The largest rent hikes in U.S. cities since 2020

For many Americans, buying a home remains out of reach, and paying rent is becoming increasingly challenging. In the nations 50 largest cities, the average monthly rent for a one-bedroom apartment increased by $457, or 41%, reaching $1,578 between 2020 and 2025, according to a recent analysis by LendingTree. During the same period, two-bedroom apartments saw an average rent increase of $505, or 37%, bringing the average to approximately $1,858 per month.

Since 2019, rent growth nationwide has outpaced wage increases by about 1.5 times, according to a 2024 report from Zillow and StreetEasy.

If your earnings rise alongside rent, the added cost might not feel significant, said Matt Schulz, chief consumer finance analyst at LendingTree. However, many Americans have very limited financial flexibility, so paying hundreds more in rent monthly can be a real burden.

Nationally, rents are expected to see a modest decline of around 1% next year, according to Realtor.com.

Cities with the Largest Rent Increases

New York, San Diego, and Miami have experienced the largest jumps in monthly rent. Since 2020, one-bedroom apartments in these cities have increased by $854, $817, and $764, respectively. Two-bedroom units rose by $857, $877, and $885 over the same period.

Other cities in the top 10 for one-bedroom rent growth include:

• Riverside, California
• Tampa, Florida
• Sacramento, California
• Atlanta, Georgia
• Orlando, Florida
• Boston, Massachusetts
• Phoenix, Arizona

In New York and San Diego, the rent surge is largely due to high demand and limited housing availability. Miamis increase is driven by population growth from both domestic and international migration.

Cities with Slower Rent Growth

San Francisco is one example where rent hikes have slowed. Over the last five years, the average rent for a one-bedroom rose by $54 to $2,977, and two-bedroom apartments increased by $51 to $3,604. Other cities with more gradual increases include Birmingham, Alabama; Oklahoma City, Oklahoma; San Antonio, Texas; and St. Louis, Missouri.

LendingTrees analysis is based on fair-market rents from the U.S. Department of Housing and Urban Development, which estimate the 40th percentile of rents for standard-quality units in metropolitan and nonmetropolitan areas. The data excludes public housing and units built in the past two years.

Analysis: Rising Rents and Limited Wage Growth

From my perspective, the latest data highlights a growing affordability crisis in the U.S. housing market. Between 2020 and 2025, average rents in the nation’s 50 largest cities increased dramatically—41% for one-bedroom apartments and 37% for two-bedroom units—while wages have not kept pace. This disparity places a substantial financial strain on renters with limited income flexibility.

Cities like New York, San Diego, and Miami exemplify the sharpest increases, with one-bedroom rents rising by $854, $817, and $764, respectively. The causes differ: limited housing supply in New York and San Diego versus population growth in Miami. Conversely, San Francisco and several smaller cities experienced more moderate growth, suggesting that local market dynamics are critical in understanding rent trends.

Looking ahead, national forecasts predict only a slight decline in rents next year, around 1%, indicating that affordability pressures will persist for most renters. The data underscores the importance of housing policy and wage growth to mitigate financial burdens for millions of Americans.

Sources:

• These U.S. cities have seen the biggest rent increases since 2020

Author: Olivia Parker
Olivia Parker is a journalist and editor with over 8 years in media. She focuses on culture, arts, and social issues, skilled in feature writing and critical reviews.