Rent Prices Soar: Which US States and Metros Experienced the Biggest Spike?

Rent prices in the US have been steadily increasing for the past four months, with a 1.7% growth from May to June and a total increase of over 3% since April. However, prices remain below last summer's peak. The national median rent price is now $2,029, representing a 5% increase from February and the highest price since August 2022. Rent growth has been more moderate compared to previous years, thanks to new inventory and slower-than-normal price increases during the high season for rentals. Rent prices have gone up in the Northeast and Midwest, while the West has seen declines. Among the 50 most populous metropolitan areas, California dominates the list of cities with the largest rent increases, while Austin, Texas, experienced significant rent declines at -14%.