Throughout the country, coronavirus and the 2020 recession have left many Americans struggling to pay rent and scrambling to make extra money. But even as millions have lost their jobs and businesses nationwide have suffered through lockdowns, rent has been increasing.
In fact, according to a recent report from popular apartment search site Adobo, the median rent for one- and two-bedroom apartments has been going up nationwide this year. In September, the median price for a one-bedroom rose .19%, climbing to $1,109. The median price for a two-bedroom unit rose .37% to a median cost of $1,358 per month nationwide. The September increases meant that the median price of a one-bedroom has now gone up more than 2% this year.
Rent isn't rising by the same amount everywhere, though. In some cities, prices have risen much more sharply than in others. In fact, there are 17 cities, in particular, where the cost to rent a one- or two-bedroom apartment — or both — has gone up dramatically. Here's what you need to know about the places where the cost to rent has skyrocketed.
Where rent for one-bedroom apartments increased the most in September
These are the 10 cities where rent for a one-bedroom unit rose the most in September, ranked in order of the smallest to the largest price increases.
10. Colorado Springs, Colorado
This city is the largest in terms of area in Colorado, and the most populated municipality in El Paso County. The median price of a one-bedroom here was $1,163 in August but jumped up to $1,189 in September. This was a 2.24% increase, and it puts the cost of a one-bedroom well above the national median price of $1,109.
9. Green Bay, Wisconsin
Green Bay is the county seat of Brown County and Wisconsin's oldest settlement. In September, the median price of a one-bedroom apartment here jumped to $664, up from August's median price of $649. Although this remains well below the national median price of a one-bedroom unit, it is still a 2.31% increase over a one-month period.
8. Oklahoma City, Oklahoma
Oklahoma City is the state's capital and the 25th largest city in the U.S. in terms of population. The median price of a one-bedroom apartment here went up 2.54% between August and September, rising from $787 to $807. This is also well below the national median but a large bump up in cost for residents to bear — especially if they’re struggling to bounce back from job loss.
7. Indianapolis, Indiana
Indianapolis is Indiana's most populous city as well as the state capital. The median rent of a one-bedroom unit in Indianapolis hit $951 in September, up 2.59% compared with August's median price of $927.
6. Fresno, California
Fresno is located in California’s San Joaquin Valley, where it spans 112 square miles. The median rent in Fresno was just above the national median in September, coming in at $1,180. This is a 2.61% increase compared with the August median of $1,150.
5. Sacramento, California
Sacramento is the second California city on this list and also the state's capital. The median rent for a one-bedroom in Sacramento hit $1,391 in September, compared with $1,349 in August. This is a 3.11% increase from month to month.
4. St Paul, Minnesota
As with many of the other cities on this list, Saint Paul is the capital city of its state. It's also the county seat of Minnesota's most densely populated county, Ramsey County. The median rent for a one-bedroom in August was $1,320 here, but it jumped 3.33% to $1,364 in September.
3. Baton Rouge, Louisiana
Another capital city, Baton Rouge is also the county seat of Baton Rouge Parish, Louisiana's most heavily-populated Parish. Median rent for a one-bedroom here was below the national median in September, coming in at $907. This was still a 3.42% increase compared with August, when the median price was $877.
2. Savannah, Georgia
Savannah is Georgia's oldest city and was the state's first capital, though it no longer holds this title. The median rent for a one-bedroom in Savannah was $1,079 in September, up from $1,042 in August. This is a 3.55% increase.
1. New Haven, Connecticut
Finally, this Connecticut city saw the largest increase in median rent for a one-bedroom apartment between August and September. There was a 3.58% increase in prices, with the median cost jumping from $1,425 in August to $1,476 in September.
Where rent for two-bedroom apartments increased the most in September
And here are the 10 cities where rents increased the most for two-bedroom units, according to the Abodo report. We’ve ranked them in order of smallest to largest price increases. You'll notice that a few cities overlap, which is why this guide contains a total of 17 cities where rent prices overall saw the biggest bump during the month of September.
10. Sacramento, California
Sacramento holds the honor of having both its one- and two-bedroom median rents rise substantially between August and September. The median price of a two-bedroom in August was $1,574 compared with $1,615 in September. That's a 2.60% increase over the month.
9. Memphis, Tennessee
Memphis is the 26th largest U.S. city and the second-largest city in Tennessee in terms of population. It's also No. 9 on the list of cities that experienced the largest rent increase between August and September. There was a 2.72% rise in median rent prices for a two-bedroom, with rent going up from $920 to $945.
8. St. Petersburg, Florida
Located in Pinellas County, St. Petersburg is the fifth-largest Florida city in terms of population. Rents here rose from a median price of $1,435 for a two-bedroom in August to a median cost of $1,474 in September, which was a 2.72% rise.
7. St. Paul, Minnesota
St. Paul is also one of the three cities on the list that had among the largest median increases in rent for both one- and two-bedroom units. Median prices for a two-bedroom rose 3.13% from $1,629 in August to $1,680 in September.
6. Long Beach, California
Long Beach joins the list of California cities experiencing substantial rent increases. The median cost of a two-bedroom in August was $2,061 but rose to $2,128 in September, jumping up 3.25%. This is well above the nationwide median price of $1,358 for a two-bedroom unit.
5. Fort Lauderdale, Florida
Fort Lauderdale is the second Florida city on the list, but the increase in cost for a two-bedroom unit was higher here than in St. Petersburg. There was a 3.55% increase from August's median rent of $2,115 for a two-bedroom to September's median of $2,190.
4. Syracuse, New York
Syracuse is the fifth-largest city in New York in terms of population and is the county seat of Onondaga County. It also came in at number four on the list of cities with the largest rent increases between August and September, thanks to the 3.57% jump in the median rent for a two-bedroom unit. The cost rose from $1,035 in August to $1,072 in September.
3. Cincinnati, Ohio
Cincinnati is home to more than 4,000 restaurants, including the largest number of chili restaurants in any city worldwide. Although the median rent in Cincinnati is below the national average, prices here rose 3.62% from a median of $1,216 for a two-bedroom in August to $1,260 in September.
2. Fresno, California
Finally, Fresno is the third city that made the list of locales with the largest rent increases in September for both one- and two-bedroom units. Median prices for a two-bedroom went up to $1,395 per month in September, compared with $1,343 in August. That's a 3.87% increase.
1. Reno, Nevada
Dubbed "The Biggest Little City in the World," Reno is the largest city in Washoe County and is best known for its thriving gambling establishments. It also saw the biggest month-to-month increase in median rent for a two-bedroom, with a 3.88% jump from August to September. The median cost of a two-bedroom unit rose from $1,339 to $1,391. Given that so many have been furloughed or laid off due to business closures, this is a substantial increase for residents to bear.
When rents increase, it can be more difficult to find an affordable place to live or to remain in your apartment. If you are having trouble covering costs, there are options to get help with rent, but it's best to act as quickly as possible to seek out assistance before you can’t pay the bills.
Whether you’re a newly remote worker interested in relocating or you’re looking for the perfect place to retire, it's also a good idea to compare the costs of renting before you move. Moving from an area with low rents to a more expensive locale could put a major crimp in your budget.
Now you know the 17 cities where prices are rising especially quickly, so if you're considering living in any of them, you'll want to make sure the median rent is affordable for you before you commit.