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Cities where rents have risen the most
Rents have skyrocketed in recent months after increasing at fairly steady rates for years
The last year has seen a dramatic spike in rental prices as a result of these factors, with a 17% year-over-year increase in rental costs from February 2021 to February 2022, according to data from Zillow. In comparison, the typical year-over-year increase has held steady between 3% and 5% for most of the last decade. And recent increases stand in stark contrast to the first year of the pandemic, when increases fell to less than 1% as landlords and renters navigated the economic uncertainty of the pandemic, and federal and state governments implemented rental assistance programs and eviction moratoriums to stabilize the market.
Rentals of all sizes saw similar rent increases comparing 2019 to now
No segment of the rental market has been spared the cost of rising rents, from singles or couples in a studio or one-bedroom unit to families renting a three- or four-bedroom home. According to data from the U.S. Department of Housing and Urban Development, units of all sizes saw price increases of greater than 10% for the median unit between 2019 and 2022.
Nearly all states experienced rent increases
The impact of rental price increases has varied somewhat by geography. Many states in the southern and central U.S. have seen lower levels of increase, and one state—Alaska—has actually seen a 3% decrease in rental costs since 2019. The locations that have seen the greatest rent increases are all found in the western U.S., led by Nevada (26.0%), Idaho (24.1%), and Utah (22.2%). These states have experienced high population growth in recent years, bolstered in part by workers leaving higher-cost states like California and Washington in search of more affordable markets—but who have increased costs in their new locations in the process. A similar pattern is apparent at the local level. The metros that have seen the fastest increases in rental costs are “second-tier cities” like Sacramento, Las Vegas, Phoenix, and Salt Lake City that have been booming with incoming residents seeking more affordable locations.
The data used in this analysis is from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. To determine the locations where rents have risen the most, researchers at Stessa calculated the percentage change in median rent from 2019 to 2022. In the event of a tie, the location with the higher total change in median rent from 2019 to 2022 was ranked higher.
Here are the U.S. metropolitan areas where rents have risen the most.
Small and midsize metros where rents have risen the most
15. Nashville-Davidson–Murfreesboro–Franklin, TN
Photo Credit: Mihai_Andritoiu / Shutterstock
- Percentage change in median rent (2019-2022): +16.1%
- Total change in median rent (2019-2022): +$196
- Median rent (2022): $1,412
- Median rent (2019): $1,216
14. Atlanta-Sandy Springs-Alpharetta, GA
Photo Credit: Luciano Mortula – LGM / Shutterstock
- Percentage change in median rent (2019-2022): +16.1%
- Total change in median rent (2019-2022): +$208
- Median rent (2022): $1,498
- Median rent (2019): $1,290
13. New York-Newark-Jersey City, NY-NJ-PA
Photo Credit: Lukas Uher / Shutterstock
- Percentage change in median rent (2019-2022): +16.4%
- Total change in median rent (2019-2022): +$305
- Median rent (2022): $2,160
- Median rent (2019): $1,855
12. San Diego-Chula Vista-Carlsbad, CA
Photo Credit: Lucky-photographer / Shutterstock
- Percentage change in median rent (2019-2022): +16.8%
- Total change in median rent (2019-2022): +$363
- Median rent (2022): $2,530
- Median rent (2019): $2,167
10. Fresno, CA
Photo Credit: stellamc / Shutterstock
- Percentage change in median rent (2019-2022): +19.3%
- Total change in median rent (2019-2022): +$216
- Median rent (2022): $1,337
- Median rent (2019): $1,121
9. Portland-Vancouver-Hillsboro, OR-WA
Photo Credit: Xiao Zhou / Shutterstock
- Percentage change in median rent (2019-2022): +19.4%
- Total change in median rent (2019-2022): +$314
- Median rent (2022): $1,932
- Median rent (2019): $1,618
8. Tampa-St. Petersburg-Clearwater, FL
Photo Credit: Kevin J King / Shutterstock
- Percentage change in median rent (2019-2022): +20.0%
- Total change in median rent (2019-2022): +$252
- Median rent (2022): $1,511
- Median rent (2019): $1,259
7. Orlando-Kissimmee-Sanford, FL
Photo Credit: Songquan Deng / Shutterstock
- Percentage change in median rent (2019-2022): +20.3%
- Total change in median rent (2019-2022): +$281
- Median rent (2022): $1,663
- Median rent (2019): $1,382
6. Riverside-San Bernardino-Ontario, CA
Photo Credit: Steve Minkler / Shutterstock
- Percentage change in median rent (2019-2022): +21.6%
- Total change in median rent (2019-2022): +$327
- Median rent (2022): $1,842
- Median rent (2019): $1,515
5. Jacksonville, FL
Photo Credit: GagliardiPhotography / Shutterstock
- Percentage change in median rent (2019-2022): +22.0%
- Total change in median rent (2019-2022): +$255
- Median rent (2022): $1,414
- Median rent (2019): $1,159
4. Phoenix-Mesa-Chandler, AZ
Photo Credit: Gregory E. Clifford / Shutterstock
- Percentage change in median rent (2019-2022): +22.3%
- Total change in median rent (2019-2022): +$283
- Median rent (2022): $1,553
- Median rent (2019): $1,270
3. Salt Lake City, UT
Photo Credit: photo.ua / Shutterstock
- Percentage change in median rent (2019-2022): +24.6%
- Total change in median rent (2019-2022): +$291
- Median rent (2022): $1,475
- Median rent (2019): $1,184
2. Las Vegas-Henderson-Paradise, NV
Photo Credit: trekandshoot / Shutterstock
- Percentage change in median rent (2019-2022): +24.8%
- Total change in median rent (2019-2022): +$295
- Median rent (2022): $1,485
- Median rent (2019): $1,190
1. Sacramento-Roseville-Folsom, CA
Photo Credit: Andriy Blokhin / Shutterstock
- Percentage change in median rent (2019-2022): +25.3%
- Total change in median rent (2019-2022): +$369
- Median rent (2022): $1,830
- Median rent (2019): $1,461
