Median Rent in Youngstown-Warren Area Increases 1.3%

YOUNGSTOWN, Ohio – Rent in the Youngstown-Warren metropolitan area increased 1.3% this year, well below the nearly 13% increase nationally.

Construction Coverage released a report Friday showing the median rent in the Youngstown-Warren area for 2023 was $905 per month. That amount increased to $917 this year.

Complete results of the analysis, including data on more than 350 U.S. metros and all 50 states are available HERE

The report points to the high cost of housing, which prices many out of the market to buy a home.

“Underlying these trends is a long-term shortage of housing stock in the United States,” says Jonathan Jones, a senior researcher for Construction Coverage. “Many builders were hard-hit by the Great Recession, and as a result, the U.S. dramatically underbuilt its housing stock throughout the 2010s. Renters are feeling the consequences: Rental vacancy rates are at their lowest level on record. In short, this means that more renters are competing for fewer available units.”

Rents have grown by double-digit percentages in most states, the analysis found. That’s concentrated in the southeast and northeast regions. Rhode Island, Maryland and Delaware saw median rent increases at more than 17% each.

Increases in the midwest were lower, and Hawaii saw the lowest, an increase of 1.7% from 2023 to 2024.

Published by The Business Journal, Youngstown, Ohio.