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New Data Drop: Rent Edging Down, But Still Pricey In These 20 U.S. Cities

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Los Altos, CA (October 2022) – Here’s the good news: For the first time in almost a year, rent has gone down month-to-month. According to new data from Dwellsy, median asking rent decreased by 0.7 percent, or $15 a month, from August to September.

The bad news? If you live in one of the most expensive rental cities in the U.S., you’re still paying your landlord quite a bit each month.

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“As was the case in August, September’s most expensive rental market was Silverthorne, Colorado, with a median asking rent of $3,525,” says Jonas Bordo, CEO and cofounder of Dwellsy.

“We saw a shakeup in the rent rankings of larger cities. San Jose edged out New York, Boston, and San Francisco with a September median asking rent of $3,005.”

If these numbers give you sticker shock, there’s a good reason. Despite the small decrease in asking rent since August, year-over-year rent is still up 27 percent, or $446 a month: $1,649 in September 2021 versus $2,095 in September 2022.

Dwellsy, the largest home rental listing platform in the country, regularly mines its 13+ million verified residential rental listings for statistics and data. Because Dwellsy allows landlords to post listings free of charge, it has a pool of data that’s more diverse—and more representative of the true rental landscape—than that of pay-to-play listing services.

Each month, Dwellsy breaks this data down regionally across the U.S. so that renters and landlords can see up-to-date trends in rental housing and current affordability in their area.

Here, Dwellsy shares some of its September data.

The Ten Most Expensive Large Cities For Renters...

“New Yorkers can rejoice, because their city no longer tops the list of most expensive large cities,” says Bordo. “In September, that dubious honor went to San Jose, with a median asking rent of $3,005 per month. Boston and San Francisco also beat out New York, with rents less than $10 away from San Jose’s.

“As was the case last month, Austin experienced the highest yearly increase in median rent, which has risen 65.1 percent since September 2021. Denver and Tampa also saw significant increases: 42 percent and 28.3 percent, respectively.”

This table shows which large cities were most expensive by September 2022 asking rent.

Rank Metropolitan Statistical Area Median September 2022 Asking Rent Change in Rent Since September 2021
1 San Jose, CA $3,005 + 13.6%
2 Boston, MA $3,000 + 7.9%
3 San Francisco, CA $2,998 + 11.2%
4 New York, NY $2,995 + 21.3%
5 Austin, TX $2,810 + 65.1%
6 San Diego, CA $2,695 + 9.3%
7 Los Angeles, CA $2,685 + 12.4%
8 Miami, FL $2,664 + 13.4%
9 Denver, CO $2,520 + 42.0%
10 Tampa, FL $2,500 + 28.3%

...And the Ten Priciest Small Cities

“You may not be familiar with Silverthorne, Colorado—but that hasn’t stopped it from becoming the most expensive small city for renters,” says Bordo.

“Silverthorne is located just over an hour west of Denver, and its median asking rent in September was $3,525. It’s interesting to note that Silverthorne and Santa Cruz, California, both have higher asking rents than San Jose, the most expensive large city.”

This table shows which small cities were most expensive for renters in September 2022.

Rank Metropolitan Statistical Area Median September 2022 Asking Rent Change in Rent Since September 2021
1 Silverthorne, CO $3,525 + 3.8%
2 Santa Cruz, CA $3,175 + 6.4%
3 Santa Barbara, CA $3,000 - 6.3%
4 Napa, CA $2,898 + 3.5%
5 Naples-Marco Island, FL $2,879 + 0.3%
6 Edwards, CO $2,850 + 26.7%
7 Boulder, CO $2,840 + 29.1%
8 Oxnard-Thousand Oaks, CA $2,800 + 12.9%
9 Fort Collins-Loveland, CO $2,728 + 62.0%
10 Kahului-Wailuku, HI $2,595 - 0.2%

“Even within these expensive markets, you are likely to find that rent will vary based on property type,” explains Bordo.

“Across the country, single-family home rentals are continuing to drive the overall market, with rents for that property type up more than 32.5 percent year-over-year. Apartment rent, in contrast, is up only 12.1 percent.

“I’ll leave cash-strapped renters with a bit of hope,” he adds. “September’s 0.7 percent decline in monthly median asking rent is more significant than it sounds. At this point in the year, we would normally expect to see rent increase by 0.5 to 1 percent as prices climb to their seasonal peak.”

About Jonas Bordo:

Jonas Bordo is the CEO and cofounder of Dwellsy, the free residential rental marketplace that makes it easy to find hard-to-find rentals.

About Dwellsy:

Dwellsy is the renter’s marketplace: a comprehensive residential home rentals marketplace based on the radical concept that true, organic search in a free ecosystem creates more value than the pay-to-play model embraced by all of the current rental listing services.