Average Rent Report: January 2022

New year, new rent price trends and a new report. The Rent. Rent Report replaces the previous version from Apartment Guide.

Let’s look at where rent prices stand today.

National average rent price trends

Nationwide rent prices for both one-bedroom and two-bedroom apartments have increased significantly year-over-year at 22.1 percent and 18.3 percent, respectively. Month-over-month, prices have remained relatively flat.

  • 1-BR: $1,683 (+0.2 percent from prior month / +22.1 percent year-over-year)
  • 2-BR: $1,977 (+1.0 percent from prior month / +18.3 percent year-over-year)

State average rent price trends

State to state, rent prices are up compared to this time last year. All states have seen a significant increase in rent prices for both apartment types, but we’re starting to see some decreases, especially in two-bedrooms units.

  • 1-BR: 97.8 percent of states are up and 2.2 percent of states are down
  • 2-BR: 95.7 percent of states are up and 4.4 percent of states are down

City average rent price trends

In the country’s largest cities, rents are rising more often than receding. Here are the highs and lows from city-level rent changes.

One-bedroom city average rent price trends

The following cities have experienced the biggest increases in one-bedroom rent prices year-over-year. Three of these cities — Gilbert, AZ, Saint Petersburg, FL and Jersey City, NJ— have populations of 300,000 or less.

The following cities have experienced the biggest decreases in one-bedroom rent prices year-over-year. Four of these cities — Toledo, OH, Huntsville, AL, Chandler, AZ and Lincoln, NE — have populations of 300,000 or less.

Two-bedroom city average rent price trends

The following cities have experienced the biggest increases in two-bedroom rent prices year-over-year. Five of these cities — Hialeah, FL, Glendale, AZ, Orlando, FL, Jersey City, NJ and Little Rock, AR — have populations of 300,000 or less.

The following cities have experienced the biggest decreases in two-bedroom rent prices year-over-year. Three of these cities — Lincoln, NE, Durham, NC and Scottsdale, AZ — have populations of 300,000 or less.

Overlap cities by average rent prices

Some cities reflect increases or decreases in rent prices across all bedroom types. We call these “overlap cities.”

Three cities in the top 10 have experienced year-over-year price increases in both one-bedroom and two-bedroom apartments:

Three cities in the top 10 have experienced year-over-year price decreases in both one-bedroom and two-bedroom apartments:

Rental industry trends

In addition to our pricing trends, here are a few key industry developments:

1. Apartment occupancy rates hit an all-time high

In December 2021, apartment occupancy rates across the U.S. hit the highest percentage on record at 97.5 percent. “I don’t think most people realize just how crazy that is,” Jay Parsons, RealPage’s deputy chief economist, said. The real estate industry generally considers 95-96 percent occupancy as full.

Renters are staying put and renewing their leases as the home buying market continues to struggle with low inventory. As we reported last month, renters preparing for homeownership are now giving up due to high prices driven by a lack of supply. A report from Redfin showed the number of homes that went up for sale in 2021 was down 23 percent compared to 2020.

2. The Pew Research Center records low migration numbers

The Pew Research Center found a record low number of moves after a mad dash at the beginning of the pandemic in March 2020. By spring 2021, most households were staying put. Despite headlines showing a mass exodus from U.S. cities, only eight percent of Americans actually moved homes between March 2020 and March 2021.

Still, recently published research from RentPath suggests property managers shouldn’t give into the occupancy fallacy,” and warns the trends toward low vacancy and migration numbers may reverse in 2022. According to the survey, taken in November 2021, 60 percent of renters plan to search for a new home within six months.

About this report

Our January 2022 Rent Report highlights year-over-year rent trends and price fluctuations that renters may experience in various parts of the United States. We compare rent prices for one-bedroom and two-bedroom apartments to determine which unit types and which of the country’s most populated cities are becoming more affordable or more expensive for renters. States and cities with insufficient inventory were excluded from this report.

