The Complete 2022 Guide to Rental Prices in the US
Written by Jonas Bordo
Last Updated on February 8, 2023
2022 - A Rollercoaster Year for Rents
As 2022 comes to a close, the moderation trend in rental prices continues. Asking rent for 1 bedroom apartments continues to be relatively stagnant, flat from November and up only $8 or 0.6% in 2022. 3 Bedroom single-family rental (SFR) homes continued to see declining rents vs. the prior month (off $30 or 1.7%), but over the course of the year rent for this property type is up by 8.0% or $128.
Here’s the headline rent price data through December 2022:
- $1,720/mo: 3 Bedroom SFR median asking rent
- Up $128 or 8% vs. $1,592 in December 2021
- Down $30 or 1.7% vs. $1,750 in November 2022
- $1,310/mo: 1 Bedroom Apartment median asking rent
- Up $8 or 0.6% vs. $1,302 in December 2021
- Flat vs. $1,310 in November 2022
This reflects an updated, more transparent and specific approach to rent data. For more on the methodology, please check out our article on the topic.
Median Asking Rent, December 2021 to December 2022
Most Expensive Large Cities for 3 Bedroom Single-Family Home Rental Prices
Large cities saw a material increase in 3 bedroom single-family home rental prices in 2022, particularly Honolulu, HI, Miami, FL and Boston, MA. However, none of those topped the list for overall prices–that dubious honor goes to Los Angeles, CA with the median 3 bedroom SFR home renting for $3,850 in December 2022. Bay Area twins San Francisco, CA and San Jose, CA took the number two and three spots with rental prices of $3,700 and $3,600 respectively.
Most Expensive Large Cities for 1 Bedroom Apartment Rentals
Across the country, rents for 1 bedroom apartments have been relatively flat, but renters in many large cities did see meaningful increases this past year.
Taking the overall “trophy” is New York City, which both saw the highest overall rent level for these types of apartments ($3,000), and the highest increase versus the prior year (+ 12.6%).
Boston, MA, San Francisco, CA, San Jose, CA and Washington, DC round out the top five.
Most Expensive Small Cities for 3 Bedroom Single-Family Home Rents
Over the course of 2022, many renters found their way to smaller cities with great amenities or attractions (California/Florida sunshine!), and those on this list saw the highest rental prices as a result.
Naples-Marco Island, FL takes the overall crown for rental prices across all property types and locations, with overall median asking rent for 3 bedroom homes at $5,000 per month–more expensive than apartments in New York or comparable homes in LA or the SF Bay Area.
The Hilton Head, SC metro region saw the highest overall growth in rent in this group, with rental prices up more than 23% in 2022.
Most Expensive Small Cities for 1 Bedroom Apartment Rentals
Smaller cities are often some of the most challenging places to find great apartment rentals and the top 10 on this list are no exception. We’re not at NYC levels on the rental prices here, but rent for a 1 bedroom in each of these markets exceeds $1,600 per month and goes as high as $2,000/mo in Santa Barbara, CA - if you can find one.
Cities With The Fastest Growing 3 Bedroom Home Rental Prices in 2022
Nationwide, single-family rentals have grown in price at a dramatically higher rate than apartments, and in these 10 markets, that price increase is felt most dramatically.
Anderson, IN is, indeed “a city on the rise” in many ways, and rent is one of those ways. In 2022, the median asking rent in Anderson, IN went up a staggering 48%, growing to $1,499/mo from just over $1,000/mo last year.
Miami, FL takes the dubious distinction of being the large city with the fastest-growing SFR rent. Rent for 3-bedroom homes in Miami grew by more than 23% in 2022.
Cities With The Fastest Growing 1 Bedroom Apartment Rent in 2022
Restaurant week is coming up in January in Oshkosh, WI, and over their dinners, many will be likely find themselves discussing apartment rents, which have outpaced every other city in the country, growing by over 100%.
Scranton PA, Fargo and Minot in North Dakota, and Knoxville, TN round out the top five, each increasing in rental prices by 35% or more in the past year.
Apartment markets in smaller cities, like those in this list, can be highly volatile, influenced by the delivery of just a few new buildings in a particular market, so please keep that in mind with this particular cohort.
Looking for more data on the current rental market? Check out these articles!
Complete guide to single-family rentals
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