Are rent prices out of control? Two out of three renters cannot afford to buy a home; and half of renters shell out more than 30% of their income for rent, according to a recent report by the National Association of Realtors.
Inventory of homes for sale dropped significantly in the past couple of years, reaching record lows in 2021, NAR says, and compounding a shortage that already existed before the pandemic. It's created a double whammy of record high home prices and record low inventory.
In Austin, Seattle, and Cincinnati, rents are up more than 30%, NPR reports, and in Los Angeles the median asking rent is $3,400. In Nashville, Tenn., the median asking rent is now $2,140, up 32% from last year, according to NPR.
Nationwide, rent prices in July were up month-over-month, according to an analysis by Rent.com. One-bedroom apartments saw the greatest increase at 4.1% or nearly $70 a month, and two-bedrooms went up by nearly $60, or 2.8%.
At the state level, Utah, Oregon, New Hampshire and Illinois saw big jumps in rent -- Utah the most, with an average rent in 2021 of $710 jumping to $1,535 in 2022, a year-over-year change of 116.18%, Rent.com found. In several other states, rents have gone from 30% to 50% and more.
North Carolina experienced a year-over-year increase of 57.55%, with average rents reaching $1,474 in 2022 compared with $936 in 2021. Cities in North Carolina saw rent increases along these lines, but Greensboro was worse. The city of roughly 300,000 saw a year-over-year increase of 74% in rent prices for a one-bedroom from 2021, Rent.com found. In one Greensboro complex, rents of $575 and $675 were raised to $1,230 a month in June 2022, according to WFMY Channel 2.
To determine average rent prices and which cities saw the biggest rent increases, as well as the cities where rents have dropped, Rent.com started with July 2022 data from their own multifamily rental property inventory and evaluated changes seen since July 2021. Monthly prices are based on the average price for that respective month as a whole.
They used a weighted average formula to more accurately represent price availability and reduce the influence of seasonality on rent prices in specific markets.
The following cities have experienced the biggest increases and decreases in either one-bedroom and/or two bedroom rent prices year-over-year, according to Rent.com's analysis.
1. Greensboro, N.C.
- One bedroom: +74.2%
- Two bedroom: +43.1%
- Average rent, July ’22, one bedroom: $1,289
- Average rent, July ’22, two bedroom: $1,375
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2. Newport News, Va.
- One bedroom: +60.7%
- Two bedroom: 38.56%
- Average rent, July ’22, one bedroom: $1,469
3. Seattle
- One bedroom: 32.15%
- Two bedroom: +59.9%
- Average rent, July ’22, one bedroom: $3,110
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4. Tulsa, Okla.
- One bedroom: +59.8%
- Average rent, July ’22, one bedroom: $1,004
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5. Durham, N.C.
- One bedroom: 33.25%
- Two bedroom: +54.2%
- Average rent, July ’22, one bedroom: $1,539
6. Long Beach, Calif.
- One bedroom: +48.5%
- Average rent, July ’22, one bedroom: $2,974
7. Tucson
- One bedroom: 2.70%
- Two bedroom: +46.4%
- Average rent, July ’22, one bedroom: $1,065
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8. Raleigh, N.C.
- One bedroom: +42.1%
- Two bedroom: +44.8%
- Average rent, July ’22, one bedroom: $1,840
9. Little Rock, Ark.
- One bedroom: +41.8%
- Two bedroom: +54.7%
- Average rent, July ’22, one bedroom: $1,040
10. Fremont, Calif.
- Two bedroom: +44.8%
- Average rent, July ’22, two bedroom: $3,991
11. Pittsburgh
- One bedroom: -5.02%
- Two bedroom: +43.7%
- Average rent, July ’22, one bedroom: $1,619
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12. Fayetteville, N.C.
- Two bedroom: +43.2%
- Average rent, July ’22, two bedroom: $1,570
13. Colorado Springs, Colo.
- Two bedroom: +40.9%
- Average rent, July ’22, two bedroom: $1,909
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14. Lexington, Ky.
- One bedroom: +39.2%
- Average rent, July ’22, one bedroom: $1,318
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15. Richmond, Va.
- One bedroom: +38.1%
- Average rent, July ’22, one bedroom: $1,571
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16. Oklahoma City
- One bedroom: +36.5%
- Average rent, July ’22, one bedroom: $945
17. Rochester, N.Y.
- One bedroom: +34.9%
- Average rent, July ’22, one bedroom: $1,896
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Cities Where Rent Has Gone Down
The following cities have experienced the biggest decreases in either one-bedroom and/or two bedroom rent prices year-over-year.
1. St. Louis
- One bedroom: -39.4%
- Two bedroom: -28.2%
- Average rent, July ’22, one bedroom: $1,150
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2. Fort Lauderdale, Fla.
- One bedroom: -34.9%
- Two bedroom: -42.6%
- Average rent, July ’22, one bedroom: $1,967
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3. Baltimore
- One bedroom: -26.9%
- Two bedroom: -5.22%
- Average rent, July ’22, one bedroom: $1,509
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4. Glendale, Ariz.
- One bedroom: -22.1%
- Average rent, July ’22, one bedroom: $4,014
5. Des Moines, Iowa
- One bedroom: -1.41%
- Two bedroom: -20.6%
- Average rent, July ’22, one bedroom: $1,131
6. Anaheim, Calif.
- One bedroom: -20.1%
- Average rent, July ’22, one bedroom: $2,032
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7. Miami
- One bedroom: -12.3%
- Two bedroom: -18%
- Average rent, July ’22, one bedroom: $2,430
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8. Aurora, Ill.
- Two bedroom: -15.3%
- Average rent, July ’22, two bedroom: $1,652
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9. Kansas City, Mo.
- One bedroom: -2.53%
- Two bedroom: -14.9%
- Average rent, July ’22, one bedroom: $1,226
10. Aurora, Colo.
- One bedroom: -8.52%
- Two bedroom: -14%
- Average rent, July ’22, one bedroom: $1,814
11. Jacksonville, Fla.
- One bedroom: -13.2%
- Average rent, July ’22, one bedroom: $1,574
12. North Las Vegas, Nev.
- Two bedroom: -12.8%
- Average rent, July ’22, two bedroom: $1,614
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13. Irvine, Calif.
- One bedroom: -9.6%
- Two bedroom: -7.40%
- Average rent, July ’22, one bedroom: $3,009
See maps and data for 100 cities, and the methodology for this ranking, at Rent.com.
