The U.S. states with the cheapest average rent for a one-bedroom apartment generally can be found in the South and Midwest.
Oklahoma ranks No. 1 on the list for the most economical rental housing in that category, according to an analysis from Apartments.com based on the most recent data in CoStar Group's Market Trend reports. CoStar owns Apartments.com and publishes CoStar News.
"Finding an affordable state to live in can seem impossible, but some states have prices significantly lower than the national average rent of $1,576/month," the report said. More than half of all states are below the overall average for April, a month that was 1% higher than the same time last year.
The survey comes as overall U.S. apartment rent growth "has consistently remained slightly above 1% on a year-over-year basis over the past seven quarters," according to a report from CoStar Market Analytics. "Rent growth for high-quality buildings is beginning to accelerate, though. Conversely, rent growth has moderated in the past year among mid- and low-quality buildings as vacancies have increased slightly."
The following states offer the most budget-friendly monthly average rent for a one-bedroom apartment: Oklahoma, $895; West Virginia, $914; Arkansas, $931; North Dakota, $935; Iowa, $955; Mississippi, $973; South Dakota, $974; Alabama, $1,040; Kentucky, $1,049; and Louisiana, $1,051.
In Oklahoma, Lawton is the city with the cheapest average one-bedroom rent, at $772 a month, according to Apartments.com.
Rent in some states is more expensive than others because of factors including supply and demand, population density, and the economy, Apartments.com said. In April, New York had the highest average one-bedroom rent at $2,660 per month, and Massachusetts had the second-highest average at $2,513 per month.
Demand for apartments is growing at an above-average clip across the United States, while the development cycle has peaked and is poised to wind down quickly over the upcoming year, according to CoStar's report.
"Older members of Gen Z are entering the prime apartment rental age, while baby boomers are progressing to an age where renting becomes increasingly common once again," the report noted.