Study: Rents up 41% in major U.S. cities
A new LendingTree analysis of HUD fair-market rents finds average one-bedroom rents in the 50 largest U.S. cities rose $457 (41%) to $1,578 and two-bedroom rents rose $505 (37%) to $1,858 between 2020 and 2025, with New York, San Diego and Miami posting the biggest jumps. The report attributes spikes to demand outpacing supply and population growth, while San Francisco saw minimal increases; a Zillow/StreetEasy report says rents since 2019 have outpaced wages 1.5x and Realtor.com projects only a 1% national rent dip next year.
📌 Key Facts
- One-bedroom average: +$457 (+41%) to $1,578; two-bedroom average: +$505 (+37%) to $1,858 (2020–2025).
- Largest increases: New York (+$854 1BR; +$857 2BR), San Diego (+$817 1BR; +$877 2BR), Miami (+$764 1BR; +$885 2BR).
- San Francisco: +$54 to $2,977 (1BR); +$51 to $3,604 (2BR).
- Other fast-rising 1BR markets: Riverside, Tampa, Sacramento, Atlanta, Orlando, Boston, Phoenix.
- Methodology: HUD FMRs (40th percentile), excluding public housing and units built within the past two years.
📊 Relevant Data
In 2023, 57% of Black renters in the US were cost-burdened, compared to 53% of Hispanic renters and 46% of White renters. Black individuals make up about 13% of the US population, Hispanics 19%, and Whites 58%.
The State of the Nation's Housing 2025 — Joint Center for Housing Studies of Harvard University
More than 50% of Black and Latino renter households in the US are cost-burdened, compared to 46% of White renter households; severe cost burdens affect 32% of Black, 29% of Latino, and 24% of White renters. Black households are three times more likely than White households to be extremely low-income renters.
The Gap: A Shortage of Affordable Homes — National Low Income Housing Coalition
Between 2023 and 2024, Miami-Dade County had a net international migration of nearly 124,000 people, preventing population loss despite a record number of residents leaving domestically.
Record number of residents left Miami-Dade but international migration peaked: Census Bureau — NBC Miami
In Miami, Hispanic or Latino residents comprise 70.2% of the population as of 2020, making it the dominant ethnic group.
Demographics of Miami — Wikipedia
San Diego County's population increased slightly between 2023 and 2024 only due to immigration, with nearly 24,000 people leaving domestically but more immigrants arriving, resulting in net growth.
San Diego County's population goes up slightly, but only because of immigration — KPBS
New York City's immigrant population rebounded to 3.10 million in 2023, with immigration increasing from 37,000 to 288,000 annually in recent years, contributing to population growth.
Recent immigration brought a population rebound to America's major metro areas, new census data show — Brookings Institution
📊 Analysis & Commentary (1)
"An opinion piece arguing that the recent sharp rent increases in U.S. cities underscore the need for a pro‑growth urbanist agenda — upzoning, streamlined permitting, and more housing supply — to address affordability rather than relying on anti‑development instincts."