The real estate market has been volatile over the past few years, to say the least. Extremely high interest rates, declining inventory, and cash offers have deterred many prospective and first-time buyers from making an offer. The alternative—renting—hasn’t been much better. So instead of trying to navigate the real estate market, most Gen Z and Millennials are opting to rent instead of buy. Now that the COVID-19-related cheap lease hype is winding down and peak rental season is upon us (August and September are when renters are most likely to move), renters are trying to get the most bang for their buck.
If you’re looking for a change of scenery and a new city, you can use Realtor.com’s rental market data to find out where rents have risen (and fallen) the most since 2019. This rental data includes reported rental prices for studio, 1-bedroom, and 2-bedroom apartments listed on Realtor.com. These housing units consist of apartments as well as private rental properties (condos, townhomes, and single-family homes).
You may be surprised to hear that most of the metropolitan areas with the biggest rent increases are in the Southern United States. The cost of living is typically lower there, which historically led to lower rents. But that’s no longer the case. Rent costs in North Carolina are now comparable to major cities like New York. From Birmingham, Alabama, to Tampa, Florida, read on to see which cities have seen the most average rent increases over the past five years.
10. Birmingham-Hoover, Alabama
Birmingham, Alabama, saw the smallest rent increase of the top ten cities, with a difference of $298 compared to prices there in June 2019. The average rent in the area today is $1,316.which corresponds to an increase of 29.3 percent within five years.
9. Raleigh, North Carolina
In Raleigh, North Carolina, which includes the Carey, North Carolina area, the average rent increased by 29.8 percent from June 2019 to June 2024. Now rents have increased by $355 for average monthly cost of $1,546.
8. Cleveland, Ohio
In Northern Ohio, rent prices have increased by an average of $290 over the past five years. The average rent is $1,237which represents an increase of 30.6 percent compared to June 2019.
7. Greater New York City
While it’s no surprise that rental prices in the New York City metropolitan area have risen significantly, we’re pleased that the metropolis doesn’t make the top five. The average rent is $2,910 as of June 2024an increase of $693 (or 31.3 percent) since this time in 2019.
6. Virginia Beach, Virginia
In Virginia Beach, where data converges in Norfolk and Newport News, rents have risen 32.5 percent since 2019. That’s about $378 more for a new average rent of $1,542.
5. Sacramento-Roseville-Folsom, California
In the middle of our list of cities where rental prices have increased the most since 2019 is Sacramento, California. The average rent in this area of Northern California is $2,007.That’s $529 more than in 2019, an increase of 35.8 percent.
4. Pittsburgh, Pennsylvania
Pittsburgh is struggling with a 37.4 percent increase in rental costs, which equates to an average of $404 more since 2019, or a new average rent of $1,484.
3. Indianapolis, Indiana
In Indiana’s capital, rents have increased by an average of $369 for a new Average cost of $1,353This represents an increase of 37.8 percent within a five-year period.
2. Miami-Fort Lauderdale-Pompano Beach, Florida
Miami has the second-largest rent increase on this list. Previously, the average rent in the area was $1,715, but in 2024, the cost has increased by $673. average rent of $2,388This corresponds to an overall increase of 39.2 percent.
1. Tampa-St. Petersburg-Clearwater, Florida
Compared to the rest of the country, rental costs have risen the most in the Tampa metropolitan area since 2019. In 2024, studio, one- and two-bedroom apartments will see The average rent is $1,752which represents an increase of almost US$500 (US$496) since 2019. This is a 35 percent increase in the average rent.
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