15 Places With the Biggest Rent Hikes in America

Editor's Note: This story originally appeared on Construction Coverage.

In recent months, the dour outlook on the U.S. economy has begun to shift. Economic growth, consumer spending, and employment rates have remained strong despite widespread expectations of a recession in 2023.

One area where many Americans continue to struggle, however, is the cost of housing.

With high home prices and mortgage interest rates pricing many would-be buyers out of the residential real estate market, rentals have been highly competitive.

Over the last year, no part of the rental market has been able to avoid continued price increases. From studio apartments to large homes, rental units of all sizes have seen similarly-sized increases in median rents.

While house size has had little impact on the rates of rent increases, geographic location has.

The following is a breakdown of changes in rent prices across major metropolitan areas. The analysis was conducted by researchers at Construction Coverage. For more information, refer to the methodology section.

1. Indianapolis-Carmel-Anderson, IN

• Percentage change in median rent (2023-2024): +27.1%
• Total change in median rent (2023-2024): +$315
• Median rent (2024): $1,477
• Median rent (2023): $1,162

2. Memphis, TN-MS-AR

• Percentage change in median rent (2023-2024): +26.9%
• Total change in median rent (2023-2024): +$328
• Median rent (2024): $1,546
• Median rent (2023): $1,218

3. Baltimore-Columbia-Towson, MD

• Percentage change in median rent (2023-2024): +25.8%
• Total change in median rent (2023-2024): +$440
• Median rent (2024): $2,146
• Median rent (2023): $1,706

4. Louisville/Jefferson County, KY-IN

• Percentage change in median rent (2023-2024): +23.0%
• Total change in median rent (2023-2024): +$263
• Median rent (2024): $1,406
• Median rent (2023): $1,143

5. Jacksonville, FL

• Percentage change in median rent (2023-2024): +22.0%
• Total change in median rent (2023-2024): +$335
• Median rent (2024): $1,860
• Median rent (2023): $1,525

6. St. Louis, MO-IL

• Percentage change in median rent (2023-2024): +21.1%
• Total change in median rent (2023-2024): +$229
• Median rent (2024): $1,316
• Median rent (2023): $1,087

7. Chicago-Naperville-Elgin, IL-IN-WI

• Percentage change in median rent (2023-2024): +19.8%
• Total change in median rent (2023-2024): +$304
• Median rent (2024): $1,841
• Median rent (2023): $1,537

8. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

• Percentage change in median rent (2023-2024): +19.0%
• Total change in median rent (2023-2024): +$299
• Median rent (2024): $1,869
• Median rent (2023): $1,570

9. Austin-Round Rock-Georgetown, TX

• Percentage change in median rent (2023-2024): +18.5%
• Total change in median rent (2023-2024): +$329
• Median rent (2024): $2,109
• Median rent (2023): $1,780

10. Miami-Fort Lauderdale-Pompano Beach, FL

• Percentage change in median rent (2023-2024): +18.4%
• Total change in median rent (2023-2024): +$381
• Median rent (2024): $2,450
• Median rent (2023): $2,069

11. Denver-Aurora-Lakewood, CO

• Percentage change in median rent (2023-2024): +18.4%
• Total change in median rent (2023-2024): +$368
• Median rent (2024): $2,373
• Median rent (2023): $2,005

12. Atlanta-Sandy Springs-Alpharetta, GA

• Percentage change in median rent (2023-2024): +18.2%
• Total change in median rent (2023-2024): +$325
• Median rent (2024): $2,108
• Median rent (2023): $1,783

13. San Diego-Chula Vista-Carlsbad, CA

• Percentage change in median rent (2023-2024): +17.9%
• Total change in median rent (2023-2024): +$482
• Median rent (2024): $3,175
• Median rent (2023): $2,693

14. Providence-Warwick, RI-MA

• Percentage change in median rent (2023-2024): +17.4%
• Total change in median rent (2023-2024): +$274
• Median rent (2024): $1,846
• Median rent (2023): $1,572

15. Raleigh-Cary, NC

• Percentage change in median rent (2023-2024): +16.9%
• Total change in median rent (2023-2024): +$278
• Median rent (2024): $1,919
• Median rent (2023): $1,641

Methodology

The data used in this analysis is from the U.S. Department of Housing and Urban Development’s (HUD) “50th Percentile Rent Estimates” and the U.S. Census Bureau’s “American Community Survey.”

To determine the locations with the biggest change in rent prices, researchers at Construction Coverage ranked locations by the percentage change in median rent from 2023 to 2024. In the event of a tie, locations with the greater total change in median rent from 2023 to 2024 was ranked higher.

For each location, median rent was estimated by creating a weighted average of HUD’s median rent estimates by unit size using the number of renter-occupied households by unit size as the weighting factor.

To improve relevance only metropolitan areas with complete data were included.