(SmartAsset) – Most experts agree that the United States is millions of housing units short of meeting the needs of Americans at an affordable price. This can put a lot of pressure on prices, but supply and demand dynamics may not look the same in each city—or each snapshot in time, for that matter.
Regardless, demand for housing has spillover effects into the wider local community, affecting affordability, business opportunities and more. And while renters get to enjoy some lifestyle flexibility that homeowners may not, renters also may be more at the mercy of the local markets when it comes to housing affordability.
With this in mind, SmartAsset ranked 100 of the largest U.S. cities based on the percentage change in average rent prices between February 2024 and February 2025 to determine where hopeful renters may be feeling priced out – and where opportunity abounds.
Key findings
- Rent increased by over 8% in Newark, New Jersey. Newark—a 20-minute train ride from New York City—saw the largest annual increase in average rent across large cities, going up 8.1% from $2,073 in early 2024 to $2,241 in early 2025. Overall, rents are up 46.5% in Newark over five years.
- On average, rent is highest in Boston. As of late February, Boston rents beat out New York City rents by just $6 per month. After a 4.1% increase year over year, the average rent in Boston is now $3,495.
- California cities dominate the most expensive places for rent. Half of the 10 cities with the highest rent this year are in California, with rents surpassing $3,000 per month: San Francisco (3rd, $3,368); Irvine (4th, $3,306); San Jose (5th, $3,131); Chula Vista (7th, $3,126); and San Diego ($3,025).
- Six cities saw a decrease in rent this year. Aurora, Colorado, had the biggest relative annual drop in rent at -3.1%, with the average coming in at $1,782. Austin, Texas (-2.3%); Denver (-1.7%); Naples, Florida (-1.3%); Plano, Texas (-0.18%); and San Antonio (-0.08%) also saw rent shrink slightly.
- Rent is lowest in Wichita, Kansas. Despite a 3.5% increase in rent over the past year, Wichita remains the least expensive for renters with an average monthly cost of $1,063. Five years ago, rent here was $782.
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Top 10 cities where rent increased most
Cities are ranked based on the percentage change in average rent for all homes between February 2024 and February 2025.
- Newark, New Jersey
- One-year change in average rent: 8.11%
- Average rent, 2025: $2,241
- Average rent, 2024: $2,073
- Average rent, 2020: $1,530
- Five-year change in average rent: 46.46%
- Cleveland
- One-year change in average rent: 7.25%
- Average rent, 2025: $1,303
- Average rent, 2024: $1,215
- Average rent, 2020: $899
- Five-year change in average rent: 44.87%
- Columbia, South Carolina
- One-year change in average rent: 6.69%
- Average rent, 2025: $1,504
- Average rent, 2024: $1,409
- Average rent, 2020: $1,013
- Five-year change in average rent: 48.37%
- Fort Wayne, Indiana
- One-year change in average rent: 6.23%
- Average rent, 2025: $1,215
- Average rent, 2024: $1,144
- Average rent, 2020: $822
- Five-year change in average rent: 47.86%
- Milwaukee
- One-year change in average rent: 6.17%
- Average rent, 2025: $1,376
- Average rent, 2024: $1,296
- Average rent, 2020: $1,039
- Five-year change in average rent: 32.44%
- Saint Petersburg, Florida
- One-year change in average rent: 6.06%
- Average rent, 2025: $2,070
- Average rent, 2024: $1,952
- Average rent, 2020: $1,275
- Five-year change in average rent: 62.40%
- Toledo, Ohio
- One-year change in average rent: 5.85%
- Average rent, 2025: $1,095
- Average rent, 2024: $1,034
- Average rent, 2020: $770
- Five-year change in average rent: 42.24%
- Detroit
- One-year change in average rent: 5.75%
- Average rent, 2025: $1,339
- Average rent, 2024: $1,266
- Average rent, 2020: $904
- Five-year change in average rent: 48.07%
- Lexington, Kentucky
- One-year change in average rent: 5.71%
- Average rent, 2025: $1,416
- Average rent, 2024: $1,340
- Average rent, 2020: $978
- Five-year change in average rent: 44.83%
- Rochester, New York
- One-year change in average rent: 5.48%
- Average rent, 2025: $1,472
- Average rent, 2024: $1,396
- Average rent, 2020: $1,037
- Five-year change in average rent: 41.93%
Top 10 cities where rent is highest
Cities are ranked based on the average rent for all homes as of Feb. 28, 2025.
- Boston
- Average rent, 2025: $3,495
- One-year change in average rent: 4.06%
- Average rent, 2024: $3,359
- Average rent, 2020: $2,811
- Five-year change in average rent: 24.37%
- New York City
- Average rent, 2025: $3,489
- One-year change in average rent: 4.14%
- Average rent, 2024: $3,350
- Average rent, 2020: $2,839
- Five-year change in average rent: 22.88%
- San Francisco
- Average rent, 2025: $3,368
- One-year change in average rent: 5.14%
- Average rent, 2024: $3,204
- Average rent, 2020: $3,426
- Five-year change in average rent: -1.7%
- Irvine, California
- Average rent, 2025: $3,306
- One-year change in average rent: 1.75%
- Average rent, 2024: $3,249
- Average rent, 2020: $2,464
- Five-year change in average rent: 34.2%
- San Jose, California
- Average rent, 2025: $3,131
- One-year change in average rent: 3.23%
- Average rent, 2024: $3,033
- Average rent, 2020: $2,814
- Five-year change in average rent: 11.25%
- Jersey City, New Jersey
- Average rent, 2025: $3,129
- One-year change in average rent: 4.62%
- Average rent, 2024: $2,991
- Average rent, 2020: $2,427
- Five-year change in average rent: 28.9%
- Chula Vista, California
- Average rent, 2025: $3,126
- One-year change in average rent: 3.92%
- Average rent, 2024: $3,008
- Average rent, 2020: $2,175
- Five-year change in average rent: 43.75%
- San Diego
- Average rent, 2025: $3,025
- One-year change in average rent: 2.72%
- Average rent, 2024: $2,945
- Average rent, 2020: $2,204
- Five-year change in average rent: 37.26%
- Miami
- Average rent, 2025: $3,019
- One-year change in average rent: 2.58%
- Average rent, 2024: $2,943
- Average rent, 2020: $1,934
- Five-year change in average rent: 56.07%
- Naples, Florida
- Average rent, 2025: $2,912
- One-year change in average rent: -1.29%
- Average rent, 2024: $2,950
- Average rent, 2020: $1,855
- Five-year change in average rent: 56.98%
Top 10 cities where rent decreased most
Cities are ranked based on the percentage change in average rent for all homes between February 2024 and February 2025.
