Editor’s Note: This story originally appeared on Stessa.
Inflation continues to be the major story in the U.S. economy, as households confront rapidly rising prices in nearly every consumer category.
Data released in March by the U.S. Bureau of Labor Statistics showed that the Consumer Price Index rose by 7.9% from February 2021 to February 2022. This increase represented a 40-year high and a tenth straight month with year-over-year inflation higher than 5%.
While home prices began to accelerate rapidly in the second half of 2020 and have barely slowed, rents were stable throughout 2020 as federal COVID-19 relief dollars and policies like eviction moratoriums helped keep renters in place.
But, in 2021, rents began to see sharp increases as well, with the median rent increasing from $1,601 at the beginning of the year to $1,856 at the beginning of 2022, according to data from Zillow.
The more recent increases in rent are in part an extension of forces in the real estate market. For both buyers and renters, an inadequate supply of housing nationwide — particularly for single-family homes, which have had higher demand since the pandemic began — is constraining the options available on the market and raising prices.
To determine the locations with the most expensive rent, our researchers calculated the median monthly rent across all unit sizes in each location. In the event of a tie, the location with the greater median monthly rent for a one-bedroom unit was ranked higher. Only locations with at least 100,000 residents were included. The data used in this analysis is from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Here are the metropolitan areas with the highest rents.
15. Austin-Round Rock-Georgetown, TX
- Median rent estimate: $1,606
- Studio: $1,177
- One-bedroom: $1,333
- 2-bedroom: $1,565
- 3-bedroom: $2,013
- 4-bedroom: $2,367
14. Orlando-Kissimmee-Sanford, FL
- Median rent estimate: $1,678
- Studio: $1,239
- One-bedroom: $1,331
- 2-bedroom: $1,530
- 3-bedroom: $1,966
- 4-bedroom: $2,379
13. Portland-Vancouver-Hillsboro, OR-WA
- Median rent estimate: $1,684
- Studio: $1,285
- One-bedroom: $1,372
- 2-bedroom: $1,575
- 3-bedroom: $2,225
- 4-bedroom: $2,635
12. Miami-Fort Lauderdale-Pompano Beach, FL
- Median rent estimate: $1,798
- Studio: $1,216
- One-bedroom: $1,395
- 2-bedroom: $1,746
- 3-bedroom: $2,371
- 4-bedroom: $2,843
11. Denver-Aurora-Lakewood, CO
- Median rent estimate: $1,822
- Studio: $1,341
- One-bedroom: $1,480
- 2-bedroom: $1,800
- 3-bedroom: $2,416
- 4-bedroom: $2,714
10. Sacramento-Roseville-Folsom, CA
- Median rent estimate: $1,845
- Studio: $1,201
- One-bedroom: $1,326
- 2-bedroom: $1,673
- 3-bedroom: $2,373
- 4-bedroom: $2,845
9. Riverside-San Bernardino-Ontario, CA
- Median rent estimate: $1,859
- Studio: $1,153
- One-bedroom: $1,306
- 2-bedroom: $1,639
- 3-bedroom: $2,242
- 4-bedroom: $2,761
8. Washington-Arlington-Alexandria, DC-VA-MD-WV
- Median rent estimate: $1,976
- Studio: $1,639
- One-bedroom: $1,668
- 2-bedroom: $1,904
- 3-bedroom: $2,413
- 4-bedroom: $2,898
7. New York-Newark-Jersey City, NY-NJ-PA
- Median rent estimate: $2,045
- Studio: $1,619
- One-bedroom: $1,765
- 2-bedroom: $2,075
- 3-bedroom: $2,630
- 4-bedroom: $2,912
6. Seattle-Tacoma-Bellevue, WA
- Median rent estimate: $2,080
- Studio: $1,603
- One-bedroom: $1,682
- 2-bedroom: $2,005
- 3-bedroom: $2,762
- 4-bedroom: $3,261
5. San Diego-Chula Vista-Carlsbad, CA
- Median rent estimate: $2,251
- Studio: $1,521
- One-bedroom: $1,682
- 2-bedroom: $2,158
- 3-bedroom: $2,996
- 4-bedroom: $3,669
4. Los Angeles-Long Beach-Anaheim, CA
- Median rent estimate: $2,255
- Studio: $1,602
- One-bedroom: $1,836
- 2-bedroom: $2,313
- 3-bedroom: $3,077
- 4-bedroom: $3,406
3. Boston-Cambridge-Newton, MA-NH
- Median rent estimate: $2,377
- Studio: $1,811
- One-bedroom: $1,994
- 2-bedroom: $2,410
- 3-bedroom: $2,981
- 4-bedroom: $3,273
2. San Francisco-Oakland-Berkeley, CA
- Median rent estimate: $2,830
- Studio: $1,945
- One-bedroom: $2,379
- 2-bedroom: $2,899
- 3-bedroom: $3,734
- 4-bedroom: $4,280
1. San Jose-Sunnyvale-Santa Clara, CA
- Median rent estimate: $3,186
- Studio: $2,328
- One-bedroom: $2,625
- 2-bedroom: $3,118
- 3-bedroom: $4,016
- 4-bedroom: $4,593
Methodology
The data used in this analysis is from the U.S. Department of Housing and Urban Development’s 50th Percentile Rent Estimates (2022) and the U.S. Census Bureau’s American Community Survey (2019). To determine the locations with the most expensive rent, researchers estimated the median monthly rent across all unit sizes (number of bedrooms) in each location — a statistic derived by calculating a weighted average of the location’s median monthly rents for each unit size. The weights used in the weighted average calculation were the number of renter-occupied households living in each corresponding unit size in each location. In the event of a tie, the location with the greater median monthly rent for a one-bedroom unit was ranked higher. Only locations with at least 100,000 residents were included. Additionally, metros were divided into cohorts based on population: small (100,000 to 349,999), midsize (350,000 to 999,999), and large (1,000,000 or more).
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