Cities where rent is rising (and falling) the most

How much has rent increased in the U.S.?

The median rent in the U.S. increased from $1,896 in 2023 to $1,962 in 2024 — a 3.4% increase. This may seem like a fairly modest hike, but the year-over-year data since 2020 reveals a more extreme trend. Amid the height of the coronavirus pandemic (and the resulting explosion of remote workers driving up housing demand), rents soared: From 2020 to 2022, the national median rent increased by a staggering 23.4%, with a 13.6% increase from 2021 to 2022 alone. Though yearly rent increases have recently slowed to more modest rates of 3% to 4% a year, the national median rent is more than 32% higher than it was in 2020.

Where has rent increased the most?

It’s normal for rents to rise as the cost of living increases. From 2023 to 2024, the national median rent increased by 3.4% — comparable to the 3.1% increase in the consumer price index for the same period.

However, rent prices in some cities are rising at rates twice the national rate. Read on for further analysis of the five cities where rent has climbed the most.

Tip: Note that the highest rents don’t always coincide with the sharpest rent increases. For example, San Jose, California, had the highest median rent in 2024 at $3,243 — 65% higher than the national average. Steep as it is, this price point was only a 3.6% increase from 2023, which lands San Jose squarely in the middle of our ranking (37th out of 70 cities).

1. Cleveland, Ohio

The city with the largest rent increase isn’t on the East Coast or the West Coast — it’s in “The Land” of Cleveland, Ohio, which had a 7.4% increase in median rent prices from 2023 to 2024. That’s more than double the national rate and more than 2 percentage points higher than the rates of increase in Cincinnati and Columbus.

Rent prices aren’t the only element of Cleveland’s housing market that’s heating up. In 2024, Cuyahoga County’s sexennial (every six years) property reappraisal saw properties in Cleveland increasing in value by an average of 49%. Property values in some neighboring suburbs climbed even higher —  by 66% in Newburgh Heights and by more than 67% in East Cleveland.

Consider these key metrics:

• Median rent in 2023: $1,236
• Median rent in 2024: $1,327
• Percentage change in rent from 2023 to 2024: 7.4%

2. Louisville, Kentucky

In 2024, Louisville’s median rent was among the lowest of the 70 cities we compared. However, rent may not remain so affordable in Derby City for long if recent trends continue. From 2023 to 2024, median rent increased in Louisville by 6.8% — that’s double the national median, and nearly two and a half times the average rate of increase among all the Southern cities we compared (2.7%).

However, Louisville is also an incubator for new efforts to limit one harmful effect of rising rents: displacement. In November 2024, the Louisville Metro Council unanimously passed legislation for the implementation of an innovative anti-displacement assessment tool,  which will be used to assess the displacement risks of new developments for current residents and determine whether public funds can be used to support the developments.

Notable stats include:

• Median rent in 2023: $1,279
• Median rent in 2024: $1,366
• Percentage change in rent from 2023 to 2024: 6.8%

3. Bridgeport, Connecticut

The city with the third highest rate of rent increase is Bridgeport, Connecticut, the most populous city in the Constitution State. Median rent in Bridgeport is already nearly 37% higher than the national average, and it’s continued to climb — from 2023 to 2024, rent increased by more than 6%.

Fortunately, there are some new protections in place for Bridgeport renters who face exorbitant rent hikes. In late 2023, Bridgeport revived its Fair Rent Commission, a municipal body that can investigate and take action on tenant complaints regarding excessive residential rent increases. (The state of Connecticut now mandates that all communities with 25,000 or more residents have a fair rent commission to serve this purpose.)

Key figures from our source data:

• Median rent in 2023: $2,527
• Median rent in 2024: $2,681
• Percentage change in rent from 2023 to 2024: 6.1%

4. Richmond, Virginia

Richmond experienced a nearly 6% increase in median rent between 2023 and 2024, the fourth-largest price increase among major US cities. Richmond isn’t the only place in Virginia that’s feeling the squeeze of a hot rental market. In November 2024, state legislators introduced House Bill 721, an anti-rent gouging measure. If passed, it would allow localities to set limits on the amount a landlord can increase rents within a 12-month period.

