Living in America has never been more expensive. As inflation continues its upward trajectory, rent has continued to skyrocket as well. Across the 50 largest major metropolitan areas in the country, the median rent hit a new record high of $1,827 in April 2022, according to Realtor.com, and nationwide, rents may have surpassed $2,000 for the first time in May, according to Redfin.
After dipping throughout 2020 and in early 2021, the median cost of rent has increased rapidly. From April 2021 to April 2022, the median rent increased by 16.7%, though in some areas that increase has been even more significant. (These are the metros where families pay the least for housing.)
To determine the cities where rent is rising the fastest, 24/7 Wall St. reviewed the April Rental Report from Realtor.com. The 50 largest major metropolitan areas were ranked based on the year-over-year increase in overall median rent from April 2021 to April 2022. Population and income data are from the U.S. Census Bureau’s 2020 American Community Survey.
The increase in rent in the 50 metro areas on the list ranges between 13.5% to over 51%. And though rents increased in all of the 50 largest metro areas over the past year, metros in certain regions had much more dramatic spikes. Many of the metro areas with the largest increases in rent are in the Sun Belt region in the southeastern part of the country. The only three metro areas in which rent increased by more than 26% from April 2021 to April 2022 are all located in Florida.
Conversely, nearly all of the major metro areas where rent rose the least over the past year were in colder areas in the Midwest and Northeast. A Realtor.com analysis found that many prospective renters sought out warmer climates, driving prices up in the South and West and leaving them relatively flat elsewhere. These are the cities where people pay the lowest housing costs.
Click here to see 25 cities where rent is skyrocketing.
Source: Gian Lorenzo Ferretti Photography / E+ via Getty Images
25. Chicago-Naperville-Elgin, IL-IN-WI
> Rent increase, year over year: +13.5%
> Median rent, Apr. 2022: $1,923
> Population: 9,478,801
> Median household income: $74,621
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Source: Sean Pavone / iStock via Getty Images
24. Louisville/Jefferson County, KY-IN
> Rent increase, year over year: +13.6%
> Median rent, Apr. 2022: $1,204
> Population: 1,262,287
> Median household income: $60,891
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Source: Kruck20 / iStock via Getty Images
23. Denver-Aurora-Lakewood, CO
> Rent increase, year over year: +15.3%
> Median rent, Apr. 2022: $1,970
> Population: 2,928,437
> Median household income: $83,289
Source: Kruck20 / iStock via Getty Images
22. Atlanta-Sandy Springs-Roswell, GA
> Rent increase, year over year: +16.7%
> Median rent, Apr. 2022: $1,829
> Population: 5,947,008
> Median household income: $71,193
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Source: Sean Pavone / iStock via Getty Images
21. Richmond, VA
> Rent increase, year over year: +17.0%
> Median rent, Apr. 2022: $1,435
> Population: 1,282,067
> Median household income: $71,223
Source: roman_slavik / iStock via Getty Images
20. Seattle-Tacoma-Bellevue, WA
> Rent increase, year over year: +17.2%
> Median rent, Apr. 2022: $2,165
> Population: 3,928,498
> Median household income: $90,790
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Source: Eloi_Omella / iStock via Getty Images
19. New York-Newark-Jersey City, NY-NJ-PA
> Rent increase, year over year: +18.0%
> Median rent, Apr. 2022: $2,845
> Population: 19,261,570
> Median household income: $81,951
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Source: Sean Pavone / iStock via Getty Images
18. San Antonio-New Braunfels, TX
> Rent increase, year over year: +19.4%
> Median rent, Apr. 2022: $1,385
> Population: 2,510,211
> Median household income: $61,437
Source: Kruck20 / iStock via Getty Images
17. Charlotte-Concord-Gastonia, NC-SC
> Rent increase, year over year: +19.5%
