Tag: average rent increase 2022

After the homebuying hysteria of 2021 and the first half of 2022 was cooled off by rising interest rates, one of the knock-on effects has been an increase in the cost of rent. This is understandable as rising mortgage rates pushed homeownership beyond affordability for many Americans, who then in turn, have resorted to renting. And, indeed, the average cost of rent has increased across the United States, in cities both big and small, over the course of the last year.

Using data sourced from Zillow, specifically its Zillow Observed Rent Index (ZORI) — a smoothed measure of the typical market rate rent for a given region — we went state by state and identified the cities where rent has increased the most year-over-year.

Read on for a full breakdown of the cities in every state where the cost of rent has increased the most from 2022 to 2023.

Cities Where Rent Has Risen the Most in Every State

The cities that comprise our list are quite diverse. Some cities are major urban centers, such as Mobile, Alabama, Portland, Maine, or Sioux Falls, South Dakota. In other cases, the cities may be quite small. Another characteristic is the wide range of the year-over-year increases in rent, from as small as 1.6% om Reno, Nevada, to 93.2% in Marysville, Washington.

Here’s the rundown on the city in each state with the largest increase in rent from March 2022 to March 2023:

Alabama

City: Mobile

1-Year Change in Median Rent: 13%

March 2022 Rent: $1,032

March 2023 Rent: $1,166

Alaska

City: Anchorage

1-Year Change in Median Rent: 9.9%

March 2022 Rent: $1,500

March 2023 Rent: $1,677

Arizona

City: Fountain Hills

1-Year Change in Median Rent: 14.8%

March 2022 Rent: $2,226

March 2023 Rent: $2,556

Arkansas

City: Cabot

1-Year Change in Median Rent: 37.4%

March 2022 Rent: $918

March 2023 Rent: $1,261

California

City: Orinda

1-Year Change in Median Rent: 28.6%

March 2022 Rent: $4,096

March 2023 Rent: $5,266

Colorado

City: Manitou Springs

1-Year Change in Median Rent: 11.7%

March 2022 Rent: $1,231

March 2023 Rent: $1,376

Connecticut

City: Waterbury

1-Year Change in Median Rent: 21.1%

March 2022 Rent: $1,149

March 2023 Rent: $1,392

Delaware

City: Newark

1-Year Change in Median Rent: 10.1%

March 2022 Rent: $1,759

March 2023 Rent: $1,936

Florida

City: St. Pete Beach

1-Year Change in Median Rent: 53.3%

March 2022 Rent: $1,802

March 2023 Rent: $2,763

Georgia

City: Griffin

1-Year Change in Median Rent: 28%

March 2022 Rent: $1,095

March 2023 Rent: $1,402

Hawaii

City: Kaneohe

1-Year Change in Median Rent: 15.2%

March 2022 Rent: $2,491

March 2023 Rent: $2,870

Idaho

City: Pocatello

1-Year Change in Median Rent: 14.6%

March 2022 Rent: $878

March 2023 Rent: $1,007

Illinois

City: Normal

1-Year Change in Median Rent: 23.8%

March 2022 Rent: $960

March 2023 Rent: $1,189

Indiana

City: South Bend

1-Year Change in Median Rent: 16.8%

March 2022 Rent: $1,079

March 2023 Rent: $1,261

Iowa

City: Waukee

1-Year Change in Median Rent: 9.9%

March 2022 Rent: $1,264

March 2023 Rent: $1,389

Kansas

City: Hutchinson

1-Year Change in Median Rent: 14.1%

March 2022 Rent: $545

March 2023 Rent: $621

Kentucky

City: Covington

1-Year Change in Median Rent: 11.4%

March 2022 Rent: $1,317

March 2023 Rent: $1,468

Louisiana

City: Ruston

1-Year Change in Median Rent: 10.4%

March 2022 Rent: $1,144

March 2023 Rent: $1,263

Maine

City: Portland

1-Year Change in Median Rent: 9.4%

March 2022 Rent: $2,024

March 2023 Rent: $2,215

Maryland

City: Chevy Chase

1-Year Change in Median Rent: 16%

March 2022 Rent: $2,031

March 2023 Rent: $2,356

Massachusetts

City: Springfield

