25 cities where rents are rising the fastest
Elena_Alex_Ferns // Shutterstock
25 cities where rents are rising the fastest
Row of contemporary residential townhouses.
The cost of rent skyrocketed in the COVID-19 pandemic’s second year as homes for sale remained scarce. Millions of American millennials who couldn’t afford to rent were forced to squeeze into relatives’ homes.
Rentlodex ranked cities with the highest rent increases from December 2021 to 2022 using data from Apartment List. The analysis includes U.S. cities with 100,000 or more residents. Apartment List bases rent estimates on the median price of new leases signed and paid per month. Actual percentage change data is more precise than what’s listed, so there are no true ties.
At the peak of rental increases in 2021, some New York City tenants saw rents increase by 60% or more. In the fast-growing Phoenix suburb of Gilbert, Arizona, rents more than doubled in 2021 compared to the year prior.
Some landlords and property managers pointed to rising home prices and property taxes, and a shortage of rental units available, as giving ground for rental increases. In addition, the federal government and many states and cities banned evictions during the height of the pandemic for public health reasons, so fewer rental properties became available as a result of evictions.
In December 2022, national median rent grew about 4%, which is still elevated but inching closer to the roughly 3% year-over-year growth seen in the years before the pandemic.
The pace of growth tapered in the first part of the year, but rents are still climbing. Inflation pressures are also contributing to calls for local rent control laws and a discussion about instituting federal rights for renters.
The Department of Justice is also looking into potentially anti-competitive business practices among property management companies. That inquiry comes after a 2022 ProPublica investigation raising questions about whether property managers who share software systems were acting as a rental cartel.
Renting is an ideal situation for people who would rather not bother with the upkeep of their home or who aren’t particularly attached to their locale and may move in the future. From 2008 to early 2021, the cost of monthly rent compared to a monthly mortgage payment for a single-family home had been nearly identical, according to one study by John Burns Real Estate Consulting. The red-hot housing market of the pandemic era flipped that, making monthly rent the comparably affordable option in 2021 and 2022, per the firm’s analysis.
The only time rents have actually decreased in real dollars, on average, in the last two decades was in late 2009 amid the aftermath of the housing crisis, according to the Bureau of Labor Statistics’ rent price index.
Sean Pavone // Shutterstock
#25. Savannah, Georgia
Riverfront skyline in Savannah.
– Median rent, December 2022: $1,424
– Growth from December 2021: 8.9%
– Median household income, 2021: $49,612
– Population: 145,403
Jacob Boomsma // Shutterstock
#24. Omaha, Nebraska
Aerial view of downtown Omaha in autumn.
– Median rent, December 2022: $1,127
– Growth from December 2021: 8.9%
– Median household income, 2021: $62,948
– Population: 475,862
Jacob Boomsma // Shutterstock
#23. Lincoln, Nebraska
Aerial view of Lincoln and State Capitol building in autumn.
– Median rent, December 2022: $1,059
– Growth from December 2021: 9.0%
– Median household income, 2021: $62,294
– Population: 283,839
IMG_191 // Shutterstock
#22. Rochester, Minnesota
Rochester skyline reflected in river.
– Median rent, December 2022: $1,139
– Growth from December 2021: 9.0%
– Median household income, 2021: $75,902
– Population: 115,557
EQRoy // Shutterstock
#21. North Charleston, South Carolina
Aerial view of Port of Charleston and surrounding landscape.
– Median rent, December 2022: $1,493
– Growth from December 2021: 9.1%
– Median household income, 2021: $55,864
– Population: 111,501
Amy Dover // Shutterstock
#20. Wilmington, North Carolina
Riverwalk in Wilmington.
– Median rent, December 2022: $1,374
– Growth from December 2021: 9.2%
– Median household income, 2021: $53,186
– Population: 120,194
turtix // Shutterstock
#19. Albuquerque, New Mexico
Albuquerque residential suburbs.
– Median rent, December 2022: $1,303
– Growth from December 2021: 9.3%
– Median household income, 2021: $58,512
– Population: 559,374
Valiik30 // Shutterstock
#18. Tulsa, Oklahoma
Cityview of Tusla.
– Median rent, December 2022: $1,093
– Growth from December 2021: 9.4%
– Median household income, 2021: $51,008
– Population: 402,324
Canva
#17. Highlands Ranch, Colorado
Aerial view of Highlands Ranch homes and Rocky Mountains.
