5 Cities Where Rental Home Prices Have Skyrocketed 40% or More

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Woman shocked by cost of rent
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Millions of would-be homeowners have found themselves locked out of a housing market where prices have soared beyond their capacity to afford them.

That leaves renting as their only option. Unfortunately, things aren’t much better in the rental market.

If anything, “renting a property may be even more challenging than buying one,” according to HouseCanary’s State of the Single Family Rental Market report.

In fact, in five places, rents jumped 40% or more in the first half of 2022 when compared with the first half of 2021. These markets represent all regions of the country — North and South, East and West — underscoring how the explosion in living costs has impacted nearly every part of the nation.

Following are the cities where renting a single-family home could be nearly impossible for many.

5. Knoxville, TN

Knoxville, Tennessee
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Metro’s annual increase in median monthly listing prices for single-family rentals: 40%

The bad news in Knoxville is that rents have exploded. The good news is that the city made the list of “10 of the Most Undervalued Housing Markets in America.”

However, home prices here have risen faster than wages for three straight years, so Knoxville may not stay relatively affordable for long.

4. Winston-Salem, NC

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Metro’s annual increase in median monthly listing prices for single-family rentals: 42.3%

As recently as the spring, Winston-Salem was among the ‘The 11 Most Affordable Cities for Renters in America.” But as we reported at the time, investors have been snatching up single-family homes, making homeowners in many neighborhoods nervous.

Now, rents in the city are fast becoming too hot for tenants to handle.

3. Ogden-Clearfield, UT

Ogden, Utah
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Metro’s annual increase in median monthly listing prices for single-family rentals: 58.68%

Housing markets throughout Utah have been red-hot in recent years — Salt Lake City, Provo and Ogden are all among the “15 Housing Markets Overvalued by More Than 50%.”

The state’s ability to attract new residents also has pressured rental prices in the Beehive State.

2. Flint, MI

Flint, Michigan
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Metro’s annual increase in median monthly listing prices for single-family rentals: 58.82%

Flint is a bit of a surprise on this list. The city’s housing values remain modest. In fact, prices in Flint are still below where they were in the early 2000s, as we reported in “Housing Boom? Prices Still Haven’t Recovered in 477 Cities.”

Nevertheless, rents here have soared, up nearly 60%, perhaps because the rental supply has not kept up with demand.

1. Albany-Schenectady-Troy, NY

New York Capitol
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Metro’s annual increase in median monthly listing prices for single-family rentals: 58.92%

The rate of rental price increases is downright ugly in what is otherwise a beautiful region of New York state.

As if exploding rent wasn’t bad enough, Albany just happens to be the capital of a state that is among the “9 States With the Highest Income Tax Rates for 2022.”