1-Year Change in Median Rent: 22.5%

March 2022 Rent: $1,305

March 2023 Rent: $1,599

Michigan

City: Roseville

1-Year Change in Median Rent: 22.2%

March 2022 Rent: $1,088

March 2023 Rent: $1,329

Minnesota

City: Sartell

1-Year Change in Median Rent: 13%

March 2022 Rent: $1,289

March 2023 Rent: $1,456

Mississippi

City: Oxford

1-Year Change in Median Rent: 25%

March 2022 Rent: $1,262

March 2023 Rent: $1,577

Missouri

City: Grandview

1-Year Change in Median Rent: 12.9%

March 2022 Rent: $1,250

March 2023 Rent: $1,412

Montana

City: Great Falls

1-Year Change in Median Rent: 16.7%

March 2022 Rent: $969

March 2023 Rent: $1,131

Nebraska

City: Bellevue

1-Year Change in Median Rent: 13.8%

March 2022 Rent: $1,138

March 2023 Rent: $1,295

Nevada

City: Reno

1-Year Change in Median Rent: 1.6%

March 2022 Rent: $1,849

March 2023 Rent: $1,878

New Hampshire

City: Dover

1-Year Change in Median Rent: 13.6%

March 2022 Rent: $1,763

March 2023 Rent: $2,003

New Jersey

City: Eatontown

1-Year Change in Median Rent: 30.8%

March 2022 Rent: $1,540

March 2023 Rent: $2,014

New Mexico

City: Rio Rancho

1-Year Change in Median Rent: 10.3%

March 2022 Rent: $1,572

March 2023 Rent: $1,734

New York

City: Binghamton

1-Year Change in Median Rent: 27.9%

March 2022 Rent: $1,266

March 2023 Rent: $1,619

North Carolina

City: Hampstead

1-Year Change in Median Rent: 22.9%

March 2022 Rent: $1,700

March 2023 Rent: $2,090

North Dakota

City: Minot

1-Year Change in Median Rent: 10.6%

March 2022 Rent: $772

March 2023 Rent: $853

Ohio

City: Elyria

1-Year Change in Median Rent: 18.4%

March 2022 Rent: $1,035

March 2023 Rent: $1,226

Oklahoma

City: Jenks

1-Year Change in Median Rent: 12.9%

March 2022 Rent: $1,662

March 2023 Rent: $1,877

Oregon

City: Oregon City

1-Year Change in Median Rent: 18.3%

March 2022 Rent: $1,671

March 2023 Rent: $1,977

Pennsylvania

City: Carlisle

1-Year Change in Median Rent: 16.8%

March 2022 Rent: $1,113

March 2023 Rent: $1,300

Rhode Island

City: East Providence

1-Year Change in Median Rent: 14.9%

March 2022 Rent: $1,587

March 2023 Rent: $1,822

South Carolina

City: Forest Acres

1-Year Change in Median Rent: 26.3%

March 2022 Rent: $999

March 2023 Rent: $1,262

South Dakota

City: Sioux Falls

1-Year Change in Median Rent: 5.8%

March 2022 Rent: $1,125

March 2023 Rent: $1,190

Tennessee

City: Red Bank

1-Year Change in Median Rent: 12.3%

March 2022 Rent: $1,503

March 2023 Rent: $1,688

Texas

City: Denison

1-Year Change in Median Rent: 24.1%

March 2022 Rent: $1,060

March 2023 Rent: $1,315

Utah

City: Logan

1-Year Change in Median Rent: 32.7%

March 2022 Rent: $976

March 2023 Rent: $1,295

Vermont

City: Burlington

1-Year Change in Median Rent: 15.6%

March 2022 Rent: $1,721

March 2023 Rent: $1,988

Virginia

City: Chesterfield

1-Year Change in Median Rent: 32.3%

March 2022 Rent: $1,337

March 2023 Rent: $1,769

Washington

City: Marysville

1-Year Change in Median Rent: 93.2%

March 2022 Rent: $1,199

March 2023 Rent: $2,316

West Virginia

City: Charleston

1-Year Change in Median Rent: 8.6%

March 2022 Rent: $776

March 2023 Rent: $843

Wisconsin

City: Middleton

1-Year Change in Median Rent: 16.7%

March 2022 Rent: $1,357

March 2023 Rent: $1,583

Wyoming

City: Laramie

1-Year Change in Median Rent: 15.1%

March 2022 Rent: $766

March 2023 Rent: $881

Table of the Cities Where Rent Has Increased the Most

Below is a table detailing the city in each of the 50 states where rent has increased the most from March 2022 to March 2023. The table is in alphabetical order, but there is a rank column in which the lower the number, the greater the year-over-year growth in rent.