Kentucky.

In contrast, Apartments.com lists Coloma, Wisconsin; Linton, Indiana; and McGregor, Texas, as the most affordable cities to rent – with many running under $300 per month on average.

According to Apartments.com, the most expensive cities to rent are Millbrook, New York ($4,293 per month); Old Greenwich, Connecticut ($4,115 per month); Ardsley, New York ($3,981 per month); Playa Vista, California ($3,804 per month); and New York, New York ($3,800 per month).

Forbes Advisor also ranks Newark, New Jersey, and Long Beach, California, as the worst places to rent, among other cities, due to increased price changes and lack of available property.

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What will renters need to know?

In 2022, 45.2 million out of a total 129 million households in the U.S. rented their homes, as shown in data collected by the National Association of Realtors.

According to research from Rent.com, prices in the U.S. have continued to climb nationwide, but also continue to fluctuate depending on the region – most often due to fewer spaces to rent.

For current renters, should prices continue to rise, talk with your landlord about possibly extending your lease with the current monthly rate locked down, and searching for available spaces in less expensive cities.

Should prices fall, however, experts recommend renters begin thinking about relocating or even start saving up to put a down payment on a house.

Additional resources on renting and purchasing homes can be found on the NAR website.

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