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Startling rise in rent prices in major cities across the US as Americans struggle to keep up
Rentals prices have skyrocketed across major cities in the US as Americans struggle to keep up.
Two metropolitan cities that experienced some of the biggest spikes for a one-bedroom rental was Phoenix, Arizona (84 percent) and San Diego, California (41 percent) over the last five years between 2019 to 2024.
Fair Market Rent (FMR) is the amount of money that a property would rent for on the market, and is a benchmark for gauging rents.
An analysis by Lending Tree from data compiled by U.S. Department of Housing and Urban Development (HUD) show how prices have risen significantly since 2019 in each of the nation's 50 largest metros.
On average, fair market rents for one- and two-bedrooms have grown by $450 and $505, respectively, but the most remarkable percentage increase was in Phoenix.
Pictured: An aerial view of the skyline in downtown Phoenix, Arizona, where the cost of a one-bedroom rental unit has jumped 84 percent over the last five years
Rents in San Diego have skyrocketed by 41.38 percent, up to a staggering $2,248
New York: The Big Apple came in at a 53.28 percentage change in FMR for a one-bedroom rental compared to 2019
Lending Tree provides a graphic analysis of the dollar increase in one-bedroom FMR by rent
To put that in perspective, in 2019, the fair market rent for a one-bedroom in Phoenix was $868, marking a huge $731 difference between today's 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's $2,248, $658 higher.
New York, Miami, Seattle, Sacramento, Atlanta, Tampa, Orlando and Denver also saw a dramatic spike over the last five years.
The highest dollar increase in a one-bedroom rental among all of the metros on the list was New York, which experienced a $852 surge in price during the five-year period, followed by $737 in Miami.
After Phoenix, which came in third, was Seattle, which went up by 45 percent from $1,557 to $2,269.
The map shows the cities where rents increased the most
Rent for a one-bedroom went up by 64.25 percent since 2019
According to the data, Seattle experienced a 45.73 percent price spike for one-bedroom rentals
In Atlanta, the fair market rent from 2019 to 2024 rose by 70.8 percent
Sacramento's average one-bedroom price went from $968 to $1,666
Following on the list was Sacramento, whose average one-bedroom price went from $968 to $1,666.
In sixth came Atlanta, which saw a drastic 70 percent increase to its current price of $1,643.
Then after San Diego, which came in seventh, was Tampa that went from $916 to $1,562 in those five years.
At ninth and tenth on the list were Orlando and Denver, respectively.
The Florida city's one-bedroom rent price jumped 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 one-bedroom increased by 70.52 percent from 2019 to 2024 to reach its current $1,562 total
Orlando's one-bedroom average rent jumped by 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
Lack of housing on the market is one of the reasons rents have soared.
Experts explain that pricing is based on supply and demand. If housing is scare and demand is greater than prices rise.
According to LendingTree, with less choices and limited options, renters are at a bit of a disadvantage when it come to negotiating with landlords for a better deal.
However, drastic rent increases might eventually be a thing of the past.
The Biden administration previously announced a 5 percent cap on how much rent can go up that would apply for landlords with more than 50 units.