In our analysis of the cheapest cities to live in 2024, Richmond ranks in the bottom quarter for affordability. However, one metric we used to calculate affordability — the Cost of Living Index (COLI) from The Council for Community and Economic Research — is a bright spot for Virginia’s capital city. COLI compares geographical differences in the cost of consumer goods and services, with a score of 100 used to represent the national average. Richmond’s index of 96.1 indicates that the cost of living there is slightly below the national average.

Other notable metrics:

• Median rent in 2023: $1,547
• Median rent in 2024: $1,636
• Percentage change in rent from 2023 to 2024: 5.7%

5. Virginia Beach, Virginia

Consistent, high demand in the rental market is one factor driving the rent increases in Virginia Beach. According to market analytics from property management software company RealPage, occupancy in Virginia Beach averaged 96.4% from 2018 to 2024, and in August 2024, Richmond was the eighth-tightest rental market among the 50 largest markets in the U.S.

Though Virginia has two cities ranking in the top five for rent increases, we found that overall it’s a middle-of-the-road place for renters to live, ranking 24th in our analysis of the best states for renters.

Check out these Virginia Beach stats:

• Median rent in 2023: $1,638
• Median rent in 2024: $1,731
• Percentage change in rent from 2023 to 2024: 5.7%

Are wages keeping pace with rent increases?

To investigate this question, we compared wage differences from 2022 to 2023 for each metropolitan area (the most recent reported data) to year-over-year rent data for 2022 to 2023. We found that nationally, wages outpaced rent by 0.3%.

Rents are outpacing wages the most in three Midwestern cities: Omaha (3.6%), Chicago (2.8%) and Cincinnati (2.6%). On the other end of the spectrum, Las Vegas stands out, with wages growing 11.4% faster than rent — more than any other U.S. city.

Americans are struggling to keep up with soaring rent costs

As rent prices rise faster than many Americans can keep up, renters are grappling with how to make ends meet. In May 2024, ConsumerAffairs found that nearly two-thirds of renters — 65% — spend more than 30% of their monthly income on rent. About 1 in 6 of those respondents (16%) revealed that 75% or more of their income goes toward rent.

Overall, 38% of the renters we surveyed said they struggle to pay rent without financial strain. And although wages have gone up overall, 48% of renters we surveyed said they’ve taken on some form of debt — including credit card debt, personal loans and borrowed funds from family or friends — to afford their monthly rent.

Resources for renters

If you’re feeling the pinch each month when rent is due, you may want to look into local, state or nationwide resources that support renters. You may be eligible for Emergency Rental Assistance (ERA) funds or the Low Income Home Energy Assistance Program (LIHEAP), which helps renters cover their energy bills. You can also call 211 (or visit the website) to get connected with local resources.

There are also grassroots and mutual aid organizations that exist to support renters, like Renters Rising, a national tenant alliance that provides resources to help renters organize and find financial assistance.

Are rent prices going down anywhere?

Of the 70 metro areas we investigated, rents decreased from 2023 to 2024 in just two: Austin and San Antonio. Both cities have seen rents increase overall since 2020, with especially steep increases from 2020 to 2023. However, the median rent in each place has fallen slightly since. In San Antonio, median rent peaked in 2023 at $1,460 before falling to $1,455 in 2024, a decrease of 0.3%. And in Austin, rent peaked earlier ($1,792 in 2022) and has fallen by more than 4% since.

Unfortunately for budget-constrained renters, these Texas towns are rare exceptions to the rule, as rent prices trend upward nationwide. For a more complete picture of where rents are rising the most — and to see how your city compares — check out the data below.

Methodology

To measure rent increases from 2020 to 2024, the ConsumerAffairs Research Team analyzed median rent data from Zillow across 70 of the most populous metro areas. We also examined wage growth using data from the U.S. Bureau of Labor Statistics.

Our analysis covers median rent trends from 2020 to 2024 and wage data through 2023, the most recent year available as of February 2025. Due to data discrepancies, we excluded five New England metros: Boston; Hartford, Connecticut; New Haven, Connecticut; Providence, Rhode Island; and Worcester, Massachusetts.

To determine how rising rent prices have affected Americans, ConsumerAffairs surveyed 600 renters using Pollfish, a third-party market research and survey platform. We collected survey data for this report from May 26, 2024, through May 27, 2024.

For questions about the data or if you'd like to set up an interview, please contact acurls@consumeraffairs.com.

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