- Aurora, Colorado
- One-year change in average rent: -3.05%
- Average rent, 2025: $1,782
- Average rent, 2024: $1,838
- Average rent, 2020: $1,434
- Five-year change in average rent: 24.19%
- Austin, Texas
- One-year change in average rent: -2.34%
- Average rent, 2025: $1,644
- Average rent, 2024: $1,684
- Average rent, 2020: $1,413
- Five-year change in average rent: 16.35%
- Denver
- One-year change in average rent: -1.65%
- Average rent, 2025: $1,874
- Average rent, 2024: $1,905
- Average rent, 2020: $1,609
- Five-year change in average rent: 16.46%
- Naples, Florida
- One-year change in average rent: -1.29%
- Average rent, 2025: $2,912
- Average rent, 2024: $2,950
- Average rent, 2020: $1,855
- Five-year change in average rent: 56.98%
- Plano, Texas
- One-year change in average rent: -0.18%
- Average rent, 2025: $1,753
- Average rent, 2024: $1,757
- Average rent, 2020: $1,384
- Five-year change in average rent: 26.68%
- San Antonio
- One-year change in average rent: -0.08%
- Average rent, 2025: $1,412
- Average rent, 2024: $1,414
- Average rent, 2020: $1,181
- Five-year change in average rent: 19.59%
- Dallas
- One-year change in average rent: 0.47%
- Average rent, 2025: $1,688
- Average rent, 2024: $1,680
- Average rent, 2020: $1,366
- Five-year change in average rent: 23.60%
- Gilbert, Arizona
- One-year change in average rent: 0.49%
- Average rent, 2025: $2,088
- Average rent, 2024: $2,078
- Average rent, 2020: $1,545
- Five-year change in average rent: 35.18%
- Durham, North Carolina
- One-year change in average rent: 0.63%
- Average rent, 2025: $1,639
- Average rent, 2024: $1,629
- Average rent, 2020: $1,260
- Five-year change in average rent: 30.12%
- Silver Spring, Maryland
- One-year change in average rent: 0.77%
- Average rent, 2025: $2,027
- Average rent, 2024: $2,012
- Average rent, 2020: $1,724
- Five-year change in average rent: 17.59%
Top 10 cities where rent is lowest
Cities are ranked based on the average rent for all homes as of Feb. 28, 2025.
- Wichita, Kansas
- Average rent, 2025: $1,063
- One-year change in average rent: 3.52%
- Average rent, 2024: $1,026
- Average rent, 2020: $782
- Five-year change in average rent: 35.94%
- Toledo, Ohio
- Average rent, 2025: $1,095
- One-year change in average rent: 5.85%
- Average rent, 2024: $1,034
- Average rent, 2020: $770
- Five-year change in average rent: 42.24%
- Fort Wayne, Indiana
- Average rent, 2025: $1,215
- One-year change in average rent: 6.23%
- Average rent, 2024: $1,144
- Average rent, 2020: $822
- Five-year change in average rent: 47.86%
- Memphis, Tennessee
- Average rent, 2025: $1,267
- One-year change in average rent: 2.12%
- Average rent, 2024: $1,241
- Average rent, 2020: $903
- Five-year change in average rent: 40.38%
- Oklahoma City
- Average rent, 2025: $1,283
- One-year change in average rent: 3.95%
- Average rent, 2024: $1,234
- Average rent, 2020: $946
- Five-year change in average rent: 35.61%
- Tulsa, Oklahoma
- Average rent, 2025: $1,299
- One-year change in average rent: 3.51%
- Average rent, 2024: $1,255
- Average rent, 2020: $909
- Five-year change in average rent: 42.82%
- Lincoln, Nebraska
- Average rent, 2025: $1,301
- One-year change in average rent: 4.07%
- Average rent, 2024: $1,250
- Average rent, 2020: $964
- Five-year change in average rent: 34.98%
- Cleveland
- Average rent, 2025: $1,303
- One-year change in average rent: 7.25%
- Average rent, 2024: $1,215
- Average rent, 2020: $899
- Five-year change in average rent: 44.87%
- Saint Louis
- Average rent, 2025: $1,313
- One-year change in average rent: 4.70%
- Average rent, 2024: $1,254
- Average rent, 2020: $987
- Five-year change in average rent: 33.00%
- Detroit
- Average rent, 2025: $1,339
- One-year change in average rent: 5.75%
- Average rent, 2024: $1,266
- Average rent, 2020: $904
- Five-year change in average rent: 48.07%
Data and methodology
Rental data used in this SmartAsset study comes from Zillow’s Zillow Observed Rent Index (ZORI). Data as of February 2025, February 2024, and February 2020 was compared. Data represents average for all homes plus multifamilies for 100 of the largest U.S. cities, smoothed and seasonally adjusted.
This story was produced by SmartAsset and reviewed and distributed by Stacker.
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