(NEXSTAR) — The good news: How fast and how much your rent is going up seems to be slowing. The bad news: It’s still going up, just less than it has been, according to Realtor. The median rent price across the 50 largest metro areas in the U.S. is $1,876, which Realtor says is a new record for the 16th consecutive month.
But while renting is more expensive these days, renting is still more affordable for average Americans than buying—especially after recent interest rate increases to battle inflation. Overall, rent grew by 14.1% since June 2021. While data shows rent growth is slowing, current rates are still 23.9% higher than in 2020 and 27.6% higher than in 2019.
Prices on studio and one- or two-bedroom apartments “appear to be converging” with growth seen by larger rentals, Realtor Senior Economic Research Analyst says. Median rent for studio apartments is $1,544 and $1,738 and $2,104 for one-bedroom and two-bedroom apartments, respectively. Here are the top 10!
Top 10 highest rent increases in the U.S.
10. New York City — Little surprise about high rents in NYC. Rent in the Big Apple went up 21.1% in the past year. According to RentCafe, which tracks real estate data, the average rent in New York City is $4,454 per month.
9. Boston — Rent in Boston costs 23.6% more than it did last year. The average apartment size is 811 square feet and the average rent in Boston is $3,772 per month.
8. Providence, Rhode Island — Providence saw a 23.8% increase in median rent this past year. RentCafe indicates the average apartment size is 836 square feet and the average rent in Providence, RI is $2,318.
7. Charlotte, North Carolina — Year-over-year rent increase: 18.4%. The average rent in Charlotte is $1,639 per month and the average apartment size is 942 square feet.
6. Nashville, Tennessee — Giddy up! Rent in the country music capital grew 18.4% in the past year. The average rent in Nashville is $1,819 per month and the average apartment size is 884 square feet.
5. San Jose, California — Rent in this Silicon Valley hub rose 18.5% since 2021, with average San Jose rent clocking in at $2,972 per month. The average apartment size is 884 square feet.
4. San Diego — San Diego ranks fourth on Realtor’s list, with a 19.1% rent growth increase in the past year. It’s the highest increase among West Coast cities. Per RentCafe data, the average rent in San Diego is $2,916 per month and the average apartment size is 875 square feet.
3. Austin — Texas’ capital experienced a population boom during the pandemic and housing prices reflect the changes. Rent prices increased 19.6% from 2021, Realtor indicates. The average rent in Austin is $1,826 per month and the average apartment size is 863 square feet.
2. Orlando, Florida — The home of Disney World and Universal Studios saw a 23.9% year-over-year rent increase. The average apartment is 952 square feet and the average rent in Orlando is $1,937 per month.
1. Miami — Realtor data shows Miami rent rose 37.4% since June 2021. According to RentCafe, the average apartment size in the city is 887 square feet and the average rent is $2,307 per month.