– Median rent, December 2022: $2,343
– Growth from December 2021: 9.4%
– Median household income, 2021: $137,241
– Population: 105,631
Daniel Case // Shutterstock
#16. Anchorage, Alaska
Snowy landscape with city of Anchorage and mountains.
– Median rent, December 2022: $1,782
– Growth from December 2021: 9.5%
– Median household income, 2021: $86,654
– Population: 293,531
Sundry Photography // Shutterstock
#15. Santa Clara, California
Elevated view of area surrounding Levi’s Stadium in Santa Clara, California.
– Median rent, December 2022: $2,637
– Growth from December 2021: 9.7%
– Median household income, 2021: $155,238
– Population: 127,721
jdross75 // Shutterstock
#14. Charleston, South Carolina
Aerial view of Charleston along waterfront.
– Median rent, December 2022: $1,691
– Growth from December 2021: 10.1%
– Median household income, 2021: $74,139
– Population: 135,257
Giorgia Basso // Shutterstock
#13. Killeen, Texas
Residential neighborhood in Killeen.
– Median rent, December 2022: $1,235
– Growth from December 2021: 10.2%
– Median household income, 2021: $51,619
– Population: 145,686
Canva
#12. Mobile, Alabama
Elevated view of Mobile.
– Median rent, December 2022: $1,122
– Growth from December 2021: 10.3%
– Median household income, 2021: $43,786
– Population: 190,432
CrackerClips Stock Media // Shutterstock
#10. Knoxville, Tennessee
Knoxville skyline with Worlds Fair Park.
– Median rent, December 2022: $1,340
– Growth from December 2021: 10.8%
– Median household income, 2021: $45,700
– Population: 186,173
KevinKim // Shutterstock
#10. Torrance, California
South Bay lifeguard tower in Torrance Beach.
– Median rent, December 2022: $2,076
– Growth from December 2021: 10.8%
– Median household income, 2021: $100,392
– Population: 145,492
refrina // Shutterstock
#9. Fayetteville, North Carolina
Historic Market House in downtown Fayetteville.
– Median rent, December 2022: $1,372
– Growth from December 2021: 10.9%
– Median household income, 2021: $51,629
– Population: 210,432
Sean Pavone // Shutterstock
#8. Independence, Missouri
Union Station and Kansas City cityscape.
– Median rent, December 2022: $1,194
– Growth from December 2021: 11.1%
– Median household income, 2021: $52,919
– Population: 117,084
Wirestock Creators // Shutterstock
#7. Kansas City, Kansas
Kansas City Farmer’s Market.
– Median rent, December 2022: $1,114
– Growth from December 2021: 11.2%
– Median household income, 2021: $53,884
– Population: 152,522
f11photo // Shutterstock
#6. Jersey City, New Jersey
Aerial view of Jersey City at sunset.
– Median rent, December 2022: $2,253
– Growth from December 2021: 11.2%
– Median household income, 2021: $81,958
– Population: 261,940
Kyle Sprague // Shutterstock
#5. Escondido, California
Aerial view of Lake Hodges in Escondido.
– Median rent, December 2022: $2,231
– Growth from December 2021: 11.8%
– Median household income, 2021: $80,749
– Population: 151,300
Canva
#4. Metairie, Louisiana
Aerial view of Metairie.
– Median rent, December 2022: $1,178
– Growth from December 2021: 14.8%
– Median household income, 2021: $66,074
– Population: 142,135
NaturallyKristina // Shutterstock
#3. Midland, Texas
Downtown Midland and Wadley Barron Park pond.
– Median rent, December 2022: $969
– Growth from December 2021: 16.8%
– Median household income, 2021: $72,038
– Population: 138,549
marchello74 // Shutterstock
#2. Madison, Wisconsin
Aerial view of Madison city downtown in summertime.
– Median rent, December 2022: $1,574
– Growth from December 2021: 17.2%
– Median household income, 2021: $67,270
– Population: 254,977
Canva
#1. Odessa, Texas
Street and buildings in downtown Odessa.
– Median rent, December 2022: $865
– Growth from December 2021: 24.6%
– Median household income, 2021: $61,964
– Population: 119,702
This story originally appeared on Rentlodex and was produced and
distributed in partnership with Stacker Studio.
