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kzlobastov / depositphotos Dwellsy's January data drop shows that 2023 is off to a surprising (read: expensive) start, particularly for renters seeking single-family homes or properties in sought-after locations.
Los Altos, CA (February 2023)-After experiencing the rental market's extreme ups and downs throughout 2022, most renters have been looking forward to a new year of, if not lower rents, at least moderately stable ones. According to the latest data breakdown from dwellsy , it seems that some renters are getting their wish...while others emphatically aren't.
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“Let's start with the good news: The median January asking rent for apartments remained relatively flat, dipping down a percentage point since December,” says Jonas Bordo, CEO and cofounder of Dwellsy.“It's possible that we're already seeing the effects of increased supply as newly built rentals enter the market.”
And now (you knew it was coming), here's the not-so-good news: Median asking rent for single-family home rentals (SFRs) rose an unanticipated 7.4 percent, perhaps signaling a tighter market for that property type than was expected at the close of 2022.
Bordo says it's important to look at across-the-board nationwide trends, partially because it's impossible to fully predict when a segment of the rental market will move in an unexpected direction (as was the case in January).
He also emphasizes the need to slice out different data sets that reveal what's going on in certain cities and with certain property types. Renters, landlords, cities, and organizations connected to the rental industry all need this information to make informed decisions, plan for the future, and respond to marketplace needs.
That's why Dwellsy, the largest home rental listing platform in the country, regularly mines its 13+ million 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 down this data so renters and landlords can see up-to-date trends in rental housing and current affordability in over 250 U.S. markets. For a more detailed look at Dwellsy's rent price analysis methodology, see this article .
Table of Contents show
1.
january shows a stark difference in month-over-month (and year-over-year!) growth for apartments versus sfrs
2.
top ten most expensive big cities for three-bedroom single-family home rentals
3.
most expensive small cities for three-bedroom single-family home rentals
4.
top ten most expensive large cities for one-bedroom apartment rentals
5.
top ten most expensive small cities for one-bedroom apartment rentals
6.
top ten cities with fastest-growing rent for three-bedroom home rentals
7.
top ten cities with fastest-growing rent for one-bedroom apartment rentals
January Shows a Stark Difference in Month-Over-Month (and Year-Over-Year!) Growth for Apartments Versus SFRs
Here, Bordo focuses on one-bedroom apartments because they are similar to two-bedroom apartments in terms of inventory, but are more price-accessible. Three-bedroom homes are also featured because they are by far the most common rental home type.
“Throughout 2022, the most extreme rent increases applied to SFRs-and that trend is carrying on into 2023,” says Bordo.“Median asking rents for three-bedroom homes were up a whopping $128, or 7.4 percent, since December. Their year-over-year increase since January 2022 was 9.2 percent.”
Meanwhile, apartment-dwellers have experienced much smoother sailing. Median asking rent for one-bedroom apartments went down $15, or 1.1 percent, from December to January, and rose only $9, or 0.7 percent, from January 2022.
| Median Asking Rent by Property Type |
| Month | One-Bedroom Apartments | Three-Bedroom Houses |
| Jan-23 | $ 1,295 | $ 1,848 |
| Dec-22 | $ 1,310 | $ 1,720 |
| Nov-22 | $ 1,310 | $ 1,750 |
| Oct-22 | $ 1,300 | $ 1,795 |
| Sep-22 | $ 1,310 | $ 1,795 |
| Aug-22 | $ 1,325 | $ 1,795 |
| Jul-22 | $ 1,325 | $ 1,800 |
| Jun-22 | $ 1,321 | $ 1,800 |
| May-22 | $ 1,310 | $ 1,795 |
| Apr-22 | $ 1,300 | $ 1,768 |
| Mar-22 | $ 1,276 | $ 1,742 |
| Feb-22 | $ 1,272 | $ 1,717 |
| Jan-22 | $ 1,286 | $ 1,692 |
“A look at rental prices over the last two years can be helpful in understanding the recent January SFR increase,” Bordo comments.“As the graph below shows, asking rent for single-family homes rose 6.3 percent between December 2021 and January 2022. While less than this year's 7.4 percent increase, it's still in the same ballpark-and it suggests a pattern of rent growth in January. Only time will tell whether the rest of the year's growth path will be similar to 2022.”
Top Ten Most Expensive Big Cities for Three-Bedroom Single-Family Home Rentals
California swept the field in this category, claiming half of the most expensive rental cities in the U.S. With a median January asking rent of $4,100 for a three-bedroom SFR, Los Angeles tops the list.
“Boston, San Jose, and Washington, D.C. stand out within this group as having the largest rent increases since January 2022,” Bordo says.“On the other end of the spectrum, rent in Miami and San Francisco has increased less than 3 percent in that same time period. But with prices above $3,000 per month, that might be cold comfort to renters!”
