Last Updated on January 20, 2023

2022 – A Rollercoaster Year for Rents

As 2022 comes to a close, the moderation trend in rent 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

Month1 Bedroom Apartments 3 Bedroom Houses 
Dec-22$  1,310$  1,720
Nov-22$  1,310$  1,750
Oct-22$  1,300$  1,795
Sep-22$  1,310$  1,795
Aug-22$  1,325$  1,795
Jul-22$  1,325$  1,800
Jun-22$  1,321$  1,800
May-22$  1,310$  1,795
Apr-22$  1,300$  1,768
Mar-22$  1,276$  1,742
Feb-22$  1,272$  1,717
Jan-22$  1,286$  1,692
Dec-21$  1,302$  1,592
Nationwide rent by property type, 2021-2022

Most Expensive Large Cities for 3 Bedroom Single-Family Home Rents

Large cities saw a material increase in 3 bedroom single-family home rent 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 rent prices of $3,700 and $3,600 respectively.

RankMetropolitan Statistical AreaMedian Single-Family Home Asking Rent, December 2022Change in Single-Family Home Asking Rent Since December 2021
1Los Angeles, CA$  3,850+ 4.1%
2San Francisco, CA$  3,700+ 5.7%
3San Jose, CA$  3,600+ 2.9%
4Honolulu, HI$  3,500+ 18.6%
5San Diego, CA$  3,450+ 8.0%
6Miami, FL$  3,200+ 23.1%
6Boston, MA$  3,200+ 15.3%
8Riverside-San Bernadino, CA$  2,600+ 2.5%
9Seattle, WA$  2,596+ 3.0%
10Denver, CO$  2,540+ 5.8%

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.

RankMetropolitan Statistical AreaMedian 1 Bedroom Apartment Asking Rent,
December 2022
Change in 1 Bedroom Apartment Asking Rent Since December 2021
1New York, NY$    3,000+ 12.6%
2Boston, MA$    2,546+ 8.8%
3San Francisco, CA$    2,438+ 1.6%
4San Jose, CA$    2,333+ 6.1%
5Washington, DC$    2,073+ 3.2%
6Los Angeles, CA$    1,9950.0%
7San Diego, CA$    1,975+ 4.8%
8Riverside-San Bernadino, CA$    1,850– 0.6%
9Miami, FL$    1,799+ 4.3%
10Seattle, WA$    1,735+ 5.1%

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 rent prices as a result.  

Naples-Marco Island, FL takes the overall crown for rent 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 rent prices up more than 23% in 2022.

RankMetropolitan Statistical AreaMedian December 2022 Asking RentChange in Rent Since December 2021
1Naples-Marco Island, FL$  5,000+ 17.7%
2Salinas, CA$  3,500+ 2.9%
3Oxnard-Thousand Oaks, CA$  3,398+ 6.3%
4San Luis Obispo, CA$  3,200+ 8.5%
5Santa Rosa, CA$  3,000+ 3.4%
6Santa Barbara, CA$  2,938– 8.1%
7Vallejo-Fairfield, CA$  2,750+ 6.8%
8North Port-Bradenton, FL$  2,650+ 7.2%
9Hilton Head, SC$  2,638+ 23.4%
10Boulder, CO$  2,595+ 4.8%

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 rent 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.  

RankMetropolitan Statistical AreaMedian December 2022 Asking RentChange in Rent Since December 2021
1Santa Barbara, CA$    2,020+ 4.9%
2Ithaca, NY$    1,908+ 4.5%
3Vallejo-Fairfield, CA$    1,816– 8.4%
4Bridgeport-Stamford, CT$    1,799– 7.3%
5Salinas, CA$    1,795+ 5.6%
6Poughkeepsie-Newburgh, NY$    1,790+ 32.6%
7Oxnard-Thousand Oaks, CA$    1,775– 1.8%
8San Luis Obispo, CA$    1,725+ 1.5%
9Santa Rosa, CA$    1,685+ 3.7%
10Bozeman, MT$    1,650– 13.2%

Cities With The Fastest Growing 3 Bedroom Home Rent 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.

RankMetropolitan Statistical AreaMedian December 2022 Asking RentChange in Rent Since December 2021
1Anderson, IN$  1,499+ 48.0%
2Albany, GA$  1,185+ 26.1%
3Hilton Head, SC$  2,638+ 23.4%
4Miami, FL$  3,200+ 23.1%
5Zanesville, OH$  1,950+ 21.9%
6Cape Coral-Fort Myers, FL$  2,245+ 21.4%
7Corvallis, OR$  2,298+ 20.3%
8Fort Collins-Loveland, CO$  2,200+ 18.9%
9Honolulu, HI$  3,500+ 18.6%
9New Orleans, LA$  1,898+ 18.6%

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.

RankMetropolitan Statistical AreaMedian December 2022 Asking RentChange in Rent Since December 2021
1Oshkosh, WI$    1,425+ 103.9%
2Scranton, PA$    1,200+ 50.0%
3Fargo, ND$       826+ 43.7%
4Minot, ND$       840+ 41.2%
5Knoxville, TN$    1,095+ 37.7%
6Poughkeepsie-Newburgh, NY$    1,790+ 32.6%
7Zanesville, OH$       760+ 32.2%
8Albany, OR$    1,278+ 28.4%
9Charleston, SC$    1,338+ 28.0%
10Durham-Chapel Hill, NC$    1,314+ 25.1%

Looking for more data on the current rental market? Check out these articles!

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