1BR2BR
Rank by PopulationCity, StatePopulation1-BR Avg Rent, December 20211-BR YoY Change
19Boston, MA692,600$3,71211.53%
14San Francisco, CA881,549$3,66716.40%
71Jersey City, NJ262,075$3,41238.25%
66Irvine, CA287,401$3,25630.65%
43Oakland, CA433,031$3,10613.61%
41Long Beach, CA462,628$3,07458.29%
97Glendale, CA199,303$3,0717.53%
7San Diego, CA1,423,851$2,95922.51%
1Los Angeles, CA3,979,576$2,8847.99%
52Anaheim, CA350,365$2,85740.06%
53Santa Ana, CA332,318$2,84027.58%
9San Jose, CA1,021,795$2,73510.72%
80Fremont, CA241,110$2,70430.34%
98Huntington Beach, CA199,223$2,68433.40%
54Riverside, CA331,360$2,68339.02%
96Yonkers, NY200,370$2,64112.71%
18Washington, DC705,749$2,56516.68%
16Seattle, WA753,675$2,46317.17%
40Miami, FL467,963$2,386-9.48%
68Chula Vista, CA274,492$2,2302.20%
34Sacramento, CA513,624$2,2110.06%
75Scottsdale, AZ258,069$2,20919.20%
2Chicago, IL2,693,976$2,1803.53%
17Denver, CO727,211$2,0644.96%
24Portland, OR654,741$2,03122.03%
21Nashville, TN670,820$2,01519.00%
70Saint Petersburg, FL265,351$1,99541.14%
64Plano, TX287,677$1,9887.81%
65Orlando, FL287,442$1,98737.88%
5Philadelphia, PA1,584,064$1,964-7.71%
76Reno, NV255,601$1,94235.73%
95Frisco, TX200,490$1,89418.07%
91Port Saint Lucie, FL201,846$1,89131.92%
28Baltimore, MD593,490$1,88912.67%
48New Orleans, LA390,144$1,8769.33%
60Saint Louis, MO300,576$1,872-0.08%
77Gilbert, AZ254,114$1,870117.84%
51Aurora, CO379,289$1,84129.38%
10Austin, TX978,908$1,82541.40%
86Tacoma, WA217,827$1,806-1.59%
57Henderson, NV320,189$1,74122.21%
81Irving, TX239,798$1,72931.62%
25Las Vegas, NV651,319$1,71424.60%
83Boise, ID228,959$1,70621.19%
8Dallas, TX1,343,573$1,69123.28%
59Cincinnati, OH303,940$1,63551.82%
4Phoenix, AZ1,680,992$1,63028.73%
22Detroit, MI670,031$1,61719.18%
35Atlanta, GA506,811$1,602-6.99%
61Pittsburgh, PA300,286$1,5680.12%
90Rochester, NY205,695$1,54610.02%
32Fresno, CA531,576$1,54632.67%
89Birmingham, AL209,403$1,5420.05%
42Virginia Beach, VA449,974$1,5304.39%
12Columbus, OH898,553$1,48814.99%
79Norfolk, VA242,742$1,4784.50%
58Saint Paul, MN308,096$1,478-1.77%
46Tampa, FL399,700$1,45313.82%
94Salt Lake City, UT200,567$1,44820.91%
33Mesa, AZ518,012$1,44542.06%
44Minneapolis, MN429,606$1,4431.08%
37Colorado Springs, CO478,221$1,43714.88%
99McKinney, TX199,177$1,42017.15%
39Raleigh, NC474,069$1,40913.70%
29Milwaukee, WI590,157$1,3823.14%
67Durham, NC278,993$1,361-3.03%
13Charlotte, NC885,708$1,3573.43%
84Spokane, WA222,081$1,34826.79%
82Richmond, VA230,436$1,2863.76%
50Cleveland, OH381,009$1,282-4.72%
3Houston, TX2,320,268$1,2802.16%
11Fort Worth, TX909,585$1,2547.64%
36Kansas City, MO495,327$1,240-11.76%
72Chandler, AZ261,165$1,234-17.91%
87Des Moines, IA214,237$1,2164.77%
73Madison, WI259,680$1,213-2.87%
92Grand Rapids, MI201,013$1,206-1.03%
56Lexington, KY323,152$1,19541.47%
