Editor's Note: This story originally appeared on Construction Coverage.
The dynamics of the rental market in recent years largely reflect simple supply and demand.
In the years following the housing crash and Great Recession, the number of new housing construction projects plummeted and was slow to recover over the course of the 2010s. Around the same time, millennials — a generational cohort of more than 72 million Americans — began to reach adulthood, introducing greater demand in the market.
Economic conditions during the COVID-19 pandemic exacerbated issues. As fast-rising real estate values priced more people out of homebuying, rental markets became more competitive among consumers.
On the supply side, inflation in the cost of materials, high interest rates, and tightness in the labor market have all contributed to difficulties in developing new housing stock.
All these issues have come to a head over the last couple of years. The combined crunch of limited supply and high demand has driven the national rental vacancy rate — a key metric used to track the availability of rental housing — to its lowest levels since the late 1980s. With fewer units available, prices have risen dramatically.
However, the impact of rent increases has not been felt evenly across the U.S., as renters in some locations face much higher costs than in others.
To find where in America rents are highest, researchers at Construction Coverage analyzed data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. For more information, refer to the methodology section. Here are the U.S. cities with the highest rent prices.
15. Portland-Vancouver-Hillsboro, OR-WA
- Median rent: $2,151
- Median studio rent: $1,687
- Median 1-bedroom rent: $1,802
- Median 2-bedroom rent: $2,065
- Median 3-bedroom rent: $2,814
- Median 4-bedroom rent: $3,340
14. Tampa-St. Petersburg-Clearwater, FL
- Median rent: $2,248
- Median studio rent: $1,743
- Median 1-bedroom rent: $1,854
- Median 2-bedroom rent: $2,162
- Median 3-bedroom rent: $2,764
- Median 4-bedroom rent: $3,365
13. Denver-Aurora-Centennial, CO
- Median rent: $2,251
- Median studio rent: $1,769
- Median 1-bedroom rent: $1,888
- Median 2-bedroom rent: $2,249
- Median 3-bedroom rent: $2,944
- Median 4-bedroom rent: $3,283
12. Orlando-Kissimmee-Sanford, FL
- Median rent: $2,299
- Median studio rent: $1,793
- Median 1-bedroom rent: $1,881
- Median 2-bedroom rent: $2,143
- Median 3-bedroom rent: $2,690
- Median 4-bedroom rent: $3,177
11. Washington-Arlington-Alexandria, DC-VA-MD-WV
- Median rent: $2,457
- Median studio rent: $2,085
- Median 1-bedroom rent: $2,150
- Median 2-bedroom rent: $2,401
- Median 3-bedroom rent: $3,035
- Median 4-bedroom rent: $3,567
10. Miami-Fort Lauderdale-West Palm Beach, FL
- Median rent: $2,593
- Median studio rent: $1,931
- Median 1-bedroom rent: $2,096
- Median 2-bedroom rent: $2,545
- Median 3-bedroom rent: $3,349
- Median 4-bedroom rent: $3,906
9. Seattle-Tacoma-Bellevue, WA
- Median rent: $2,593
- Median studio rent: $2,084
- Median 1-bedroom rent: $2,188
- Median 2-bedroom rent: $2,574
- Median 3-bedroom rent: $3,406
- Median 4-bedroom rent: $3,977
8. Sacramento-Roseville-Folsom, CA
- Median rent: $2,600
- Median studio rent: $1,879
- Median 1-bedroom rent: $1,964
- Median 2-bedroom rent: $2,428
- Median 3-bedroom rent: $3,244
- Median 4-bedroom rent: $3,721
7. Riverside-San Bernardino-Ontario, CA
- Median rent: $2,681
- Median studio rent: $1,866
- Median 1-bedroom rent: $1,959
- Median 2-bedroom rent: $2,427
- Median 3-bedroom rent: $3,211
- Median 4-bedroom rent: $3,875
6. Boston-Cambridge-Newton, MA
- Median rent: $2,839
- Median studio rent: $2,262
- Median 1-bedroom rent: $2,392
- Median 2-bedroom rent: $2,904
- Median 3-bedroom rent: $3,496
- Median 4-bedroom rent: $3,848
5. New York-Newark-Jersey City, NY-NJ
- Median rent: $2,924
- Median studio rent: $2,392
- Median 1-bedroom rent: $2,597
- Median 2-bedroom rent: $2,945
- Median 3-bedroom rent: $3,697
- Median 4-bedroom rent: $4,079
4. Los Angeles-Long Beach-Anaheim, CA
- Median rent: $2,953
- Median studio rent: $2,248
- Median 1-bedroom rent: $2,450
- Median 2-bedroom rent: $3,006
- Median 3-bedroom rent: $3,887
- Median 4-bedroom rent: $4,420
3. San Diego-Chula Vista-Carlsbad, CA
- Median rent: $3,360
- Median studio rent: $2,482
- Median 1-bedroom rent: $2,667
- Median 2-bedroom rent: $3,255
- Median 3-bedroom rent: $4,336
- Median 4-bedroom rent: $5,255
2. San Francisco-Oakland-Fremont, CA
- Median rent: $3,442
- Median studio rent: $2,524
- Median 1-bedroom rent: $2,904
- Median 2-bedroom rent: $3,532
- Median 3-bedroom rent: $4,514
- Median 4-bedroom rent: $5,043
1. San Jose-Sunnyvale-Santa Clara, CA
- Median rent: $3,865
- Median studio rent: $2,833
- Median 1-bedroom rent: $3,214
- Median 2-bedroom rent: $3,764
- Median 3-bedroom rent: $4,977
- Median 4-bedroom rent: $5,414
Methodology
The data used in this study comes from the U.S. Department of Housing and Urban Development’s 2026 50th Percentile Rent Estimates dataset and the U.S. Census Bureau’s 2024 American Community Survey 1-Year Estimates.
To determine the locations with the highest rent prices, researchers at Construction Coverage calculated a median monthly rent estimate across all rental types in each location.
This estimate is a weighted average of each location’s median monthly rent price across each rental size category (e.g., studio, one-bedroom, two-bedroom, etc.). The weights used in the calculation were the number of renter-occupied housing units belonging to each size category as reported by the Census Bureau in 2024.
In the event of a tie, the location with the greater one-bedroom rent was ranked higher.
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