(NEXSTAR) — The good news: the speed and amount of your rent seems to be slowing down. The bad news: it continues to rise, a little less than it was, according to Realtor. The median rent price in the 50 largest metropolitan areas in the United States is $1,876, which Real estate agent said is a new record for the 16th consecutive month.
But while renting is more expensive these days, renting is still more affordable for the average American than buying, especially after recent increases in interest rates to fight inflation.
Prices for bachelors and one- and two-bedroom apartments “appear to be converging” with the growth seen by larger rentals, says Realtor’s senior economic research analyst. The median rent for bachelor apartments is $1,544 and $1,738 and $2,104 for one-bedroom and two-bedroom apartments, respectively.
Overall, rents have increased by 14.1% since June 2021. Here are the top 10.
Top 10 Highest Rent Increases in the United States
ten. New York City — The little surprise about high rents is in New York. Rent in the Big Apple has risen 21.1% over the past year. According to RentCafe, which tracks real estate data, average rent in new york is $1,740 per month and the average apartment size is 754 square feet.
9. Boston — Rent in Boston is 23.6% more than last year. The average apartment size is 811 square feet and average rent in boston is $3,772 per month.
8. Providence, Rhode Island — Providence has seen a 23.8% increase in median rent over the past year. RentCafe says the average apartment size is 836 square feet and average rent in Providence, RI is $2,318.
seven. Charlotte, North Carolina — Increase in rent from one year to the next: 18.4%. Average rent in Charlotte is $1,639 per month and the average apartment size is 942 square feet.
6. Nashville, TN — Rent in the country music capital rose 18.4% last year. Average rent in Nashville is $1,819 per month and the average apartment size is 884 square feet.
5. San Jose, California — Rents at this Silicon Valley hub have increased by 18.5% since 2021, with average rent in San Jose clocking in at $2,972 per month. The average apartment size is 884 square feet.
4. San Diego – San Diego ranks fourth on the list of real estate agents, with an increase in rent growth of 19.1% over the past year. This is the largest increase among West Coast cities. By RentCafe data, average rent in San Diego is $2,916 per month and the average apartment size is 875 square feet.
3. Austin — The Texas capital has experienced a population boom during the pandemic and housing prices reflect the changes. Rent prices have increased by 19.6% compared to 2021, says Realtor. Average rent in Austin is $1,826 per month and the average apartment size is 863 square feet.
2. Orlando Florida — The Disney World and Universal Studios home saw its rent rise 23.9% year-over-year. The average apartment is 952 square feet and average rent in orlando is $1,937 per month.
1. Miami – Data from the Realtor shows Miami rent is up 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.
While data shows rent growth is slowing, current rates are still 23.9% higher than 2020 and 27.6% higher than 2019.