--- title: Rent Increases in the U.S. Have Broken Records for 13 Consecutive Months description: Rent increases around the U.S. have set records for 13 months in a row, with cities like Miami and Orlando seeing the biggest rent hikes. authors: - name: Adam Hardy role: Lead Data Reporter url: https://money.com/author/adam-hardy/ bio: Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and more than a dozen local and regional newspapers. education: University of South Florida, BA, Magazine Journalism at_money_since: 2021 articles: 499 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - The Penny Hoarder - Forbes Advisor - Creative Loafing - The New York Times - The Washington Post - Bloomberg - Harvard Law School - The Federal Register - National Consumer Law Center - CBS News - Becker's Hospital Review - Business Insider - Mother Jones - The Week - Fortune - The Philadelphia Inquirer - National Association of Student Financial Aid Administrators (NAFSAA) - Education Advisory Board (EAB) - The Institute for College Access & Success (TICAS) - This Morning with Gordon Deal - Empower - Reddit social: - https://www.x.com/hardyjournalism - https://www.linkedin.com/in/hardyjournalism/ published: '2022-06-22T16:02:41.000Z' modified: '2024-02-18T13:29:26.000Z' section: Housing tags: - News - Rent word_count: 410 canonical: https://money.com/rent-increases-break-records-13-months/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Miami Rents Have Risen To Be Unaffordable For The Average Resident](https://img.money.com/2022/06/News-Rent-increases-break-records.jpg?crop=0px%2C20px%2C2880px%2C1620px&quality=85) The cost of rent continued its meteoric rise in April, marking the 13th month in a row of record-setting increases for single-family units. Nationally, single-family rent jumped 14% year over year in April, according to a [report](https://www.corelogic.com/intelligence/april-jump-in-us-rent-price-growth-puts-pressure-on-inflation-corelogic-reports/) released Tuesday by the real estate data firm CoreLogic. Rent in several major metropolitan areas, particularly Sun Belt cities, rose much higher than that — with no signs of slowing down. “Single-family rents continue to increase at record-level rates,” Molly Boesel, principal economist at CoreLogic, said in the release. “We expect single-family rent growth to continue to increase at a rapid pace throughout 2022.” CoreLogic’s report breaks down the rental increases in 20 large metro areas. Of those cities, Miami by far tops the list, posting a nearly 41% jump for the year ending in April. Here’s a look at the metros where rent prices are increasing the most: - Miami: 40.8% - Orlando: 25.8% - Phoenix: 17.8% - San Diego: 17.3% - Las Vegas: 17% Rent growth is tamer than the national average for many major metros in other regions. Rent in the greater New York area, for example, grew 8.4% over the same period. Honolulu saw the least growth of the major metros listed by CoreLogic, at 7.7%. A shortage of rental properties paired with strong wage gains due to a tight labor market are major contributors to the soaring cost of rent, CoreLogic says. This all fuels [high inflation rates](https://money.com/biden-plan-to-lower-inflation/), which are at levels unseen since the early 1980s. According to the Labor Department, the inflation rate in April was [8.3%](https://money.com/inflation-groceries-food-prices-rising/). In May, it eked even higher to [8.6%](https://money.com/may-2022-inflation-eggs-airfare/). Such high inflation rates are clobbering homebuyers as well. Not only are [home prices historically high](https://money.com/reason-high-home-prices-remote-work/), the Federal Reserve is [aggressively raising interest rates](https://money.com/fed-interest-rate-hike-june-2022/) in an effort to quell inflation. In the long run, this strategy [should bring home prices down](https://money.com/rising-mortgage-rates-hurt-homebuyers/?xid=moneyrss). But in the meantime, buyers have to contend with [mortgage rates](https://money.com/current-mortgage-rates/) that are nearing 6% along with astronomical home prices. According to the National Association of Realtors, the median selling price of existing homes hit an all-time high in May: [$407,600](https://www.nar.realtor/newsroom/existing-home-sales-fell-3-4-in-may-median-sales-price-surpasses-400000-for-the-first-time), marking a 14.8% increase from the year prior. The topsy-turvy housing market can keep [would-be buyers in a rental unit](https://money.com/millennials-less-likely-buy-homes-survey/) instead, thus limiting supply and driving rent up even higher. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/rent-increases-break-records-13-months/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Renting", "item": "https://money.com/renting/" }, { "@type": "ListItem", "position": 4, "name": "Rent Increases in the U.S. Have Broken Records for 13 Consecutive Months" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/rent-increases-break-records-13-months/#webpage", "url": "https://money.com/rent-increases-break-records-13-months/", "name": "Rent Increases in the U.S. Have Broken Records for 13 Consecutive Months", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2022-06-22T16:02:41.000Z", "mainEntity": { "@id": "https://money.com/rent-increases-break-records-13-months/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/rent-increases-break-records-13-months/#breadcrumb" }, "dateModified": "2024-02-18T13:29:26.000Z" }, { "@type": "NewsArticle", "headline": "Rent Increases in the U.S. Have Broken Records for 13 Consecutive Months", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2022/06/News-Rent-increases-break-records.jpg?crop=0px%2C20px%2C2880px%2C1620px&quality=85", "width": 1012, "height": 569, "caption": "News-Rent-increases-break-records" } ], "author": [ { "@type": "Person", "name": "Adam Hardy", "url": "https://money.com/author/adam-hardy/", "@id": "https://money.com/author/adam-hardy/#author", "description": "Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. 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