Published by Forbes.com
Find out which cities have witnessed the largest increase in average rent from 2022 to 2023 in every US state.
After the homebuying hysteria of 2021 and the first half of 2022 was cooled off by rising interest rates, one of the knock-on effects has been an increase in the cost of rent. This is understandable as rising mortgage rates pushed homeownership beyond affordability for many Americans, who then in turn, have resorted to renting. And, indeed, the average cost of rent has increased across the United States, in cities both big and small, over the course of the last year.
Using data sourced from Zillow, specifically its Zillow Observed Rent Index (ZORI) — a smoothed measure of the typical market rate rent for a given region — we went state by state and identified the cities where rent has increased the most year-over-year.
The cities that comprise our list are quite diverse. Some cities are major urban centers, such as Mobile, Alabama, Portland, Maine, or Sioux Falls, South Dakota. In other cases, the cities may be quite small. Another characteristic is the wide range of the year-over-year increases in rent, from as small as 1.6% om Reno, Nevada, to 93.2% in Marysville, Washington.
