These 10 Cities Have the Biggest Rent Increases Since 2020

One-Bedroom Rents Jumped 41% Nationwide

If you’ve gone apartment hunting lately, you already know the pain.

A new study from LendingTree confirms what renters have been feeling in their wallets: one-bedroom rents in America’s 50 largest cities have jumped 41% over the past five years. That’s an extra $457 per month on average.

But in some cities, renters are paying nearly $1,000 more than they did in 2020. Here are the 10 metros where the increases hit hardest.

No. 10: Phoenix, Arizona

Phoenix renters have watched their costs climb steadily as Sun Belt migration kept demand high throughout the pandemic years.

One-bedroom rents in the desert metro jumped $551 since 2020, a 53% increase that brings the average to $1,583 per month.

The city’s population growth has far outpaced new housing construction, squeezing renters who moved there seeking affordability.

What was once a budget-friendly alternative to coastal cities now carries a much heavier price tag.

No. 9: Boston, Massachusetts

Boston’s rental market has always been expensive, and the past five years made it worse. One-bedroom rents climbed $552 to reach $2,476, putting it among the priciest metros in the country.

The 29% increase is actually below the national average, but that’s small comfort when you’re already paying top dollar.

The city’s concentration of universities and hospitals keeps demand constant, and strict zoning laws have long limited new construction.

No. 8: Orlando, Florida

The theme park capital saw rents jump $591 over five years, a 52% increase that pushed one-bedroom apartments to $1,731 per month.

Pandemic-era relocations flooded central Florida as remote workers fled expensive Northern cities.

Orlando’s tourism-driven economy also recovered quickly, bringing back service workers who compete for the same limited housing stock. The result is a market that’s far less affordable than it was just a few years ago.

No. 7: Atlanta, Georgia

Atlanta experienced one of the steepest percentage climbs in the country at nearly 60%. One-bedroom rents jumped $620 to reach $1,660 per month.

The Georgia capital has long attracted transplants with its relatively low cost of living and strong job market, but that influx has now caught up with the housing supply.

Major employers keep expanding in the metro area while construction hasn’t kept pace with demand.

No. 6: Sacramento, California

California’s capital saw rents rise $644 over five years, a 54% jump that brings one-bedroom apartments to $1,832.

Much of this surge came from Bay Area workers who moved inland seeking affordability during the remote work boom.

Sacramento offered bigger homes and lower prices than San Francisco or San Jose, but that advantage has shrunk considerably. The city that was once an escape valve for coastal California is now feeling the same pressure.

No. 5: Tampa, Florida

Tampa posted the highest percentage increase of any city on this list at 63%. One-bedroom rents climbed $656 to reach $1,696 per month.

The Gulf Coast metro became a magnet for remote workers and retirees during the pandemic, and demand simply overwhelmed the available housing.

Even with new construction ramping up, the influx of new residents has kept the market tight and prices climbing.

No. 4: Riverside, California

The Inland Empire saw rents surge $671 over five years, a 61% increase that pushed one-bedroom apartments to $1,777.

As Los Angeles and Orange County became increasingly unaffordable, renters moved east in search of relief. Riverside absorbed much of that demand, and prices followed.

What was once a commuter community offering significant savings now costs nearly as much as many coastal metros did just a few years ago.

No. 3: Miami, Florida

Miami rents jumped $764 since 2020, a 62% increase that brings one-bedroom apartments to $1,995 per month.

A population boom drove the surge, with both domestic migrants fleeing high-tax states and international buyers flooding the market.

The city’s appeal as a financial and tech hub has only grown, attracting new residents faster than developers can build. Two-bedroom rents actually saw the largest dollar increase of any city in the country at $885.

No. 2: San Diego, California

San Diego renters now pay $817 more per month than they did five years ago.

One-bedroom apartments average $2,459, a 50% jump that reflects the coastal city’s chronic housing shortage.

Limited land, strict building regulations, and strong demand from military families and tech workers have kept inventory tight for decades.

Recent surges in housing permits have helped slightly, but not nearly enough to reverse years of underbuilding.

No. 1: New York City

New York tops the list with the largest dollar increase in the country. One-bedroom rents jumped $854 to reach $2,655 per month.

The city’s rental market operates differently than almost anywhere else: 69% of households rent, roughly double the national average. Vacancy rates hit a historic low of 1.4% in recent years, the lowest since 1968.

Housing production hasn’t kept pace with household growth, and with most residents unable to buy, competition for rentals remains brutal.

Why Rents Keep Climbing Everywhere

The increases aren’t random. A national shortage of 4.7 million homes has created fierce competition in nearly every major market.

Pandemic migration reshuffled where people live, flooding Sun Belt cities and suburban metros with new demand. Housing inflation peaked in early 2023 and remains stuck at 4%, well above overall inflation.

Since 2019, rents have risen 1. 5 times faster than wages.

For renters in these 10 cities, the math has become increasingly difficult to make work.

This article was created with AI assistance and human editing.

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