Current:Home > MyHere are the U.S. cities where rent is rising the fastest -Prime Capital Blueprint
Here are the U.S. cities where rent is rising the fastest
Oliver James Montgomery View
Date:2025-04-06 17:37:06
Let's start with the bad news for U.S. renters: Since the pandemic, rental costs around the country have surged a total of 26%. Now for the good: Rents are finally slowing in earnest, a new analysis shows.
Rent for single-family homes rose an average of 3.7% in April from a year ago, the twelfth straight month of declines, according to real estate research firm CoreLogic.
"Single-family rent growth has slowed for a full year, and overall gains are approaching pre-pandemic rates," Molly Boesel, principal economist at CoreLogic, said in a statement.
The spike in housing costs since the public health crisis erupted in 2020 has been driven largely by a shortage of affordable housing coupled with unusually strong demand. Soaring rents in recent years have amplified the pain for millions of households also coping with the skyrocketing prices of food and other daily necessities.
Although inflation is cooling, as of May it was still rising at twice the Federal Reserve's 2% annual target.
Across the U.S., rents are rising the fastest in Charlotte, N.C., climbing nearly 7% in April compared with the same month in 2022, CoreLogic found. Median rent for a 3-bedroom apartment in the city, which has a population of roughly 900,000, now tops $1,900.
The following metro areas round out the top 20 cities with the fastest rental increases in April from a year ago, along with the typical monthly rent for a 3-bedroom place, according to CoreLogic:
- Boston, Mass.—6.2%, $3,088
- Orlando-Kissimmee-Sanford, Fla.—6%, $2,209
- Chicago-Naperville-Arlington Heights, Ill.—5.9%, $2.319
- New York/Jersey City/White Plains, N.Y./N.J.—5.7%, $3,068
- St. Louis, Mo.—4.8%, $1,501
- Minneapolis-St. Paul-Bloomington, Minn./Wis.—4.6%, $2,097
- Tuscon, Ariz.—4%, 4%, $2,036
- Houston-The Woodlands-Sugarland, Texas—4%, $1,807
- Honolulu, Hawaii—3.7%, $3,563
Want the biggest bang for your buck? For renters with a budget of $1,500 a month, you'll get at least 1,300 square feet in places like Wichita, Kansas; Toledo, Ohio; Oklahoma City and Tulsa, Oklahoma; and Memphis, Tennessee, according to RentCafe. In pricey cities like Boston, Manhattan and San Francisco, by contrast, $1,500 affords you less than 400 square feet.
- In:
- Rents
Alain Sherter covers business and economic affairs for CBSNews.com.
TwitterveryGood! (86)
Related
- FACT FOCUS: Inspector general’s Jan. 6 report misrepresented as proof of FBI setup
- Where to watch 'Christmas Vacation' movie: Cast, streaming details, TV airtimes
- Charlie Sheen’s neighbor arrested after being accused of assaulting actor in Malibu home
- Sideshow Gelato combines sweets, magicians and sword swallowers in chef's dream shop
- Behind on your annual reading goal? Books under 200 pages to read before 2024 ends
- Woman who was shot in the head during pursuit sues Missississippi’s Capitol Police
- NFL Christmas tripleheader: What to know for Raiders-Chiefs, Giants-Eagles, Ravens-49ers
- Lions win division for first time in 30 years, claiming franchise's first NFC North title
- Arkansas State Police probe death of woman found after officer
- A BLM Proposal to Protect Wildlife Corridors Could Restore the West’s ‘Veins and Arteries’
Ranking
- Megan Fox's ex Brian Austin Green tells Machine Gun Kelly to 'grow up'
- Beyoncé shocks fans at 'Renaissance' event in Brazil: 'I came because I love you so much'
- Pistons fall to Nets, match NBA single-season record with 26th consecutive loss
- The star quarterback that never lost...and never let me down
- South Korea's acting president moves to reassure allies, calm markets after Yoon impeachment
- New York governor signs bill aligning local elections with statewide races
- USA Fencing suspends board chair Ivan Lee, who subsequently resigns from position
- Love Story Actor Ryan O'Neal's Cause of Death Revealed
Recommendation
Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'
Second suspect arrested in theft of Banksy stop sign artwork featuring military drones
Massive Ravens-49ers game on Christmas could help solve NFL MVP mystery
Colorado releases additional 5 gray wolves as part of reintroduction effort
Federal Spending Freeze Could Have Widespread Impact on Environment, Emergency Management
Buy less, donate more — how American families can increase charitable giving during the holiday season
Why you should watch 'Taskmaster,' the funniest TV show you've never heard of
A big avalanche has closed the highway on the Kenai Peninsula south of Anchorage