September Rental Report: Rent Growth Continues to Cool – News

September Highlights

  • September 2022 marks the second month in a row where rent growth has slowed to a single-digit rate for 0-2 bedroom properties (7.8% Y/Y).
  • The median asking rent in the 50 largest metros declined to $1,759, down by $12 from last month and $22 from July’s peak. 
  • Large metros such as Chicago, IL (23.9% Y/Y), Boston, MA (19.9% Y/Y), and New York, NY (18.2% Y/Y) saw the highest year-over-year growth. In the meantime, rents in some Sun Belt metros such as Riverside, CA (-1.0%), Tampa, FL (-0.3%), Las Vegas, NV(-0.2%), and Sacramento, CA (-0.1%) which previously grew at double-digit pace, are now declining slightly.
  • Rent growth for all unit sizes is cooling, but Studio-sized units are still in double-digit territory whereas 1-bedroom and 2-bedroom units saw single-digit growth. Rent by size: Studio: $1,483, up 10.1% ($136) year-over-year; 1-bed: $1,647, up 7.7% ($141); 2-bed: $1,941, up 6.4% ($116).

In September 2022, the U.S. market experienced single-digit growth for the second month in a row. The median rent growth across the top 50 metros slowed to 7.8% year-over-year for 0-2 bedroom properties. It is the lowest growth rate in 16 months but is still more than two times faster than the growth rate seen just before the pandemic hit in March 2020. The median asking rent was $1,759, down by $12 from last month and $22 from the peak. The deceleration from recent highs is consistent with what we have seen in recent for-sale data,  suggesting that more typical seasonal cooling is returning to the market. Despite these encouraging indicators for renters, real affordability continues to worsen. In addition, inflation continues to remain close to a forty-year high, outpacing annual wage growth, evaporating real gains employees might see from an otherwise strong labor market

Figure 1: Year-over-Year Rent Trend

F1 nationwide YOY

Rents in Dense Metros Continue to Climb while Sun Belt Rents Show Signs of Cooldown

Returning to in-person work and diversified social lives has made big cities attractive again. With the resurgence in urban rents, Chicago, IL (23.9%), Boston, MA (19.9%), and New York, NY (18.2%) were the top three metros with the highest year-over-year growth for 0-2 bedroom properties in September.

While Sun Belt metros saw the most dramatic rent growth through the pandemic, several of them have started to show signs of cooldown. For example, Dallas, TX (8.8%), San Diego, CA (8.4%), and Orlando, FL (8.3%) experienced their first single-digit rent growth after at least 15 months of double-digit trends. Additionally, rents declined from one year ago in Riverside, CA (-1.0%), Tampa, FL (-0.3%), Las Vegas, NV(-0.2%), and Sacramento, CA (-0.1%) for the first time since the onset of the pandemic. 

 Studio Rents Continue to Catch Up as Growth Keeps Cooling for All Unit Sizes

In September, two-bedroom units saw a single-digit growth rate for the second month in a row. The median rent continues to drop, down by $23 from last month and $43 from July’s peak. The median rent for two bedrooms was $1,941 nationally, $116 (6.4%) higher than the same time last year and up by $355 (22.4%) compared to two years ago. 

Rent growth for one-bedroom units also kept cooling. The median rent for 1-bedroom units was $1,647, down by $6 compared to last month and $18 less from the peak. However, it is still up by $117 (7.7%) compared to the previous year and 23.0% ($308) higher since September 2020.

While studios continue to outpace 1-bedroom and 2-bedroom units, they mirrored the cooling trend seen in larger units. In September 2022, the median rent for studio units was $1,483, down by $6 compared to last month and $15 from the peak. Nevertheless, it was still up by $136 (10.1%) year-over-year and $275 (22.8%) higher than two years ago. 

Table 1: National Rents by Unit Size
Unit SizeMedian RentRent YoYRent Change – 2 years

Figure 2: National Rent Trend by Unit Size

F2 Bedroom YOY

Appendix: Data – 50 Largest Metropolitan Areas –September 2022

MetroOverall Median RentOverall Rent YYStudio Median RentStudio Rent YY1-br Median Rent1-br Rent YY2-br Median 


