We’re Sorry If You Live In The 20 US Cities With The Worst Rise In Rent Prices
It's a bad time to be apartment hunting in Florida!
Georgia Contributing Writer
Jul 25, 2022, 1:28 PM
The Orlando skyline at sunset.
Rental prices are skyrocketing across the states, and with inflation steadily on the rise, finding an apartment to rent is no easy feat.
However, some cities' housing markets are feeling the effects more than others.
According to data from Insurify published in April 2022, rental prices all over America are at an all-time high as inflation continues to make an impact on real estate.
According to the study, these are the top 20 cities seeing the highest increase in rent prices from 2021 to 2022. (Bad news incoming if you're looking for a spot to rent in the Sunshine State.)
- Naples-Marco Island, FL (51.6%)
- North Port-Sarasota-Bradenton, FL (46.5%)
- Port St. Lucie, FL (40.4%)
- Cape Coral-Fort Myers, FL (38.6%)
- Tampa-St. Petersburg-Clearwater, FL (30.7%)
- Miami-Fort Lauderdale-Pompano Beach, FL (30.6%)
- Lakeland-Winter Haven, FL (30.2%)
- Crestview-Fort Walton Beach-Destin, FL (29.3%)
- Orlando-Kissimmee-Sanford, FL (28.3%)
- Waco, TX (27.8%)
- Knoxville, TN (27.6%)
- Phoenix-Mesa-Chandler, AZ (27.5%)
- Clarksville, TN-KY (26.5%)
- Las Vegas-Henderson-Paradise, NV (25.8%)
- Hilton Head Island-Bluffton, SC (25.7%)
- Palm Bay-Melbourne-Titusville, FL (25.4%)
- Jacksonville, FL (25.3%)
- Santa Fe, NM (25.2%)
- Asheville, NC (24.7%)
- Savannah, GA (24.4%)
In some destinations such as Naples-Marco Island, FL, where the median cost of rent is $2,236, the increase in overall rent value is as high as 51.6%.
Similar increases in the rental market are seen in other major Florida cities like Miami and Tampa, which are seeing a 30% increase in overall rent value.
Data scientists determined that rent values rose 17.5% across the country from 2021 to 2022.
The average monthly rent in an American city is now $1,574, compared to last year's average of $1,339.
One theory experts have on the steady increase of prices in major metropolitan areas is that renters are becoming more comfortable with city life as COVID-19 restrictions ease.
They also predict that potential home buyers are waiting for the housing market to cool down before deciding to purchase a home, leading them to rent in the meantime.
One thing is for sure, it is a bad time to be apartment hunting in Florida, where 11 cities featured on the list are located.
This article's cover image was used for illustrative purposes only.
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