25 Cities Where Rent Is Skyrocketing
Living in America has never been more expensive. As inflation continues its upward trajectory, rent has continued to skyrocket as well. Across the 50 largest major metropolitan areas in the country, the median rent hit a new record high of $1,827 in April 2022, according to Realtor.com, and nationwide, rents may have surpassed $2,000 for the first time in May, according to Redfin.
After dipping throughout 2020 and in early 2021, the median cost of rent has increased rapidly. From April 2021 to April 2022, the median rent increased by 16.7%, though in some areas that increase has been even more significant. (These are the metros where families pay the least for housing.)
To determine the cities where rent is rising the fastest, 24/7 Wall St. reviewed the April Rental Report from Realtor.com. The 50 largest major metropolitan areas were ranked based on the year-over-year increase in overall median rent from April 2021 to April 2022. Population and income data are from the U.S. Census Bureau’s 2020 American Community Survey.
The increase in rent in the 50 metro areas on the list ranges between 13.5% to over 51%. And though rents increased in all of the 50 largest metro areas over the past year, metros in certain regions had much more dramatic spikes. Many of the metro areas with the largest increases in rent are in the Sun Belt region in the southeastern part of the country. The only three metro areas in which rent increased by more than 26% from April 2021 to April 2022 are all located in Florida.
Conversely, nearly all of the major metro areas where rent rose the least over the past year were in colder areas in the Midwest and Northeast. A Realtor.com analysis found that many prospective renters sought out warmer climates, driving prices up in the South and West and leaving them relatively flat elsewhere. These are the cities where people pay the lowest housing costs.
Click here to see 25 cities where rent is skyrocketing.
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