Rent values across the U.S. are creeping back up in 2022, but prices in these 20 cities are skyrocketing above the rest.
After nearly two years of pandemic-deflated rental prices in America’s biggest cities, rent values are back on the rise. In fact, rent costs across the country are now at an all-time high, with price hikes not only widespread, but steep, too.
There are several factors behind this sharp rise in rent costs. For one, some people are feeling more comfortable with city life now that local governments have lifted many COVID-19 restrictions, and demand for rental units has rebounded in most U.S. metropolitan areas. Inflation, which hit a 40-year high of 7.9% in February, is also contributing to the country’s steep rise in rental prices. Lastly, many potential homebuyers are temporarily turning to the rental options as they wait for the housing market to cool off from its current scorching state.
Curious to see where rental values have increased the most over the past year, the data science team at Insurify turned to national rent data to identify the twenty cities with the greatest rise in rent prices in 2022.
National averages. Across the U.S., rent values rose a staggering 17.5% between February 2021 and February 2022. The average apartment in an American city now rents for $1,574 per month, up from $1,339 in early 2021, meaning the typical renter is paying $235 more in rent every month.
Rental frenzy in Florida. Cities in the southern U.S. are seeing rental values skyrocket in early 2022, and no state has more hot markets than Florida. The Sunshine State is home to the top nine metro areas where rent values are rising the fastest in 2022. Rental values in the state have risen a whopping 30.4% in the past year, and the average Florida apartment now costs $1,794 per month, which is 1.14 times more expensive than the national average.
Few affordable safe havens. Out of the 177 metropolitan areas surveyed in this study, fewer than 10% saw their average rental prices increase by less than February 2022’s inflation rate of 7.9%. Most of these locations are smaller cities located in either Texas or the Upper Midwest, and only one of them — Grand Forks, ND — experienced decreasing rental values over the past year.
The data scientists at Insurify, a site to compare home insurance, referred to Apartment List price estimates to determine the cities with the greatest rent value increases in 2022. Apartment List is an online rental platform that releases monthly cost data for rental housing units in metropolitan areas across the United States.
To calculate the relative change in average rent prices over the past year, Insurify’s analysts first averaged median contract rental values for new leases signed during January and February of 2021 and January and February of 2022. Researchers then took the percent change in price between these two averages to determine how much rental values have changed in each city over the past year.
This study considers the 177 largest metro areas in the United States for which Apartment List has available rental data. The percentage of renters in each city comes from Governing.com.
The findings in this article represent statistical trends found in Insurify’s analysis of national rental price data. The findings of this study are not meant to imply the direction nor necessarily the existence of a causal relationship. Rather, this is a presentation of statistical correlations of public interest.
Where are rent prices rising the highest in 2022?
Naples, FL, is home to the fastest rising rent values to start 2022. The median monthly cost of an apartment in the city has increased 51.6% over the past year to $2,236. Over one-quarter of the city's residents are renters.
20 Cities with the Greatest Rise in Rent Values (2022)
20. Savannah, GA
Increase in overall rent value 2021-2022: 24.4%
Median rent cost (February 2022): $1,430
Percentage of renters: 54.6%
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19. Asheville, NC
Increase in overall rent value 2021-2022: 24.7%
Median rent cost (February 2022): $1,219
Percentage of renters: 47.2%
18. Santa Fe, NM
Increase in overall rent value 2021-2022: 25.2%
Median rent cost (February 2022): $1,686
Percentage of renters: 34.9%
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17. Jacksonville, FL
Increase in overall rent value 2021-2022: 25.3%
Median rent cost (February 2022): $1,520
Percentage of renters: 41.5%
16. Palm Bay-Melbourne-Titusville, FL
Increase in overall rent value 2021-2022: 25.4%
Median rent cost (February 2022): $1,633
Percentage of renters: 31.3%
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15. Hilton Head Island-Bluffton, SC
Increase in overall rent value 2021-2022: 25.7%
Median rent cost (February 2022): $1,639
Percentage of renters: 28.6%
14. Las Vegas-Henderson-Paradise, NV
Increase in overall rent value 2021-2022: 25.8%
Median rent cost (February 2022): $1,640
Percentage of renters: 47.7%
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13. Clarksville, TN-KY
Increase in overall rent value 2021-2022: 26.5%
Median rent cost (February 2022): $1,342
Percentage of renters: 44.3%
12. Phoenix-Mesa-Chandler, AZ
Increase in overall rent value 2021-2022: 27.5%
Median rent cost (February 2022): $1,729
Percentage of renters: 45.9%
11. Knoxville, TN
Increase in overall rent value 2021-2022: 27.6%
Median rent cost (February 2022): $1,283
Percentage of renters: 53.8%
10. Waco, TX
Increase in overall rent value 2021-2022: 27.8%
Median rent cost (February 2022): $1,243
Percentage of renters: 49.7%
9. Orlando-Kissimmee-Sanford, FL
Increase in overall rent value 2021-2022: 28.3%
Median rent cost (February 2022): $1,718
Percentage of renters: 63.8%
8. Crestview-Fort Walton Beach-Destin, FL
Increase in overall rent value 2021-2022: 29.3%
Median rent cost (February 2022): $1,737
Percentage of renters: 40.9%
7. Lakeland-Winter Haven, FL
Increase in overall rent value 2021-2022: 30.2%
Median rent cost (February 2022): $1,415
Percentage of renters: 45.2%
6. Miami-Fort Lauderdale-Pompano Beach, FL
Increase in overall rent value 2021-2022: 30.6%
Median rent cost (February 2022): $2,022
Percentage of renters: 66.7%
5. Tampa-St. Petersburg-Clearwater, FL
Increase in overall rent value 2021-2022: 30.7%
Median rent cost (February 2022): $1,722
Percentage of renters: 48.7%
4. Cape Coral-Fort Myers, FL
Increase in overall rent value 2021-2022: 38.6%
Median rent cost (February 2022): $1,741
Percentage of renters: 32.4%
3. Port St. Lucie, FL
Increase in overall rent value 2021-2022: 40.4%
Median rent cost (February 2022): $2,067
Percentage of renters: 26.1%
2. North Port-Sarasota-Bradenton, FL
Increase in overall rent value 2021-2022: 46.5%
Median rent cost (February 2022): $2,129
Percentage of renters: 28.1%
1. Naples-Marco Island, FL
Increase in overall rent value 2021-2022: 51.6%
Median rent cost (February 2022): $2,236
Percentage of renters: 25.8%
The information, statistics, and data visualizations on this page are free to use, we just ask that you attribute any full or partial use to Insurify with a link to this page. Thank you!
- CNBC. “ Rents in big cities are falling due to Covid. Here’s how to negotiate your monthly payment.” Accessed March 2022.
- Fortune. “ As housing prices continue to spike, national rent hits an all-time high.” Accessed March 2022.
- CNBC. “ Inflation rose 7.9% in February, as food and energy costs push prices to highest in more than 40 years.” Accessed March 2022.
- Apartment List. “ Data and Rent Estimates.” Accessed March 2022.
- Governing. “ Renter Population Data by City.” Accessed March 2022.
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