This table shows which large cities had the most expensive January 2023 asking rent for three-bedroom single-family homes.
| Rank | Metropolitan Statistical Area | Median Three-Bedroom Single-Family Home Asking Rent, January 2023 | Change in Three-Bedroom Single-Family Home Asking Rent Since January 2022 |
| 1 | Los Angeles, CA | $ 4,100 | + 5.6% |
| 2 | San Jose, CA | $ 3,895 | + 8.2% |
| 3 | San Francisco, CA | $ 3,700 | + 1.4% |
| 4 | San Diego, CA | $ 3,545 | + 5.9% |
| 5 | Miami, FL | $ 3,400 | + 2.3% |
| 6 | Honolulu, HI | $ 3,300 | + 4.9% |
| 7 | Boston, MA | $ 3,200 | + 9.4% |
| 8 | Riverside-San Bernardino, CA | $ 2,800 | + 5.7% |
| 8 | New York, NY | $ 2,800 | + 7.7% |
| 10 | Washington, DC | $ 2,700 | + 8.1% |
Most Expensive Small Cities for Three-Bedroom Single-Family Home Rentals
As pandemic restrictions eased in 2022, many renters relocated to cities with standout amenities or attractions. As the list below shows, California and Florida sunshine were highly sought-after!
“Naples-Marco Island, Florida, gets the prize for 'most expensive small rental city,' with a median January asking rent of $3,848,” shares Bordo.“But renters there are probably thrilled, because that's a big improvement from December's asking rent of $5,000.
“Renters in Santa Barbara have had a particularly rough year,” he adds.“Rent for a single-family home in that market has risen 35.4 percent since January 2022.”
This table shows which small cities had the most expensive January 2023 asking rent for three-bedroom single-family homes.
| Rank | Metropolitan Statistical Area | Median Three-Bedroom Single- Family Home January 2023 Asking Rent | Change in Rent Since January 2022 |
| 1 | Naples-Marco Island, FL | $ 3,848 | - 13.5% |
| 2 | Santa Barbara, CA | $ 3,650 | + 35.4% |
| 3 | Oxnard-Thousand Oaks, CA | $ 3,500 | + 7.9% |
| 4 | Salinas, CA | $ 3,450 | - 1.4% |
| 5 | San Luis Obispo, CA | $ 3,300 | + 13.8% |
| 6 | Santa Rosa, CA | $ 3,200 | + 8.5% |
| 7 | Boulder, CO | $ 2,795 | + 9.6% |
| 8 | Bozeman, MT | $ 2,700 | ~ 0.0% |
| 9 | North Port-Bradenton, FL | $ 2,685 | - 0.6% |
| 10 | Vallejo-Fairfield, CA | $ 2,650 | - 4.5% |
Top Ten Most Expensive Large Cities for One-Bedroom Apartment Rentals
As Bordo has pointed out, asking rent for one-bedroom apartments has remained relatively flat-but renters in some cities did see meaningful increases since January 2022.
“Median asking rent in New York has risen 11.1 percent in the past year,” Bordo says.“With a monthly price of $3,201, NYC easily beats out second-most-expensive Boston, where a one-bedroom apartment cost $2,531 in January.
“Other cities on this list saw rent prices fall by just as many percentage points,” he adds.“Rent is down 11.2 percent in Miami and 14.1 percent in San Diego!”
This table shows which large cities had the most expensive January 2023 asking rent for one-bedroom apartments.
| Rank | Metropolitan Statistical Area | Median One-Bedroom Apartment Asking Rent,
January 2023 | Change in One-Bedroom Apartment Asking Rent Since January 2022 |
| 1 | New York, NY | $ 3,201 | + 11.1% |
| 2 | Boston, MA | $ 2,531 | + 0.2% |
| 3 | San Francisco, CA | $ 2,500 | + 2.0% |
| 4 | San Jose, CA | $ 2,400 | + 4.7% |
| 5 | Washington, DC | $ 2,053 | - 0.6% |
| 6 | Los Angeles, CA | $ 2,045 | - 0.7% |
| 7 | San Diego, CA | $ 1,995 | - 14.1% |
| 8 | Riverside-San Bernardino, CA | $ 1,850 | - 1.3% |
| 9 | Seattle, WA | $ 1,745 | + 1.0% |
| 10 | Miami, FL | $ 1,738 | - 11.2% |
Top Ten Most Expensive Small Cities for One-Bedroom Apartment Rentals
The smaller the town, the fewer apartment options there tend to be-and in some markets, prices reflect that scarcity.
“We're not at NYC rent levels, but a one-bedroom apartment in each of these ten smaller cities costs more than $1,700-and as much as $2,173 for first-place Santa Barbara,” reports Bordo.
