(NEXSTAR) — The good news: How fast and how much your rent is going up seems to be slowing. The bad news: It’s still going up, just less than it has been, according to Realtor. The median rent price across the United States’ 50 largest metro areas is $1,876, which Realtor says is a new record for the 16th consecutive month.
But while renting is more expensive these days, renting is still more affordable for average Americans than buying — especially after recent interest rate increases to battle inflation.
Prices on studio and one- or two-bedroom apartments “appear to be converging” with growth seen by larger rentals, Realtor Senior Economic Research Analyst says. Median rent for studio apartments is $1,544 and $1,738 and $2,104 for one-bedroom and two-bedroom apartments, respectively.
Overall, rent grew by 14.1% since June 2021. Here are the top 10.
Top 10 highest rent increases in the U.S.
10. New York City — Little surprise about high rent is in NYC. Rent in the Big Apple went up 21.1% in the past year. According to RentCafe, which tracks real estate data, average rent in New York City is $4,454 per month.
9. Boston — Rent in Boston costs 23.6% more than it did last year. Average apartment size is 811 square feet and average rent in Boston is $3,772 per month.
8. Providence, Rhode Island — Providence saw a 23.8% increase in median rent this past year. RentCafe indicates the average apartment size is 836 square feet and average rent in Providence, RI is $2,318.
7. Charlotte, North Carolina — Year-over-year rent increase: 18.4%. Average rent in Charlotte is $1,639 per month and average apartment size is 942 square feet.
6. Nashville, Tennessee — Rent in the country music capital giddy’d up 18.4% in the past year. Average rent in Nashville is $1,819 per month and average apartment size is 884 square feet.
5. San Jose, California — Rent in this Silicon Valley hub rose 18.5% since 2021, with average San Jose rent clocking in at $2,972 per month. Average apartment size is 884 square feet.
4. San Diego — San Diego ranks fourth on Realtor’s list, with a 19.1% rent growth increase in the past year. It’s the highest increase among West Coast cities. Per RentCafe data, average rent in San Diego is $2,916 per month and average apartment size is 875 square feet.
3. Austin — Texas’ capital experienced a population boom during the pandemic and housing prices reflect the changes. Rent prices increased 19.6% from 2021, Realtor indicates. Average rent in Austin is $1,826 per month and the average apartment size is 863 square feet.
2. Orlando, Florida — The home of Disney World and Universal Studios saw a 23.9% year-over-year rent increase. The average apartment is 952 square feet and average rent in Orlando is $1,937 per month.
1. Miami — Realtor data shows Miami rent rose 37.4% since June 2021. According to RentCafe, the average apartment size in the city is 887 square feet and average rent is $2,307 per month.
While data shows rent growth is slowing, current rates are still 23.9% higher than 2020 and 27.6% higher than 2019.
