Skyrocketing Rent Prices: These 10 Cities Will Make You Want To Stay In Your Parent’s Basement Forever

Inflation is here, and Americans are feeling the pinch. From eggs to rent, it seems like the price of everything is increasing.

According to the latest data drop from Dwellsy, rent has skyrocketed to mind-boggling levels in some cities.

“With record-breaking price increases, 2022 was a roller-coaster year for most renters, regardless of location or property type,” says Jonas Bordo, CEO, and co-founder of Dwellsy. “But in some cities, rent has risen by 40, 50, or even 100 percent since December 2021.”

Bordo believes that having hard data on cities with rapidly rising rent is especially crucial for individuals and households who are considering relocating. Without this information, it can be difficult for renters to pick out developing rental trends, make informed decisions, and plan for the future.

“In order to increase the specificity of what we’re pricing and reduce the risk of noise in the underlying data, Dwellsy has recently updated our methodology for analyzing rent data,” Bordo says. “We’ve focused in on two property types: three-bedroom homes because they are by far the most common rental home type, and one-bedroom apartments because they are similar to two-bedroom apartments in terms of inventory, but are more price-accessible.”

Top Ten Cities With Fastest-growing Rent for Three-bedroom Home Rentals

A close look at the past year’s trends reveals that, as a group, single-family home rentals (SFRs) experienced greater rent increases than apartments. From December 2021 to December 2022, the asking rent for three-bedroom SFRs rose 8 percent. (Compare that to a 0.6 percent increase for one-bedroom apartments.) But even within the SFR category, some cities have experienced more dramatic rent increases than others.

“Miami is the most expensive large city on this list, with the price of a three-bedroom home rental going up 23.1 percent since December 2021,” Bordo says.

This table lists cities with the fastest-growing rent for three-bedroom SFRs between December 2021 and December 2022.

Rank Metropolitan Statistical Area Median December 2022 Asking Rent Change in Rent Since December 2021
1 Anderson, IN  $         1,499 + 48.0%
2 Albany, GA  $         1,185 + 26.1%
3 Hilton Head, SC  $         2,638 + 23.4%
4 Miami, FL  $         3,200 + 23.1%
5 Zanesville, OH  $         1,950 + 21.9%
6 Cape Coral-Fort Myers, FL  $         2,245 + 21.4%
7 Corvallis, OR  $         2,298 + 20.3%
8 Fort Collins-Loveland, CO  $         2,200 + 18.9%
9 Honolulu, HI  $         3,500 + 18.6%
9 New Orleans, LA  $         1,898 + 18.6%

Home Ownership

Homeownership is always the gold standard for Americans but the housing market is bleak.

The outlook on home buying trends in 2023 shows that most Americans (61%) cannot afford a home right now, and 1 in 5 believe they’ll never be able to afford a home.

The housing market continues to be a huge variable in homeownership for many Americans. Nearly 1 in 2 (48%) are worried about a housing market crash, and over 2 in 5 fully believe that a crash will happen in 2023.

When it comes to renters, 60% say they’re struggling to pay for rent, and over half (58%) say their monthly rent increased in 2022. New year, new possibilities? Maybe… but 73% say they expect rent to continually increase due to inflation.

This post originally appeared on A Dime Saved

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Hi! I am a millennial mom with a passion for personal finance. I have always been “into” personal finance but got inspired to start my blog after a period of extended unemployment. That experience really changed the way I viewed my relationship with money and the importance of accessible personal finance education.