By Jon Leckie
Month-over-month changes in rent prices increased more than 4 percent for one-bedrooms in July. Two-bedrooms were up just under 3 percent, a shift from prices that remained flat in June and a signal that rent prices may take longer to moderate than previously expected.
North Carolina saw broad increases this month as several cities in the Southern state are in flux. Rents for one-bedrooms in Greensboro, NC, increased by 74 percent year-over-year. This city of fewer than 300,000 residents accompanies Raleigh, Durham and Fayetteville in this month’s rent increases. In Orange County, CA, rents dropped year-over-year in Anaheim and Irvine, two previous hot spots among the Los Angeles’ suburbs.
Let’s look at where rent prices stand today
| Unit Type | Average Rent | MoM % Change | YoY % Change |
|---|---|---|---|
| 1-Bedroom | $1,770 | 4.1% | 39.0% |
| 2-Bedroom | $2,106 | 2.8% | 38.3% |
National average rent price trends
Nationwide rent prices in July were up month-over-month. One-bedrooms saw the greatest increase at 4.1 percent or nearly $70. Two-bedrooms weren’t far behind increasing by nearly $60, or 2.8 percent.
Year-over-year increases continue at a steady pace, blowing past the 30 percent barrier for both bedroom types. Experts had expected the end of summer to usher in a period of moderate price increases. So far, that hasn’t been the case as prices and inventory in the housing market remain strong and mortgage rates are volatile.
BR2BR
| Rank by Population | City, State | Population | 1-BR Avg Rent, July 2022 | 1-BR YoY Change |
|---|---|---|---|---|
| 1 | New York, NY | 8,336,817 | $5,760 | 27.71% |
| 88 | Glendale, CA | 199,303 | $4,014 | 27.59% |
| 42 | Oakland, CA | 433,031 | $3,916 | 5.48% |
| 21 | Boston, MA | 692,600 | $3,808 | 2.06% |
| 16 | San Francisco, CA | 881,549 | $3,701 | 7.45% |
| 10 | San Jose, CA | 1,021,795 | $3,181 | 25.10% |
| 8 | San Diego, CA | 1,423,851 | $3,180 | 5.80% |
| 2 | Los Angeles, CA | 3,979,576 | $3,163 | 0.26% |
| 18 | Seattle, WA | 753,675 | $3,110 | 32.15% |
| 64 | Irvine, CA | 287,401 | $3,009 | -9.57% |
| 41 | Long Beach, CA | 462,628 | $2,974 | 48.52% |
| 89 | Huntington Beach, CA | 199,223 | $2,776 | 14.13% |
| 52 | Santa Ana, CA | 332,318 | $2,727 | 4.13% |
| 99 | Providence, RI | 179,883 | $2,596 | -5.64% |
| 3 | Chicago, IL | 2,693,976 | $2,586 | 9.91% |
| 66 | Chula Vista, CA | 274,492 | $2,547 | 23.48% |
| 87 | Yonkers, NY | 200,370 | $2,510 | 8.37% |
| 35 | Sacramento, CA | 513,624 | $2,456 | 16.00% |
| 20 | Washington, DC | 705,749 | $2,437 | 7.50% |
| 40 | Miami, FL | 467,963 | $2,430 | -12.26% |
| 19 | Denver, CO | 727,211 | $2,395 | 13.94% |
| 81 | Tacoma, WA | 217,827 | $2,365 | 24.45% |
| 26 | Portland, OR | 654,741 | $2,203 | 21.75% |
| 72 | Scottsdale, AZ | 258,069 | $2,185 | -4.45% |
| 23 | Nashville, TN | 670,820 | $2,112 | 7.58% |
| 6 | Philadelphia, PA | 1,584,064 | $2,094 | 9.76% |
| 86 | Frisco, TX | 200,490 | $2,046 | 12.76% |
| 68 | Saint Petersburg, FL | 265,351 | $2,046 | 4.53% |
| 51 | Anaheim, CA | 350,365 | $2,032 | -20.07% |
| 63 | Orlando, FL | 287,442 | $2,015 | 4.19% |
| 96 | Vancouver, WA | 184,463 | $1,977 | 25.85% |
| 36 | Atlanta, GA | 506,811 | $1,971 | 17.31% |
| 98 | Fort Lauderdale, FL | 182,437 | $1,967 | -34.87% |
| 47 | New Orleans, LA | 390,144 | $1,911 | 3.34% |