> Median rent, Apr. 2022: $1,675
> Population: 2,595,027
> Median household income: $65,725
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Source: DenisTangneyJr / iStock via Getty Images
16. San Jose-Sunnyvale-Santa Clara, CA
> Rent increase, year over year: +19.9%
> Median rent, Apr. 2022: $3,165
> Population: 1,985,926
> Median household income: $129,343
Source: 4kodiak / E+ via Getty Images
15. Phoenix-Mesa-Scottsdale, AZ
> Rent increase, year over year: +20.1%
> Median rent, Apr. 2022: $1,915
> Population: 4,860,338
> Median household income: $67,068
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Source: DutcherAerials / E+ via Getty Images
14. Los Angeles-Long Beach-Anaheim, CA
> Rent increase, year over year: +20.9%
> Median rent, Apr. 2022: $3,016
> Population: 13,211,027
> Median household income: $76,399
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Source: f11photo / iStock via Getty Images
13. Dallas-Fort Worth-Arlington, TX
> Rent increase, year over year: +21.3%
> Median rent, Apr. 2022: $1,655
> Population: 7,451,858
> Median household income: $72,882
Source: Sean Pavone / iStock via Getty Images
12. Memphis, TN-MS-AR
> Rent increase, year over year: +22.0%
> Median rent, Apr. 2022: $1,409
> Population: 1,343,150
> Median household income: $53,896
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Source: Sean Pavone / iStock via Getty Images
11. Boston-Cambridge-Newton, MA-NH
> Rent increase, year over year: +22.7%
> Median rent, Apr. 2022: $2,825
> Population: 4,854,808
> Median household income: $93,537
Source: SeanPavonePhoto / iStock via Getty Images
10. Jacksonville, FL
> Rent increase, year over year: +23.3%
> Median rent, Apr. 2022: $1,600
> Population: 1,533,796
> Median household income: $63,064
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Source: Mlenny / E+ via Getty Images
9. Raleigh, NC
> Rent increase, year over year: +23.9%
> Median rent, Apr. 2022: $1,615
> Population: 1,362,997
> Median household income: $78,706
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Source: Kruck20 / iStock via Getty Images
8. Nashville-Davidson-Murfreesboro-Franklin, TN
> Rent increase, year over year: +24.2%
> Median rent, Apr. 2022: $1,760
> Population: 1,904,186
> Median household income: $68,406
Source: RoschetzkyIstockPhoto / iStock via Getty Images
7. Austin-Round Rock, TX
> Rent increase, year over year: +24.7%
> Median rent, Apr. 2022: $1,800
> Population: 2,173,804
> Median household income: $80,852
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Source: f11photo / iStock via Getty Images
6. Las Vegas-Henderson-Paradise, NV
> Rent increase, year over year: +24.8%
> Median rent, Apr. 2022: $1,649
> Population: 2,228,866
> Median household income: $61,048
Source: SeanPavonePhoto / iStock via Getty Images
5. Providence-Warwick, RI-MA
> Rent increase, year over year: +25.4%
> Median rent, Apr. 2022: $2,200
> Population: 1,621,099
> Median household income: $70,676
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Source: f11photo / iStock via Getty Images
4. San Diego-Carlsbad, CA
> Rent increase, year over year: +25.6%
> Median rent, Apr. 2022: $3,125
> Population: 3,323,970
> Median household income: $82,426
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Source: SeanPavonePhoto / iStock via Getty Images
3. Tampa-St. Petersburg-Clearwater, FL
> Rent increase, year over year: +27.8%
> Median rent, Apr. 2022: $2,163
> Population: 3,152,928
> Median household income: $57,097
Source: SeanPavonePhoto / iStock via Getty Images
2. Orlando-Kissimmee-Sanford, FL
> Rent increase, year over year: +32.9%
> Median rent, Apr. 2022: $1,927
> Population: 2,560,260
> Median household income: $61,229
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Source: Art Wager / E+ via Getty Images
1. Miami-Fort Lauderdale-West Palm Beach, FL
> Rent increase, year over year: +51.6%
> Median rent, Apr. 2022: $2,800
> Population: 6,129,858
> Median household income: $59,030
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