Rental prices have skyrocketed in major U.S. cities as Americans struggle to keep up.
Two metropolitan cities that experienced some of the largest increases in one-bedroom rent were Phoenix, Arizona (84 percent) and San Diego, California (41 percent) over the past five years between 2019 and 2024.
Fair market rent (FMR) is the amount of money a property would rent for on the market and is a benchmark for evaluating rents.
An analysis of Loan tree Data compiled by the U.S. Department of Housing and Urban Development (HUD) shows how prices have risen significantly since 2019 in each of the country’s 50 largest metropolitan areas.
On average, fair market rents for one- and two-bedroom apartments have grown by $450 and $505, respectively, but the most notable percentage increase was in Phoenix.
Pictured: An aerial view of the downtown skyline of Phoenix, Arizona, where the cost of a one-bedroom rental unit has increased 84 percent over the past five years.
Rents in San Diego have skyrocketed by 41.38 percent to a staggering $2,248.
New York: The Big Apple recorded a 53.28% percentage change in the FMR for a one-bedroom rental compared to 2019
Lending Tree offers a graphical analysis of the dollar increase in the FMR of a room per rental
To put that into perspective, in 2019, the fair market rent for a one-bedroom apartment in Phoenix was $868, which is a whopping $731 difference from the current higher average of $1,599.
In San Diego, the fair market rent for a one-bedroom housing unit in 2019 was $1,590; now, it is $2,248, up $658.
New York, Miami, Seattle, Sacramento, Atlanta, Tampa, Orlando and Denver also experienced dramatic increases over the past five years.
The largest dollar increase in one-bedroom rent among all metropolitan areas on the list was New York, which saw a price increase of $852 over the five-year period, followed by $737 in Miami.
Following Phoenix in third place was Seattle, which rose 45 percent, from $1,557 to $2,269.
The map shows the cities where rents increased the most
Rent for a one-bedroom apartment increased by 64.25 percent since 2019
According to the data, Seattle experienced a 45.73 percent price increase for one-bedroom rentals.
In Atlanta, fair market rent from 2019 to 2024 increased by 70.8 percent
The average price of a one-bedroom apartment in Sacramento rose from $968 to $1,666
Next on the list is Sacramento, where the average price of a room rose from $968 to $1,666.
In sixth place was Atlanta, which saw a drastic 70 percent increase to its current price of $1,643.
After San Diego, which came in seventh place, was Tampa, which went from $916 to $1,562 in those five years.
Orlando and Denver ranked ninth and tenth on the list, respectively.
The rental price for a one-bedroom apartment in the Florida city rose a whopping 63 percent (from $1,004 to $1,638) in those five years.
Meanwhile, Denver, which saw an influx of West Coast transplants, went from $1,204 to $1,835.
In Tampa, the average price of a room increased by 70.52 percent between 2019 and 2024 to reach its current total price of $1,562.
The average rent for a one-bedroom apartment in Orlando increased 63 percent, from $1,004 to $1,638, in those five years.
Meanwhile, Denver, which saw an influx of West Coast transplants, went from $1,204 to $1,835.
The lack of housing on the market is one of the reasons why rents have skyrocketed.
Experts explain that prices are set based on supply and demand. If housing is scarce and demand is higher, prices rise.
According to LendingTree, with fewer options and limited alternatives, tenants are at a bit of a disadvantage when it comes to negotiating with landlords to get a better deal.
However, drastic rent increases could eventually be a thing of the past.
The Biden administration previously announced a 5 percent cap on rent increases that would apply to landlords with more than 50 units.
