10 Cities Where Rent Is Increasing the Most Right Now

When we last covered cities experiencing rent growth, it was June 2022 and the rent growth rate had increased by 14.1% over June 2021. Rent circa 2024 looks a little different. According to the September 2024 rental report from Realtor.com, the median asking rent is $1,743 in the 50 largest U.S. metros. This is $133 less than what was previously reported by Realtor.com in June 2022. 

The top 10 cities experiencing the fastest rent growth rates in 2022 look quite different compared to now. One of the biggest differences is three Midwest markets, including Cincinnati, St. Louis and Minneapolis, ranked in the September 2024 rental report. When compared to the June 2022 report, no Midwest markets experienced rent growth substantial enough to land a spot in the top 10. There’s also a noticeable absence of Florida markets in the September 2024 report compared to June 2022. Then, Orlando and Miami took the second and first spots for markets with the fastest rent growth rate.

Which cities made the top 10 for fastest rent growth rate in September? In descending order, keep reading for the markets where rent is increasing.

Portland takes the 10th place for Realtor’s top 10 markets with the fastest rent growth in September. The median asking rent is $1,737 and its year-over-year growth rate is 1.9%.

In ninth place is Oklahoma City, which experienced a YOY rent growth rate of 1.9%. 

The market’s median asking rent of $1,037 is also the smallest in the top 10 metros, making it one of the most affordable markets for renters. Some outlets, like ApartmentAdvisor, quote Oklahoma City median rent to be as cheap as $874 per month.

Minneapolis, in eighth place, is the first of three Midwest markets experiencing the fastest rent growth. The YOY rent growth rate is 1.9%, with $1,555 as the market’s median asking rent. 

However, Minneapolis’ inexpensive median rent has the potential to increase quite a bit in the near future. Data from Realtor.com indicates that the city’s strong labor market and low unemployment rate could hike up rental prices.

Taking seventh place is Sacramento, where the YOY rent growth rate is 2.4% and the median asking rent of $1,954 is rapidly approaching $2,000 per month. 

Data suggests it might get there too, especially for one-bedroom apartment rent prices. According to ApartmentAdvisor, the asking rent for one-bedrooms has been increasing since January. 

Louisville lands in sixth place with a YOY rent growth rate of 2.5%. The median asking rent is $1,287, making Louisville the second most affordable rental market within the top 10.

Louisville is also one of three Southern markets, alongside Oklahoma City and Washington, D.C., to experience fast YOY rent growth in September. According to Realtor.com, this is noteworthy because several popular Southern markets — including Dallas, Memphis and Atlanta — are all experiencing annual rent declines.

Despite having the most expensive median asking rent — $3,377 — in the top 10, San Jose’s rental market isn’t slowing down anytime soon. The city’s rent growth is 2.6% on a YOY basis. 

Interestingly enough, San Jose’s fifth-place spot is also the same rank it occupied in Realtor.com’s June 2022 report. Then, the median studio rent was $2,529 and a one-bedroom median rent was $3,104.

Fourth place goes to St. Louis, where a combined strong labor market and low unemployment rates keep the market’s median asking rents at an affordable $1,361. The market’s YOY rent growth rate is 2.6%.

New York, in third place, has rental market similarities in common with San Jose. Despite a median asking rate of $2,973 per month, the market continues to experience rising YOY rent growth at 2.8%. 

As expensive and difficult it may be to find and rent an apartment in New York, it’s not deterring renters who want to live in the Big Apple.

Washington, D.C., boasts the second-fastest YOY rent growth rate at 2.9%. The median asking rent is $2,293, which closely matches the cost of a one-bedroom apartment.

According to Zumper’s September 2024 National Rent Report, renters can expect to pay about $2,380 as the median rent for a one-bedroom in D.C.

Taking first place with the fastest rent growth rate of 3.4% is Cincinnati. And as fast as the growth rate may be, the median asking rent is quite reasonable, at $1,393 per month.