| 84 | Rochester, NY | 205,695 | $1,896 | 34.89% |
| 11 | Austin, TX | 978,908 | $1,895 | 28.25% |
| 77 | Irving, TX | 239,798 | $1,889 | 27.99% |
| 79 | Boise, ID | 228,959 | $1,853 | 4.28% |
| 73 | Reno, NV | 255,601 | $1,849 | -8.78% |
| 62 | Plano, TX | 287,677 | $1,845 | -0.55% |
| 39 | Raleigh, NC | 474,069 | $1,840 | 42.06% |
| 50 | Aurora, CO | 379,289 | $1,814 | -8.52% |
| 45 | Tampa, FL | 399,700 | $1,806 | 15.22% |
| 9 | Dallas, TX | 1,343,573 | $1,804 | 16.20% |
| 55 | Henderson, NV | 320,189 | $1,772 | -6.14% |
| 27 | Las Vegas, NV | 651,319 | $1,717 | -1.10% |
| 24 | Detroit, MI | 670,031 | $1,701 | 1.61% |
| 69 | Chandler, AZ | 261,165 | $1,650 | 18.19% |
| 85 | Salt Lake City, UT | 200,567 | $1,631 | 26.25% |
| 59 | Pittsburgh, PA | 300,286 | $1,619 | -5.02% |
| 74 | Glendale, AZ | 252,381 | $1,616 | -22.11% |
| 5 | Phoenix, AZ | 1,680,992 | $1,598 | 31.44% |
| 15 | Charlotte, NC | 885,708 | $1,596 | 23.07% |
| 12 | Jacksonville, FL | 911,507 | $1,574 | -13.24% |
| 78 | Richmond, VA | 230,436 | $1,571 | 38.09% |
| 65 | Durham, NC | 278,993 | $1,539 | 33.25% |
| 43 | Minneapolis, MN | 429,606 | $1,521 | 5.61% |
| 30 | Baltimore, MD | 593,490 | $1,509 | -26.91% |
| 100 | Newport News, VA | 179,225 | $1,469 | 60.72% |
| 14 | Columbus, OH | 898,553 | $1,468 | 16.67% |
| 56 | Saint Paul, MN | 308,096 | $1,455 | 8.48% |
| 83 | Birmingham, AL | 209,403 | $1,421 | 21.20% |
| 34 | Mesa, AZ | 518,012 | $1,397 | 13.78% |
| 29 | Louisville, KY | 617,638 | $1,373 | 27.65% |
| 31 | Milwaukee, WI | 590,157 | $1,369 | 16.51% |
| 4 | Houston, TX | 2,320,268 | $1,365 | 9.37% |
| 54 | Lexington, KY | 323,152 | $1,318 | 39.18% |
| 49 | Cleveland, OH | 381,009 | $1,308 | -9.40% |
| 70 | Madison, WI | 259,680 | $1,308 | 5.61% |
| 76 | Norfolk, VA | 242,742 | $1,302 | -8.46% |
| 13 | Fort Worth, TX | 909,585 | $1,296 | 9.92% |
| 75 | Winston-Salem, NC | 247,945 | $1,293 | 22.19% |
| 60 | Greensboro, NC | 296,710 | $1,289 | 74.15% |
| 91 | Augusta, GA | 197,888 | $1,261 | 18.41% |
| 7 | San Antonio, TX | 1,547,253 | $1,241 | 24.13% |
| 37 | Kansas City, MO | 495,327 | $1,226 | -2.53% |
| 57 | Cincinnati, OH | 303,940 | $1,223 | 18.40% |
| 28 | Memphis, TN | 651,073 | $1,214 | 24.74% |
| 94 | Overland Park, KS | 195,494 | $1,206 | 3.20% |
| 32 | Albuquerque, NM | 560,513 | $1,199 | 2.78% |
| 17 | Indianapolis, IN | 876,384 | $1,183 | 4.88% |
| 46 | Arlington, TX | 398,854 | $1,174 | 14.79% |
| 58 | Saint Louis, MO | 300,576 | $1,150 | -39.40% |
| 38 | Omaha, NE | 478,192 | $1,149 | 11.63% |
| 82 | Des Moines, IA | 214,237 | $1,131 | -1.41% |
| 80 | Baton Rouge, LA | 220,236 | $1,131 | 22.90% |
| 61 | Lincoln, NE | 289,102 | $1,101 | 10.57% |
| 33 | Tucson, AZ | 548,073 | $1,065 | 2.70% |
| 93 | Little Rock, AR | 197,312 | $1,040 | 41.82% |
| 44 | Tulsa, OK | 401,190 | $1,004 | 59.77% |
| 53 | Corpus Christi, TX | 326,586 | $995 | 4.53% |
| 22 | El Paso, TX | 681,728 | $991 | 1.53% |
| 67 | Toledo, OH | 272,779 | $955 | 31.54% |
| 25 | Oklahoma City, OK | 655,057 | $945 | 36.45% |
| 95 | Mobile, AL | 188,720 | $935 | -0.82% |
| 71 | Lubbock, TX | 258,862 | $872 | 32.38% |
| 90 | Montgomery, AL | 198,525 | $844 | 31.66% |
| 48 | Wichita, KS | 389,938 | $840 | 22.60% |
| 92 | Akron, OH | 197,597 | $804 | 4.79% |
| 97 | Sioux Falls, SD | 183,793 | $796 | 12.12% |
