Fargo, North Dakota – Recent growth in the Fargo-Moorhead region has been phenomenal, and a new study reveals that it is the most renter-friendly region in the country.
Iowa, South Dakota, and North Dakota are the top three states for renters in 2023, with North Dakota taking the top spot.
Rent as a percentage of income is the lowest among residents of any state in North Dakota. The average monthly rent in North Dakota is $853, or about one-fourth of the average household income. However, the median rent in Fargo is slightly higher at $1,014 per month.
Additionally, North Dakota has the highest vacancy rate in the country (12.2%), so tenants should have lots of options.
The fact that efforts are paying off is encouraging, according to Valley Rental’s leasing agent Josh Verghis, and the company will keep providing its clients with the best service possible.
“If someone comes in and they’re looking for something specific, we have a centralized leasing market where we actually get some information, and then we analyze all nine properties that we manage in Fargo, to find the best fit for them,” Verghis said. “Whether that’s a pet-friendly location, pet-free, smoke-free, we kind of look at everything and try and make it as seamless and painless as we can.”
Although the median state income is also around 20,000 dollars greater per year, the survey reveals that California is the worst state for renting, with average rent prices close to 1,700 dollars per month.