These 20 Cities Are Suddenly Way More Expensive To Live In

Share this post:

Across the country, Americans are tightening their belts as the cost of groceries, energy, and other necessities eat up more and more of their budgets.

But in some places, sticker shock from everyday items like eggs or gas isn’t at the forefront of residents’ minds.

Skyrocketing Rents

According to the latest data drop from Dwellsy, rent has skyrocketed 30, 40, or 50 percent—or more!—in some markets since January a year ago.

“Regardless of location or property type, 2022 was definitely a landlord’s year,” says Jonas Bordo, CEO and co-founder of Dwellsy.

“Single-family home rentals bore the brunt of record-breaking price increases. Median asking rent for a three-bedroom home rose $156, or 9.2 percent, from January 2022. In the same time period, asking rent for a one-bedroom apartment rose only $9, or 0.7 percent.”

Surprising Increases

Those numbers represent the nation overall. But some cities have undergone even more dramatic rent increases. And for the most part, they aren’t the pricey markets you’d expect.

Dwellsy, the country’s largest home rental listing platform, regularly mines its 13+ million residential rental listings for statistics and data.

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

Single-family home rentals (SFRs) have been highly sought-after for the past few years. Some renters want more space than an apartment typically affords. Others may be waiting to buy a home until mortgage interest rates decrease.

Whatever their reasons for wanting an SFR, renters in these ten cities are bearing the brunt of price increases that come with high demand.

“Albany, Georgia, claims to be a place ‘where history and nature flow,’” says Bordo. “Hopefully, SFR renters there have a decent cash flow as well, because Albany’s median asking rent has increased 42.8 percent since January 2022! Albany leads number-two contender Fort Smith, Arkansas/Oklahoma, by a fair margin, where rent has risen 36.6 percent.”

This table lists cities with the fastest-growing rent for three-bedroom SFRs between January 2022 and January 2023.

Rank	Metropolitan Statistical Area	Median Three-Bedroom Home January 2023 Asking Rent	Change in Rent Since January 2022
1	Albany, GA	$ 1,335	+ 42.8%
2	Fort Smith, AR-OK	$ 1,298	+ 36.6%
3	Santa Barbara, CA	$ 3,650	+ 35.4%
4	Rochester, NY	$ 1,600	+ 33.3%
5	Anderson, IN	$ 1,463	+ 33.0%
6	Rochester, MN	$ 2,050	+ 32.3%
7	Kalamazoo, MI	$ 1,673	+ 31.9%
8	Monroe, LA	$ 1,400	+ 30.2%
9	Greenville, NC	$ 1,500	+ 25.0%
10	Lawton, OK	$ 1,060	+ 24.7%

Top Ten Cities With Fastest-Growing Rent for One-bedroom Apartment Rentals

Oshkosh, Wisconsin, boasts a variety of events, attractions, shopping, dining, and more. But some residents might not have enough extra cash to enjoy activities that aren’t free.

That’s because the asking rent for a one-bedroom apartment has increased by 107.4 percent since last January. Oshkosh easily beats out Ellensburg, Washington, where rent has increased by “only” 59 percent.

“It’s true that some of the percentages on this list are mind-boggling,” says Bordo. “But I would be remiss if I didn’t point out that the apartment market in smaller cities can be highly volatile. The delivery of just a few new buildings—especially if they are more expensive than the existing competition—can cause a substantial impact on median asking rent.”

This table lists cities with the fastest-growing rent for one-bedroom apartments between January 2022 and January 2023.

Rank	Metropolitan Statistical Area	Median One-Bedroom Apartment January 2023 Asking Rent	Change in Rent Since January 2022
1	Oshkosh, WI	$ 1,450	+ 107.4%
2	Ellensburg, WA	$ 946	+ 59.0%
3	Clarksville, TN-KY	$ 960	+ 42.2%
4	Fort Collins-Loveland, CO	$ 1,395	+ 39.5%
5	Florence-Muscle Shoals, AL	$ 625	+ 38.9%
6	Evansville, IN-KY	$ 795	+ 38.3%
7	Corpus Christi, TX	$ 1,170	+ 37.6%
8	Charleston, WV	$ 995	+ 36.9%
9	Las Cruces, NM	$ 836	+ 33.8%
10	Knoxville, TN	$ 1,239	+ 31.9%

“A lot can change in a year, and the price increases in these twenty cities prove it,” concludes Bordo. “The good news is, most markets don’t tend to stay on ‘fastest-growing rent’ lists for long. Sooner or later, prices hit a ceiling and level out. If you’re moving to (or within) one of these cities, be aware that your rent is a lot higher than it would have been a year ago—but also know that you can probably expect more stable rents in the year ahead.”