From Quote Wizard
The COVID-19 pandemic has had a significant impact on the cost of rent. Our team here at QuoteWizard analyzed rental rates across the country and found the average cost for a 1-bedroom apartment is going down in 15 states.
But while rent is dropping in some of the U.S.’s largest cities and states, rental rates are rising nearly everywhere else. You can see just how much rent has changed in the last two years in the table below.
Cost change for a 1-bedroom apartment State Average monthly rent in 2021 % Change in the average cost of rent from 2019-2021
Alabama $726 5.2%
Alaska $982 4.7%
Arizona $979 9.1%
Arkansas $605 3.9%
California $1,442 -5.0%
Colorado $1,162 -1.6%
Connecticut $1,099 2.2%
Delaware $1,142 12.3%
Florida $1,109 1.6%
Georgia $979 3.7%
Methodology: Rent cost data was sourced from Apartment List estimates.
The nationwide change in rental rates is difficult to attribute to one single factor, however, statistics compiled by iProperty Management show that renters are leaving cities for the suburbs. Since the beginning of the COVID-19 pandemic, the number of open apartments has gone down 10% in suburban areas.
Frequently asked renters insurance questions
Whether you’re shopping for your first policy or your tenth, here are some important things to keep in mind about renters insurance.
What does renters insurance cover?
Renters insurance policies most often consist of four primary coverages: personal property, personal liability, medical payments to others and loss of use.
Personal property: Personal property coverage protects your stuff. That includes everything from your laptop, to your mattress, to your clothes. So if your couch is damaged after a fire, renters insurance can step in to help cover the cost of a new couch. Keep in mind, there are coverage limits for some items, such as jewelry.
Personal liability: If you find yourself in court after accidentally injuring someone or damaging their property, personal liability coverage can help cover the legal and medical costs. Some policies start at $50,000 of coverage, but $100,000 is more typical.
Medical payments to others: Medical payments to others coverage can help pay for medical bills if a guest is injured in your home, for example, if someone slips on your stairs.
Limits for this coverage typically range from $1,000 to $5,000.
Loss of use: Also called additional living expenses, loss of use coverage helps pay for increased living expenses if you are unable to remain in your home if it is damaged and being repaired, for instance.