10 cities with the highest rents
Rent growth in 2021 jumped higher than it has been in years. According to Zumper National Rent Report, between May and October of last year, the median rent for a one bedroom rose by 9.7 percent. Through the first three months of the year, 2022’s national rent growth is outpacing 2021’s rent growth. Vacancy rates entering the year were at all-time lows, and in a November 2021 survey conducted by Zumper, 81.6 percent of renters said they planned on moving in 2022. That equation—enormous demand and little supply—equals high rent growth. Home valuations are projected to keep growing as well, which can price out more renters who would otherwise buy.
Zumper’s March 2022 data, shows that the median one-bedroom nationally hit an all-time high at $1,400, which represents a 2.5 percent increase for the year so far, ahead of the 1.9 percent growth at this time last year. The $1,400 median price also represents a 12.2 percent year-over-year increase. Two-bedrooms are up 13.8 percent year-over-year at $1,723. Year-over-year growth for one-bedrooms and two-bedrooms has remained in the same range since October 2021, which means that the rate of rent growth is holding steady for now.
According to Zumper, the lowest rent for a one-bedroom is Witchita, Kansas, with a median cost of $650 per month. Where are rents the highest? Click through the gallery above to find out.
