Rent prices have skyrocketed in major U.S. cities, and Americans are struggling to keep up.
Two metropolitan areas where rental prices for one-bedroom apartments increased the most over the last five years between 2019 and 2024 were Phoenix, Arizona (84 percent) and San Diego, California (41 percent).
Fair market rent (FMR) is the amount at which a property could be rented on the market and is used as a benchmark for setting rents.
An analysis by Lending Tree based on data from the U.S. Department of Housing and Urban Development (HUD) shows that prices have increased significantly in each of the country’s 50 largest metropolitan areas since 2019.
On average, market rents for one- and two-bedroom apartments increased by $450 and $505, respectively, but the most notable percentage increase was seen in Phoenix.
Pictured: An aerial view of the skyline in downtown Phoenix, Arizona, where the cost of a one-bedroom rental apartment has increased 84 percent over the past five years
Rents in San Diego have risen 41.38 percent to an incredible $2,248.
New York: In the Big Apple, there was a 53.28 percent change in the FMR for renting a one-bedroom apartment compared to 2019
Lending Tree offers a graphical analysis of the dollar increase in one-bedroom FMR after rent
For comparison, in 2019, the average rent for a one-bedroom apartment in Phoenix was $868. That’s a massive $731 difference from today’s higher average of $1,599.
In San Diego, the market rent for a one-bedroom apartment was $1,590 in 2019; it is now $2,248, $658 more.
New York, Miami, Seattle, Sacramento, Atlanta, Tampa, Orlando and Denver have also seen dramatic increases over the past five years.
Of all the cities on the list, New York saw the highest increase in rent for a one-bedroom apartment, with prices rising by $852 over the five-year period, followed by Miami at $737.
Phoenix followed in third place with a 45 percent increase from $1,557 to $2,269.
The map shows the cities where rents have risen the most
The rent for a one-bedroom apartment has increased by 64.25 percent since 2019
According to the data, Seattle saw a 45.73 percent price increase for one-bedroom apartments
In Atlanta, market rent increased by 70.8 percent from 2019 to 2024
The average price of a one-bedroom apartment in Sacramento rose from $968 to $1,666.
Next on the list was Sacramento, where the average price for a one-bedroom apartment rose from $968 to $1,666.
Atlanta came in sixth place, where the price rose by a drastic 70 percent to the current $1,643.
After San Diego, which came in seventh place, came Tampa, whose price rose from $916 to $1,562 over those five years.
Orlando and Denver ranked ninth and tenth on the list.
The rent for a one-bedroom apartment in the Florida city rose a whopping 63 percent in those five years – from $1,004 to $1,638.
In Denver, where many people have moved from the West Coast, wages have fallen from $1,204 to $1,835.
In Tampa, the average price of a one-bedroom apartment increased by 70.52 percent from 2019 to 2024, currently reaching $1,562.
The average rent for a one-bedroom apartment in Orlando rose 63 percent in those five years – from $1,004 to $1,638.
In Denver, where many people have moved from the West Coast, the influx rose from $1,204 to $1,835.
The lack of housing on the market is one of the reasons for the rapid increase in rents.
Experts explain that pricing is determined by supply and demand. When housing is scarce and demand is greater, prices rise.
According to LendingTree, fewer choices and limited options put renters at a slight disadvantage when it comes to negotiating better terms with landlords.
However, drastic rent increases could one day become a thing of the past.
The Biden administration had previously announced a five percent cap on rent increases that would apply to landlords with more than 50 housing units.
