For the first time in nearly two years, the national median rent price saw a year-on-year decline, according to Rent.com, which reported a 0.57% drop in May rent prices. The national median rent price now sits at $1,995, tumbling from a peak of $2,053 in August 2022. According to Quotewizard.com, location can play a role in how much a renters insurance policy costs. For example, areas with lower crime rates and those with less of a risk of natural catastrophes tend to see lower rates. Additionally, units with equipment such as deadbolts, alarm systems and fire extinguishers can result in lower renters insurance rates. On average, renters insurance costs around $18 per month, according to ValuePenguin.com, which noted renters coverage is considerably less expensive than home insurance. The above slideshow reveals the states that have seen the biggest year-on-year increases in rent prices, according to Rent.com research. The slideshow also includes average renters insurance prices based on Valuepenguin.com data. Related: |
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
