10 Cities Where Rent Prices Are Skyrocketing

Rent has gone up 2.37% since January 2022, which is actually the smallest yearly change in 20 months. The median rent price in the United States currently is $1,942, according to Rent.com’s rent study.

The city to have the biggest year-over-year increase was Raleigh, North Carolina, with a 22.53% bump — but now Raleigh is seeing a 0.66% decrease month over month (MoM).

However, just because rents are declining in Raleigh doesn’t mean there aren’t some cities where rents are going through the roof. If you’re looking to relocate, here are the cities where rent is increasing tremendously, with no signs of stopping.

Also check out 10 big cities good for renters this year.

MoM Increase: 1.85%

Currently, the median rent in Tampa will cost you around $2,197, which is well over the national average. Year over year, rent has increased 3.5% in The Big Guava.

MoM Increase: 1.86%

Minneapolis has seen a 5.06% dip in rent over the past year, but now residents are seeing prices go up. The median rent right now is $1,736.

MoM Increase: 1.88%

There’s more than one reason Memphis is The Home of the Blues: Rent prices are going up 1.88% every month. The current median rent in Memphis is $1,549. That’s up 5.2% since February 2022.

MoM Increase: 2.12%

Atlanta’s median rent is about $2,085 per month, which is just over the national average. Atlanta has seen a steady increase in rent, with a 2.44% year-over-year increase.

MoM Increase: 2.27%

Sin City is seeing some huge hikes in rent. Right now, it costs about $1,846 a month to rent a place in Vegas. Between 2022 and 2023, rent has gone up 4.98%.

MoM Increase: 2.68%

Riverside is about an hour east of Los Angeles, but still costs more than the national median for rent. To live in Riverside, you’ll typically pay $2,747 a month. That’s up 3.51% from last year.

MoM Increase: 2.78%

Cities in North Carolina are getting less and less affordable to rent in. A place in Charlotte will cost $1,959 on the median, which is pretty on par with the national figure. With rents climbing, that number is sure to be over $2,000 by the end of 2023.

MoM Increase: 2.81%

Hartford has seen a year-over-year increase of 1.64%. If you wanted to rent a place in Hartford at this point in time, the median rent is $2,050.

MoM Increase: 3.64%

From 2022 to 2023, rent has gone up 7.46% in Jax. Currently, the median rent price in Jacksonville is $1,653. But, every month, that number goes up a little bit more. Rents are climbing about 3.64% monthly in The River City.

MoM Increase: 3.75%

Rent is going up quickly in Louisville. The median right now is $1,389, but that number is climbing. In the past year, the Jefferson County area has seen an 8.16% increase in rent.