30Albuquerque, NM560,513$1,17419.80%
27Louisville, KY617,638$1,16910.68%
78Winston-Salem, NC247,945$1,16420.81%
47Arlington, TX398,854$1,1353.18%
26Memphis, TN651,073$1,1177.55%
31Tucson, AZ548,073$1,09331.52%
6San Antonio, TX1,547,253$1,0857.31%
15Indianapolis, IN876,384$1,077-9.03%
85Baton Rouge, LA220,236$1,0472.76%
55Corpus Christi, TX326,586$1,00217.38%
38Omaha, NE478,192$9953.23%
63Lincoln, NE289,102$989-11.54%
88Fayetteville, NC211,657$96016.83%
20El Paso, TX681,728$94110.81%
23Oklahoma City, OK655,057$87322.01%
62Greensboro, NC296,710$8722.08%
49Wichita, KS389,938$84113.59%
93Huntsville, AL200,574$774-18.50%
74Lubbock, TX258,862$7568.38%
45Tulsa, OK401,190$7501.62%
69Toledo, OH272,779$657-23.03%
100Montgomery, AL198,525$606-3.21%
Rank by PopulationCity, StatePopulation2-BR Avg Rent, December 20212-BR YoY Change
68Jersey City, NJ262,075$4,71332.31%
20Boston, MA692,600$4,7002.75%
15San Francisco, CA881,549$4,4192.20%
94Glendale, CA199,303$4,18819.15%
1Los Angeles, CA3,979,576$4,184-8.03%
42Oakland, CA433,031$4,09119.75%
7San Diego, CA1,423,851$3,80212.01%
64Irvine, CA287,401$3,72925.89%
17Seattle, WA753,675$3,65517.66%
93Yonkers, NY200,370$3,53812.80%
52Santa Ana, CA332,318$3,48624.19%
95Huntington Beach, CA199,223$3,40115.94%
77Fremont, CA241,110$3,38915.82%
19Washington, DC705,749$3,2459.48%
2Chicago, IL2,693,976$3,2427.27%
9San Jose, CA1,021,795$3,2335.47%
40Miami, FL467,963$3,2240.90%
18Denver, CO727,211$3,16815.15%
53Riverside, CA331,360$2,88620.73%
34Sacramento, CA513,624$2,8277.45%
25Portland, OR654,741$2,81128.92%
80Hialeah, FL233,339$2,78541.15%
66Chula Vista, CA274,492$2,7334.62%
71Scottsdale, AZ258,069$2,697-5.34%
51Anaheim, CA350,365$2,68814.00%
47New Orleans, LA390,144$2,67610.60%
63Orlando, FL287,442$2,55033.00%
5Philadelphia, PA1,584,064$2,486-22.47%
8Dallas, TX1,343,573$2,41431.24%
92Frisco, TX200,490$2,3253.14%
23Detroit, MI670,031$2,30510.00%
22Nashville, TN670,820$2,270-0.90%
62Plano, TX287,677$2,268-4.06%
58Saint Louis, MO300,576$2,2570.65%
35Atlanta, GA506,811$2,217-2.42%
84Tacoma, WA217,827$2,146-2.43%
30Milwaukee, WI590,157$2,06824.26%
50Aurora, CO379,289$2,06621.55%
79Irving, TX239,798$2,06423.70%
72Buffalo, NY255,284$2,05428.41%
73Glendale, AZ252,381$2,02537.43%
56Henderson, NV320,189$2,00029.71%
26Las Vegas, NV651,319$1,97218.40%
4Phoenix, AZ1,680,992$1,96227.45%
43Minneapolis, MN429,606$1,954-7.00%
10Austin, TX978,908$1,91923.16%
45Tampa, FL399,700$1,89220.26%
49Cleveland, OH381,009$1,8748.42%
11Jacksonville, FL911,507$1,85644.79%
69Madison, WI259,680$1,8318.38%
33Mesa, AZ518,012$1,81635.54%
57Saint Paul, MN308,096$1,807-3.23%
88Rochester, NY205,695$1,80610.71%
3Houston, TX2,320,268$1,80210.01%
13Columbus, OH898,553$1,80222.62%
76Norfolk, VA242,742$1,78613.09%
96McKinney, TX199,177$1,7575.71%
