Jun 22

Jun 22 Renters Facing Rising Costs

2023’s Most Expensive Metro Areas for Renters

Rent in the U.S. is on the rise, and with rent being the largest contributor to inflation over the past year, Lawn Love ranked 2023’s Most Expensive Metro Areas for Renters. So, where might renters pay the most on their next move?

To answer this question, Lawn Love compared 172 of the biggest U.S. metros based on three categories. They looked at average rent prices, year-over-year rent changes, and the share of renters spending over 30% of their income on rent and utilities, among nine total metrics.

Among the metros ranked, 57 saw their average overall rent prices decrease over one year, with the average rent in Bremerton-Silverdale-Port Orchard, WA (No. 147), declining by over 12% — the most significant drop. Residents of Odessa, TX (No. 83), saw an increase of more than 21% but still pay the lowest overall average rent of $719 per month.

Both one- and two-bedroom rentals are most expensive on average in San Jose-Sunnyvale-Santa Clara, CA (No. 11). However, the area boasts a relatively low share of cost-burdened renters, considering many residents are well-paid tech workers. On the flip side, Lake Charles, LA (No. 170), offers the most affordable one- and two-bedroom rentals, with average prices of $615 and $819, respectively.

Unfortunately, rising costs have led to a higher number of foreclosures. Washington’s foreclosure moratorium ended in September 2022, leading to a home foreclosure boom. In fact, Washington-Arlington-Alexandria, DC-VA-MD-WV (No. 9), had the highest increase in foreclosures since 2022. The rate in this area rose from 1 in 7,455 homes to 1 in 1,923, an increase of 287.68% — 111.82% higher than in Salem, OR (No. 42), which placed 2nd in this metric.

But rental markets are cooling down in places like Myrtle Beach-Conway-North Myrtle Beach, SC-NC (No. 71), Nashville-Davidson-Murfreesboro-Franklin, TN (No. 95), and Phoenix-Mesa-Chandler, AZ (No. 98), which were among the most popular (and priciest) moving destinations in recent years. While average prices are still high, overall rent has decreased in each of these metros — by over 4% in the Phoenix area, for example — over the past year.

Here are the rankings for the 10 most expensive and 10 most affordable metro areas for renters:

Most Expensive Metro Areas for Renters

1. New York-Newark-Jersey City, NY-NJ-PA

2. Miami-Fort Lauderdale-Pompano Beach, FL

3. Oxnard-Thousand Oaks-Ventura, CA

4. San Diego-Chula Vista-Carlsbad, CA

5. Urban Honolulu, HI