15 Metros Where Rent Prices Are Increasing the Most in 2024

As we delve into 2024, certain U.S. metros are witnessing significant upticks in rental prices. This study leverages data sourced from the U.S. Department of Housing and Urban Development’s (HUD) 50th Percentile Rent Estimates alongside the U.S. Census Bureau’s American Community Survey to calculate the median increase of rent prices in these metros.

Here’s a closer look at the top 15 metros where the surge in rent is most pronounced, offering insights into the dynamic housing market across the country.

• Median Percentage Rent Increase: +33.4%
• Median Total Money Rent Increase: +$406
• Jacksonville leads with the highest increase, reflecting its growing appeal among renters seeking the charm of North Carolina.

• Median Percentage Rent Increase: +28.1%
• Median Total Money Rent Increase: +$259
• This area’s substantial rent hike underscores its rising status as a sought-after living destination in North Carolina.

• Median Percentage Rent Increase: +27.1%
• Median Total Money Rent Increase: +$315
• The Indianapolis metro area’s significant rent increase highlights its burgeoning appeal and economic growth.

• Median Percentage Rent Increase: +26.4%
• Median Total Money Rent Increase: +$318
• Straddling state lines, Clarksville’s rental market is booming, indicating a robust demand for housing in the region.

• Median Percentage Rent Increase: +26.9%
• Median Total Money Rent Increase: +$328
• Memphis’s market is heating up, with a notable increase that places it among the top cities for rising rent costs.

• Median Percentage Rent Increase: +25.3%
• Median Total Money Rent Increase: +$346
• This area’s growth reflects the broader appeal of the Pacific Northwest, with a significant jump in rental prices.

• Median Percentage Rent Increase: +25.8%
• Median Total Money Rent Increase: +$440
• Baltimore’s rental market is thriving, driven by its rich history, strategic location, and economic opportunities.

• Median Percentage Rent Increase: +25.1%
• Median Total Money Rent Increase: +$417
• Another testament to Washington state’s real estate vitality, this metro area sees a substantial rent increase.

• Median Percentage Rent Increase: +24.9%
• Median Total Money Rent Increase: +$281
• Waco’s notable growth within the Texas housing market is marked by a significant uptick in rental prices.

• Median Percentage Rent Increase: +24.2%
• Median Total Money Rent Increase: +$303
• Odessa highlights the continued appeal of Texas metros, with a robust increase in rental costs.

• Median Percentage Rent Increase: +23.0%
• Median Total Money Rent Increase: +$263
• This cross-state metropolitan area’s growing interest is indicated by a considerable rise in rental prices.

• Median Percentage Rent Increase: +23.5%
• Median Total Money Rent Increase: +$786
• The enduring allure of California’s coast is reflected in Santa Cruz-Watsonville’s significant rent increase.

• Median Percentage Rent Increase: +26.3%
• Median Total Money Rent Increase: +$302
• Louisiana’s capital is showcasing itself as a burgeoning market with a notable increase in rental prices.

• Median Percentage Rent Increase: +22.5%
• Median Total Money Rent Increase: +$229
• Jackson’s significant growth within Tennessee’s housing market is highlighted by its rising rental costs.

• Median Percentage Rent Increase: +22.0%
• Median Total Money Rent Increase: +$193
• Rounding out the top 15, Gadsden’s market is heating up, reflecting broader trends in the Southeast’s housing market.

Methodology: In conducting this analysis, U.S. Department of Housing and Urban Development’s (HUD) 50th Percentile Rent Estimates and data from the U.S. Census Bureau’s American Community Survey was used. The Construction Coverage research team ranked these areas based on the rate of change in median rent.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.