99Aurora, IL197,757$1,74912.35%
39Raleigh, NC474,069$1,73330.50%
89Grand Rapids, MI201,013$1,72414.47%
74North Las Vegas, NV251,974$1,72327.11%
29Baltimore, MD593,490$1,704-7.14%
14Charlotte, NC885,708$1,6805.25%
91Salt Lake City, UT200,567$1,6799.76%
78Garland, TX239,928$1,65613.05%
12Fort Worth, TX909,585$1,65223.10%
41Virginia Beach, VA449,974$1,634-0.51%
37Colorado Springs, CO478,221$1,63210.25%
59Pittsburgh, PA300,286$1,600-12.62%
31Albuquerque, NM560,513$1,57241.29%
82Spokane, WA222,081$1,57125.85%
65Durham, NC278,993$1,570-12.81%
46Arlington, TX398,854$1,53524.24%
36Kansas City, MO495,327$1,522-8.74%
81Richmond, VA230,436$1,51910.74%
87Birmingham, AL209,403$1,4430.68%
85Des Moines, IA214,237$1,39417.85%
55Lexington, KY323,152$1,32731.77%
75Winston-Salem, NC247,945$1,32218.02%
38Omaha, NE478,192$1,3087.40%
98Augusta, GA197,888$1,29914.44%
16Indianapolis, IN876,384$1,290-3.28%
6San Antonio, TX1,547,253$1,2887.22%
28Louisville, KY617,638$1,2757.28%
32Fresno, CA531,576$1,27025.06%
54Corpus Christi, TX326,586$1,21910.75%
100Little Rock, AR197,312$1,21431.46%
21El Paso, TX681,728$1,2114.94%
90Huntsville, AL200,574$1,151-5.01%
86Fayetteville, NC211,657$1,14912.19%
27Memphis, TN651,073$1,13617.35%
83Baton Rouge, LA220,236$1,132-3.01%
61Lincoln, NE289,102$1,083-18.43%
24Oklahoma City, OK655,057$1,07219.31%
60Greensboro, NC296,710$1,0266.25%
97Montgomery, AL198,525$96817.25%
67Toledo, OH272,779$964-0.45%
44Tulsa, OK401,190$885-2.58%
70Lubbock, TX258,862$841-2.08%
48Wichita, KS389,938$596-21.94%

Methodology

To determine average rent prices, we started with April 2022 data from Rent.’s multifamily rental property inventory and evaluated changes seen since April 2021. Monthly prices are based on the average price for that respective month as a whole.

We used a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets. From there, we looked at historical standard deviations of our weighted rent prices to remove outlier markets and minimize potential volatility caused by lower inventory. Rent price increases and decreases per time period are based on the percentage change of apartment rental prices from December 2020.

The U.S. Census divides the country into four geographic regions: Northeast (Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont); Midwest (Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin); South (Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, District of Columbia and West Virginia) and West (Alaska, Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico, Hawaii, Utah, Washington and Wyoming). The top 100 cities in our analysis were determined using 2019 U.S. Census Bureau population estimates.

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

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