These 10 U.S. Cities Have Experienced the Greatest Rent Increases

Hunker may earn compensation through affiliate links in this story.

If you're thinking about moving in the near future, you'll want to take a look at rent trends. This is especially the case because, according to renting resource Apartment Guide, apartment prices are still going up in many parts of the U.S.

Advertisement

Video of the Day

On average, prices are up 20% YoY for a one-bedroom apartment in America, while two-bedroom rates are up 17%. This amounts to an average rent of $1,670 for the latter and $1,951 for the former.

As for specific U.S. cities that have experienced the greatest increases in one-bedroom rent prices, year over year, we have the following ten locations:

  • Gilbert, AZ (+93.1%)
  • Long Beach, CA (+64.4%)
  • Riverside, CA (+56.1%)
  • Orlando, FL (+55.5%)
  • Birmingham, AL (+53.1%)
  • Saint Petersburg, FL (+46.3%)
  • Huntington Beach, CA (+39.6%)
  • Boise, ID (+39.1%)
  • Scottsdale, AZ (+38.8%)
  • Irvine, CA (+36.2%)

In terms of two-bedrooms, these are the cities that have seen the greatest yearly rent increases:

  • Orlando, FL (+55.9%)
  • Saint Petersburg, FL (+47.6%)
  • Jacksonville, FL (+44.2%)
  • Arlington, TX (+41.6%)
  • Tucson, AZ (+39.2%)
  • Garland, TX (+37.9%)
  • Reno, NV (+36.5%)
  • Fort Wayne, IN (+35.6%)
  • New York, NY (+35.1%)
  • Albuquerque, NM (+33.5%)

If you're not interested in dealing with these prices, thankfully, there are cities across America that have experienced a yearly decrease in rent prices. For one-bedrooms, these places have undergone the greatest rent decreases:

  • Huntsville, AL (-15.9%)
  • Chula Vista, CA (-12.7%)
  • Toledo, OH (-12.3%)
  • Durham, NC (-11.4%)
  • Philadelphia, PA (-11.2%)
  • Chandler, AZ (-10.7%)
  • Lincoln, NE (-8.7%)
  • Saint Paul, MN (-7.3%)
  • Memphis, TN (-4.3%)
  • Indianapolis, IN (-3.8%)

Two-bedrooms in the following cities have seen the greatest decreases in rent over the course of this past year:

  • Philadelphia, PA (-20.3%)
  • Rochester, NY (-16.5%)
  • Durham, NC (-16.1%)
  • Pittsburgh, PA (-11.5%)
  • Baltimore, MD (-10.2%)
  • Plano, TX (-7.8%)
  • Minneapolis, MN (-7.7%)
  • Toledo, OH (-7.0%)
  • Baton Rouge, LA (-6.2%)
  • Richmond, VA (-5.5%)

Advertisement

In general, Apartment Guide reports that the rent inflation trend is likely to continue until 2023. In fact, by the end of that year, it is predicted that rent inflation will increase to about 7% — the highest it has been in over 30 years.

Fortunately, to combat these spikes in rent, it also seems that rent control is being revived in locations like St. Paul. There, in early November, voters passed a new law that places a 3% cap on yearly rent increases across all types of units. If a landlord wants to raise their rent higher than the 3% cap, they will have to apply for an exemption.

If rent prices grow as predicted, it will be interesting to see how many more cities aim to pass rent control laws to combat unaffordable housing.

Advertisement