10 U.S. cities that saw the biggest annual rent increases and drops over one year

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10 U.S. cities that saw the biggest annual rent increases and drops over one year

Skyline of downtown Columbia, South Carolina from above Jarvis Klapman Blvd.

Rent is a top expense for many Americans, so increases may disproportionately affect their budget. Between February 2023 and 2024, inflation as a whole went up by 3.15%. While the average rent increase in U.S. major cities was at parity with inflation, some cities saw rent increase as high as 8.0% – and others actually saw rent drop.

To find where rent increased and decreased most, SmartAsset ranked 100 of the largest U.S. cities by the percent increase in the average rent prices over a one-year period. 

Key findings

• Rent increased by 8.0% in Columbia, South Carolina. This was the highest increase over the last year. Rents currently average $1,438, compared with $1,331 last year. Since pre-pandemic times, the average rent here has risen 43.5% from $1,001.
• New York City has the highest rent at $3,393. This is a 3.6% increase over the last year when rent averaged $3,273. Over the last five years, rent has grown a cumulative 19.3% in New York City. Rent is nearly as high in Boston, MA ($3,359); Irvine, CA ($3,335); San Francisco, CA ($3,276) and San Jose, CA ($3,107).
• Rent decreased by 3.2% in Austin, TX. Austin saw the largest drop in average rent, going from $1,775 last year to $1,719 this year. In total, nine of the 100 largest cities saw rent slightly decrease, including Portland, OR (-1.1%) and San Francisco, CA (-0.9%).
• Rent has increased by more than 50% since pre-pandemic years in four cities. Naples, FL had the highest rent increases over the last five years at 63.1% for a current average rent of $2,972. Knoxville, TN saw 59.1% growth to an average rent of $1,818. Rent in Saint Petersburg, FL now averages $2,053 after a 55.6% climb, and rent in Miami increased 55.0% to $3,067 since February 2020.

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SmartAsset

Top 10 cities where rent increased most

Table showing top 20 cities where rent increased the most

1. Columbia, SC

• Rent, Feb. 2024: $1,438
• Rent, Feb. 2023: $1,331
• YoY Change: 8.0%
• Change since Feb. 2019: 43.5%

2. Newark, NJ

• Rent, Feb. 2024 $1,982
• Rent, Feb. 2023: $1,841
• YoY Change: 7.6%
• Change since Feb. 2019: 36.3%

3. Wichita, KS

• Rent, Feb. 2024: $1,028
• Rent, Feb. 2023: $955
• YoY Change: 7.6%
• Change since Feb. 2019: 31.7%

4. Rochester, NY

• Rent, Feb. 2024: $1,440
• Rent, Feb. 2023: $1,339
• YoY Change: 7.6%
• Change since Feb. 2019: 35.2%

5. Cincinnati, OH

• Rent, Feb. 2024: $1,381
• Rent, Feb. 2023: $1,291
• YoY Change: 7.0%
• Change since Feb. 2019: 36.3%

6. Knoxville, TN

• Rent, Feb. 2024: $1,818
• Rent, Feb. 2023: $1,699
• YoY Change: 7.0%
• Change since Feb. 2019: 59.1%

7. Louisville, KY

• Rent, Feb. 2024: $1,343
• Rent, Feb. 2023: $1,256
• YoY Change: 6.9%
• Change since Feb. 2019: 32.8%

8. Kansas City, MO

• Rent, Feb. 2024: $1,358
• Rent, Feb. 2023: $1,270
• YoY Change: 6.9%
• Change since Feb. 2019: 35.5%

9. Cleveland, OH

• Rent, Feb. 2024: $1,319
• Rent, Feb. 2023: $1,235
• YoY Change: 6.8%
• Change since Feb. 2019: 32.3%

10. Silver Spring, MD

• Rent, Feb. 2024: $2,088
• Rent, Feb. 2023: $1,955
• YoY Change: 6.8%
• Change since Feb. 2019: 18.7%

10 cities where rent decreased most

1. Austin, TX

• Rent, Feb. 2024: $1,719
• Rent, Feb. 2023: $1,775
• YoY Change: -3.2%
• Change since Feb. 2019: 21.1%

2. Oakland, CA

• Rent, Feb. 2024: $2,483
• Rent, Feb. 2023: $2,515
• YoY Change: -1.3%
• Change since Feb. 2019: -1.2%

3. Vancouver, WA

• Rent, Feb. 2024: $1,747
• Rent, Feb. 2023: $1,767
• YoY Change: -1.2%
• Change since Feb. 2019: 29.1%

4. Portland, OR

• Rent, Feb. 2024: $1,748
• Rent, Feb. 2023: $1,766
• YoY Change: -1.1%
• Change since Feb. 2019: 14.8%

5. Plano, TX

• Rent, Feb. 2024: $1,781
• Rent, Feb. 2023: $1,799
• YoY Change: -1.0%
• Change since Feb. 2019: 28.1%

6. San Francisco, CA

• Rent, Feb. 2024: $3,276
• Rent, Feb. 2023: $3,307
• YoY Change: -0.9%
• Change since Feb. 2019: -5.3%

7. San Antonio, TX

• Rent, Feb. 2024: $1,393
• Rent, Feb. 2023: $1,404
• YoY Change: -0.8%
• Change since Feb. 2019: 20.6%

8. Lawrenceville, GA

• Rent, Feb. 2024: $2,076
• Rent, Feb. 2023: $2,085
• YoY Change: -0.4%
• Change since Feb. 2019: 38.3%

9. Atlanta, GA

• Rent, Feb. 2024: $1,949
• Rent, Feb. 2023: $1,953
• YoY Change: -0.2%
• Change since Feb. 2019: 25.4%

10. Marietta, GA

• Rent, Feb. 2024: $1,772
• Rent, Feb. 2023: $1,772
• YoY Change: 0.0%
• Change since Feb. 2019: 34.8%

Data and methodology

Rental data comes from Zillow’s Zillow Observed Rent Index (ZORI). We compared data from May 2022 and May 2023 that was smoothed and seasonally adjusted for all homes plus multifamilies for 100 of the largest U.S. cities.

 

This story was produced by SmartAsset and reviewed and distributed by Stacker Media.

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