10 Cities Where Rent Is Increasing the Most Right Now
2022 has been a year of record-breaking rent with some cities feeling rent increase pains more than others. The June Rental Report from Realtor.com revealed while rent grew by 14.1% over June 2021, the lowest growth rate so far in 2022, the median listed rent was $1,876 in the 50 largest U.S. metropolitan areas.
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Which cities saw the biggest rent increase? In descending order with number one being the most expensive rent, here are the top 10 cities where median rents increased the most this year.
10. New York City, New York
New York City rounds out Realtor.com's top 10 in 10th place at 21.1% for year-over-year rent growth.
The New York real estate market, notorious for being highly competitive, is only expected to become more competitive before 2022 ends. With more people continuing to move to New York and inventory unable to grow at a rate comparable to the influx of those seeking housing, competition between renters is expected to keep growing.
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9. Boston, Massachusetts
Compared to 2021, Boston's year-over-year rent growth increased by 23.6%. The overall median rent in the Boston metropolitan area is $2,966. A studio apartment's median rent in Boston is $2,499 while a one-bedroom's median rent is $2,757.
8. Providence, Rhode Island
Rent in Providence increased by 23.8% for year-over-year rent growth. A studio apartment's median rent in the Providence metropolitan area, including Warwick, is $1,759 while a one-bedroom's median rent is $1,908. Overall median rent in Providence is $2,200.
7. Charlotte, North Carolina
Year-over-year rent growth in Charlotte experienced an 18.4% increase.
The report notes in Charlotte, renting was more expensive than buying in June 2021. However, this has flipped in the last year. As of June 2022, it is less expensive to rent than buy in Charlotte.
6. Nashville, Tennessee
Nashville and Charlotte share the same rent increase percentage of 18.4% for year-over-year rent growth.
The overall median rent in the Nashville metropolitan area, including Davidson, Murfreesboro and Franklin, is $1,780. A studio apartment's median rent in Nashville is $1,665 while a one-bedroom's median rent is $1,650. If you can find a one-bedroom apartment in Nashville, it may be a little cheaper to rent than a studio space.
5. San Jose, California
San Jose takes fifth place with 18.5% as a rent percentage increase. The San Jose metropolitan area, including Sunnyvale and Santa Clara, is $3,324 for overall median rent. Median studio rent is $2,529 while a one-bedroom is $3,104 in median rent.
4. San Diego, California
San Diego experienced a 19.1% rent increase for year-over-year rent growth. For the San Diego and Carlsbad metropolitan area median rent is now $3,182. Median studio rent is $2,485 and $2,943 for a one-bedroom.
3. Austin, Texas
Austin is at 19.6% for year-over-year rent growth.
According to the report, cities like Austin lead the way in rent favorability. Rent-favoring cities, where the monthly buy cost is nearly double the monthly rent cost, are larger cities. They tend to be more geographically distributed and have markets with higher concentrations of tech workers and high earners.
2. Orlando, Florida
Two Florida cities rank in the final top two for highest rent increases in 2022. Orlando, in second place, is at 23.9% for year-over-year rent growth.
Interestingly enough, the report notes this percentage has shrunk from recent months. However, the Orlando metropolitan area, including Kissimmee and Sanford, is $1,979 for overall median rent.
1. Miami, Florida
Miami is officially the No. 1 city for increased rent in 2022.
At 37.4% rent increase for year-over-year rent growth, it takes a significant lead over Orlando and all other cities mentioned in this roundup. Miami is $2,850 for overall median rent and in a high-inflation metropolitan area. According to the report, this means the smaller gap between the cost of buying a home and renting one has attracted homebuyers from more expensive metro areas. New arrivals chasing after the same consumer goods have driven the cost of living even higher than ever in Miami.
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