This table shows which small cities had the most expensive January 2023 asking rent for one-bedroom apartments.
| Rank | Metropolitan Statistical Area | Median One-Bedroom Apartment Asking Rent,
January 2023 | Change in One-Bedroom Apartment Asking Rent Since January 2022 |
| 1 | Santa Barbara, CA | $ 2,173 | + 7.3% |
| 2 | Ithaca, NY | $ 2,170 | + 7.8% |
| 3 | Salinas, CA | $ 1,875 | + 10.3% |
| 3 | Bridgeport-Stamford, CT | $ 1,875 | + 13.6% |
| 5 | Oxnard-Thousand Oaks, CA | $ 1,850 | + 7.2% |
| 6 | Poughkeepsie-Newburgh, NY | $ 1,800 | + 4.2% |
| 6 | San Luis Obispo, CA | $ 1,800 | ~ 0.0% |
| 8 | Vallejo-Fairfield, CA | $ 1,796 | - 6.6% |
| 9 | Burlington, VT | $ 1,769 | + 22.0% |
| 10 | Santa Rosa, CA | $ 1,724 | + 7.7% |
Top Ten Cities with Fastest-Growing Rent for Three-Bedroom Home Rentals
Sustained demand for single-family home rentals underlies their surging prices around the country. Especially in these ten markets, rent increases have been felt dramatically since January 2022.
“Albany, Georgia, tops the list with a 42.8 percent increase in median asking rent,” says Bordo.“Its website advertises that Albany is a place“where history and nature flow”-hopefully, its renters have a decent cash flow as well since they've gone from paying $935 per month to $1,335 per month for their three-bedroom SFRs!”
This table lists cities with the fastest growing rent for three-bedroom SFRs between January 2022 and January 2023.
| Rank | Metropolitan Statistical Area | Median Three-Bedroom Home January 2023 Asking Rent | Change in Rent Since January 2022 |
| 1 | Albany, GA | $ 1,335 | + 42.8% |
| 2 | Fort Smith, AR-OK | $ 1,298 | + 36.6% |
| 3 | Santa Barbara, CA | $ 3,650 | + 35.4% |
| 4 | Rochester, NY | $ 1,600 | + 33.3% |
| 5 | Anderson, IN | $ 1,463 | + 33.0% |
| 6 | Rochester, MN | $ 2,050 | + 32.3% |
| 7 | Kalamazoo, MI | $ 1,673 | + 31.9% |
| 8 | Monroe, LA | $ 1,400 | + 30.2% |
| 9 | Greenville, NC | $ 1,500 | + 25.0% |
| 10 | Lawton, OK | $ 1,060 | + 24.7% |
Top Ten Cities with Fastest-Growing Rent for One-Bedroom Apartment Rentals
Residents of Oshkosh, Wisconsin, are probably feeling a bit shell-shocked when they look at their budgets. That's because rent for one-bedroom apartments in their city has increased over 100 percent since January 2022. Oshkosh easily beats out the number two contender-Ellensburg, Washington-where rent has increased by“only” 59 percent in the past year.
“As mind-boggling as some of these increases are, take them with a grain of salt,” cautions Bordo.“Apartment markets in smaller cities-which accurately describes those on this list-can be very volatile. Just a few new apartment buildings can dramatically affect median asking rent.”
This table lists cities with the fastest growing rent for one-bedroom apartments between January 2022 and January 2023.
| Rank | Metropolitan Statistical Area | Median One-Bedroom Apartment January 2023 Asking Rent | Change in Rent Since January 2022 |
| 1 | Oshkosh, WI | $ 1,450 | + 107.4% |
| 2 | Ellensburg, WA | $ 946 | + 59.0% |
| 3 | Clarksville, TN-KY | $ 960 | + 42.2% |
| 4 | Fort Collins-Loveland, CO | $ 1,395 | + 39.5% |
| 5 | Florence-Muscle Shoals, AL | $ 625 | + 38.9% |
| 6 | Evansville, IN-KY | $ 795 | + 38.3% |
| 7 | Corpus Christi, TX | $ 1,170 | + 37.6% |
| 8 | Charleston, WV | $ 995 | + 36.9% |
| 9 | Las Cruces, NM | $ 836 | + 33.8% |
| 10 | Knoxville, TN | $ 1,239 | + 31.9% |
“January's rent trends have definitely thrown us a curveball in the single-family home market ,” concludes Bordo.“Hopefully-as was the case in 2022-this will be the most dramatic price spike we'll see this year.
Apartment dwellers, I don't see any reason for you to worry. Apartment rents have been relatively flat for the past two years, and with numerous newly built rentals entering the market, supply and demand will be in your favor.”
About Jonas Bordo:
Jonas Bordo is the coauthor, along with Hannah Hildebolt, of the upcoming book Everything You Need to Know About Renting But Didn't Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster. He is the CEO and cofounder of Dwellsy, the free residential rental marketplace that makes it easy to find hard-to-find rentals.
About the Book:
everything you need to know about renting but didn't know to ask: all the insider dirt to help you get the best deal and avoid disaster (Matt Holt, August 2023,ISBN: 978-1-6377439-2-8, $21.95) will be available from major online booksellers.
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.