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Top 10 Largest Rent Increases in Markets Across the U.S.
The rental market for single-family homes has seen significant changes across the United States in recent years. As the demand for housing continues to rise, many cities have experienced double-digit rent increases. This blog article explores the top 10 rental markets with the largest rent hikes for single-family homes in Q2 2024. Let’s dive in!
Top 10 Highest Rent Increases in the U.S.
1. Cleveland Heights, OH: 33%
As a vibrant suburb of Cleveland, Cleveland Heights is known for its diverse neighborhoods, historic architecture, and a thriving arts and cultural scene.
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According to Rentometer’s Quarterly Rent Report, average rent in Cleveland Heights, OH, increased by 33% in Q2 2024. For a three-bedroom single-family rental, the average rent price is $2,042, up from $1,539 in Q2 2023.
Despite the increase in rent prices, Cleveland Heights’s population decreased by -3.1% from April 2020 to July 2023 (U.S. Census).
2. La Quinta, CA: 31%
Nestled in the Coachella Valley, La Quinta is renowned for its luxurious resorts, world-class golf courses, and stunning desert landscapes.
According to Rentometer’s Quarterly Rent Report, average rent in La Quinta, CA, increased by 31% in Q2 2024. For a three-bedroom single-family rental, the average rent price is $5,130, up from $3,909 in Q2 2023.
La Quinta’s population grew by 3.8% from April 2020 to July 2023 (U.S. Census).
3. Bloomington, IN: 31%
Home to Indiana University, Bloomington is celebrated for its vibrant arts and music scene, diverse culinary offerings, and picturesque natural surroundings, including the nearby Hoosier National Forest.
According to Rentometer’s Quarterly Rent Report, average rent in Bloomington, IN, increased by 31% in Q2 2024. The average rent price for a three-bedroom single-family home is $2,408, up from $1,835 in Q2 2023.
Despite the increase in rent prices, Bloomington’s population decreased by -0.4% from April 2020 to July 2023 (U.S. Census).
4. Sherwood, AR: 28%
As a suburban city in the Little Rock metropolitan area, Sherwood is known for its family-friendly atmosphere, excellent parks and recreational facilities, and strong sense of community.
According to Rentometer’s Quarterly Rent Report, the average rent in Sherwood, AR, increased by 28% in Q2 2024. The average rent price for a three-bedroom single-family home is $1,761, up from $1,380 in Q2 2023.
Sherwood’s population grew by 1.1% from April 2020 to July 2023 (U.S. Census).
5. Conyers, GA: 25%
A charming city just east of Atlanta, Conyers is renowned for its historic downtown, vibrant equestrian culture, and scenic parks, including the Arabia Mountain National Heritage Area.
According to Rentometer’s Quarterly Rent Report, average rent in Conyers, GA, increased by 25% in Q2 2024. The average rent price for a three-bedroom single-family home is $1,913, up from $1,527 in Q2 2023.
Conyers’ population grew by 12.7% from April 2020 to July 2023 (U.S. Census).
6. Cathedral City, CA: 23%
Located in the Coachella Valley between Palm Springs and Rancho Mirage, Cathedral City is known for its scenic desert landscapes, vibrant arts scene, and proximity to numerous outdoor recreational activities.
According to Rentometer’s Quarterly Rent Report, average rent in Cathedral City, CA, increased by 23% in Q2 2024. The average rent price for a three-bedroom single-family home is $3,753, up from $3,056 in Q2 2023.
Cathedral City’s population grew by 1.7% from April 2020 to July 2023 (U.S. Census).
7. Westland, MI: 22%
Westland is a suburban city in the Detroit metropolitan area known for its extensive shopping districts, numerous parks, and a strong sense of community.
According to Rentometer’s Quarterly Rent Report, average rent in Westland, MI, increased by 22% in Q2 2024. The average rent price for a three-bedroom single-family home is $1,954, up from $1,607 in Q2 2023.
Despite rent price increases, Westland’s population decreased by -3.3% from April 2020 to July 2023 (U.S. Census).
8. Lafayette, IN: 20%
Home to Purdue University, Lafayette is known for its rich history, vibrant downtown, and strong educational and cultural offerings.
According to Rentometer’s Quarterly Rent Report, average rent in Lafayette, IN, increased by 20% in Q2 2024. The average rent price for a three-bedroom single-family home is $1,716, up from $1,427 in Q2 2023.
Lafayette’s population grew by 0.6% from April 2020 to July 2023 (U.S. Census).
9. Hinesville, GA: 19%
Along with its rich history and warm Southern hospitality, Hinesville is known for its proximity to Fort Steward, one of the largest U.S. Army installations in the eastern part of the U.S.
According to Rentometer’s Quarterly Rent Report, average rent in Hinesville, GA, increased by 19% in Q2 2024. The average rent price for a three-bedroom single-family home is $1,787, up from $1,500 in Q2 2023.
Hinesville’s population grew 3.7% from April 2020 to July 2023 (U.S. Census).
10. Flint, MI: 19%
Historically known for its automotive industry, Flint is characterized by its resilient community spirit, ongoing revitalization efforts, and cultural contributions.
According to Rentometer’s Quarterly Rent Report, average rent in Flint, MI, increased by 19% in Q2 2024. The average rent price for a three-bedroom single-family home is $1,094, up from $919 in Q2 2023.
Despite rent price increases, Flint’s population decreased by 3.3% from April 2020 to July 2023 (U.S. Census).
Don’t see your rental market?
Check out Rentometer’s latest Quarterly Rent Report to see how rent prices have changed across 692 U.S. cities in Q2 2024.
Quarterly Rent Report Data & Methodology
- Geography: SFR markets in 692 U.S. cities across six regions.
- Property type: 3-BR SFRs with all bathroom counts.
- Analysis: Rent data was analyzed year-over-year for Q2 2023 and Q2 2024.
- Data: Includes data collected and updated between April 1st and June 30th for 2023 and 2024.
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Exclusions:
- Cities with fewer than 25 new or updated rentals within any quarter.
- Rentals below $500 (minimum price) or above $10,000 (maximum price).
About Rentometer
Rentometer is the nation’s leading source for rent data. It’s important now more than ever to know the market rent in your area to remain competitive and make informed real estate decisions. Visit Rentometer to access rent data in your area.
About the Author
Elizabeth Joseph, a Sales and Marketing Specialist at Rentometer, spearheads marketing initiatives on social media and other digital platforms to enhance growth and foster client engagement. With over six years of property management experience, she offers valuable insights into the real estate industry through her articles on the Rentometer blog.
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