2-br Rent YY
Atlanta-Sandy Springs-Roswell, GA$1,7492.4%$1,7117.5%$1,6482.2%$1,9081.9%
Austin-Round Rock, TX$1,7255.3%$1,45010.3%$1,5703.2%$1,9064.4%
Baltimore-Columbia-Towson, MD$1,7794.7%$1,5775.5%$1,6954.9%$1,9075.6%
Birmingham-Hoover, AL$1,1816.6%$948-10.2%$1,1144.5%$1,2548.3%
Boston-Cambridge-Newton, MA-NH$2,99619.9%$2,78327.3%$2,78516.4%$3,34321.4%
Buffalo-Cheektowaga-Niagara Falls, NY$1,2766.8%$8482.7%$1,19912.1%$1,5008.3%
Charlotte-Concord-Gastonia, NC-SC$1,6326.3%$1,57212.2%$1,5126.7%$1,7745.5%
Chicago-Naperville-Elgin, IL-IN-WI$2,04523.9%$1,74651.8%$2,01726.1%$2,24218.0%
Cincinnati, OH-KY-IN$1,3039.3%$1,1849.6%$1,2308.2%$1,3516.5%
Cleveland-Elyria, OH$1,2439.8%$89511.9%$1,1809.8%$1,34910.1%
Columbus, OH$1,2939.5%$1,0919.2%$1,2209.5%$1,3556.1%
Dallas-Fort Worth-Arlington, TX$1,5968.8%$1,40911.0%$1,4799.4%$1,8907.9%
Denver-Aurora-Lakewood, CO$1,9664.1%$1,6574.2%$1,8343.6%$2,2623.8%
Detroit-Warren-Dearborn, MI$1,3088.4%$1,14114.7%$1,16611.3%$1,4466.3%
Hartford-West Hartford-East Hartford, CT$1,6899.6%$1,2765.7%$1,5236.8%$1,8214.7%
Houston-The Woodlands-Sugar Land, TX$1,3765.7%$1,3375.0%$1,2705.8%$1,5324.7%
Indianapolis-Carmel-Anderson, IN$1,2638.5%$1,12612.3%$1,19310.7%$1,3382.9%
Jacksonville, FL$1,4904.0%$1,42431.1%$1,4093.9%$1,5931.3%
Kansas City, MO-KS$1,30811.2%$9957.9%$1,21410.8%$1,50110.8%
Las Vegas-Henderson-Paradise, NV$1,531-0.2%$99210.2%$1,408-0.6%$1,631-3.0%
Los Angeles-Long Beach-Anaheim, CA$2,9398.0%$2,34611.8%$2,7116.8%$3,4186.4%
Louisville/Jefferson County, KY-IN$1,1319.6%$97910.3%$1,0567.6%$1,2467.9%
Memphis, TN-MS-AR$1,3016.4%$1,1999.0%$1,2927.6%$1,2881.0%
Miami-Fort Lauderdale-West Palm Beach, FL$2,59013.2%$2,29219.1%$2,31413.3%$2,88810.8%
Milwaukee-Waukesha-West Allis, WI$1,5257.6%$1,2079.8%$1,4238.5%$1,7113.2%
Minneapolis-St. Paul-Bloomington, MN-WI$1,5593.6%$1,2181.5%$1,4662.5%$1,8732.3%
Nashville-Davidson–Murfreesboro–Franklin, TN$1,7108.8%$1,6254.3%$1,6368.1%$1,7549.1%
New Orleans-Metairie, LA$1,3191.5%NANANANANANA
New York-Newark-Jersey City, NY-NJ-PA$2,83818.2%$2,61221.5%$2,52313.0%$3,12414.2%
Oklahoma City, OK$96113.8%$81917.0%$89318.3%$1,00912.7%
Orlando-Kissimmee-Sanford, FL$1,7908.3%$1,5838.9%$1,6929.2%$2,0018.0%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD$1,7416.1%$1,44214.0%$1,6745.4%$1,8852.6%
Phoenix-Mesa-Scottsdale, AZ$1,6380.2%$1,2921.4%$1,5371.1%$1,776-1.9%
Pittsburgh, PA$1,5137.7%$1,35910.9%$1,4777.4%$1,5983.6%
Portland-Vancouver-Hillsboro, OR-WA$1,8337.2%$1,4705.0%$1,7646.4%$2,0435.9%
Providence-Warwick, RI-MA$2,04316.7%NANANANANANA
Raleigh, NC$1,6117.4%$1,51510.1%$1,5078.3%$1,7918.0%
Richmond, VA$1,4068.3%$1,26516.3%$1,32612.9%$1,5547.1%
Riverside-San Bernardino-Ontario, CA$2,112-1.0%$1,179-19.9%$1,884-0.6%$2,4210.0%
Rochester, NY$1,3018.7%$1,04118.9%$1,21110.4%$1,48712.2%
Sacramento–Roseville–Arden-Arcade, CA$1,921-0.1%$1,683-2.5%$1,791-0.5%$2,0480.6%
San Antonio-New Braunfels, TX$1,2937.5%$1,0642.7%$1,2197.7%$1,4716.3%
San Diego-Carlsbad, CA$2,8688.4%$2,2937.8%$2,6686.9%$3,1346.7%
San Francisco-Oakland-Hayward, CA$3,1268.1%$2,65110.9%$2,8405.0%$3,5666.1%
San Jose-Sunnyvale-Santa Clara, CA$3,33310.7%$2,69510.2%$3,10611.6%$3,7239.7%
Seattle-Tacoma-Bellevue, WA$2,1874.7%$1,8178.5%$2,1583.2%$2,5125.7%
St. Louis, MO-IL$1,2155.9%$9733.3%$1,1695.3%$1,2855.3%
Tampa-St. Petersburg-Clearwater, FL$1,755-0.3%$1,6071.3%$1,6691.1%$1,888-3.1%
Virginia Beach-Norfolk-Newport News, VA-NC$1,4154.3%$1,36419.1%$1,3834.8%$1,421-2.0%


data as of September for units advertised as for-rent on®. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, 1-bedroom, or 2-bedroom units. We use communities that reliably report data each month within the top 50 largest metropolitan areas. National rents were calculated by averaging the medians of the 50 largest metropolitan® began publishing regular monthly rental trends reports in October 2020 with data history stretching back to March 2019.

With the release of its August 2022 rent report,® incorporated a new and improved methodology for capturing and reporting more comprehensive   listing trends and metrics. The new methodology is expected to yield a cleaner, more representative and more consistent measurement of rental listings and trends at both the national and local level. The methodology has been adjusted to better represent the true cost of primary housing for renters. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates. As a result of these changes, the rental data released since September 2022 will not be directly comparable with previous releases (files downloaded before September 2022) and® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology.


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Jiayi XuJiayi Xu, Danielle HaleDanielle Hale