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  • Swapna Venugopal Ramaswamy

USA TODAY: THINKING OF RENTING A SINGLE-FAMILY HOME? THE 10 FASTEST GROWING MARKETS


After showing signs of stagnation toward the end of 2022, the asking rents for single-family homes appears to be on an upward trajectory once again.


The median asking rent for three-bedroom single-family rentals surged to $1,848, up $128, or 7.4%, from December 2022 to January 2023, according to an analysis by Dwellsy.


Rising U.S. consumer sentiment, which improved to a 13-month high in February, combined with would-be homebuyers opting to rent due to high mortgage rates, could explain renters' willingness to shell out out more, according to Jonas Bordo, CEO and cofounder of Dwellsy.


“Los Angeles takes the top spot, with a median asking rent of $4,100,” says Bordo. “That easily beats out second-place contender San Jose, where rent for a three-bedroom SFR is $3,895.”


Nationwide, single-family rentals have grown in price at a dramatically higher rate than apartments, with Albany, Georgia, topping the list with a 42% increase in rents.




Top 10 Most Expensive Big Cities for Three-Bedroom Single-Family Home Rentals

(Median 3-Bedroom Single-Family Home Asking Rent)

1. Los Angeles, California

January 2023: $4,100

Change since January 2022: + 5.6%


2. San Jose, California

January 2023: $3,895

Change since January 2022: + 8.2%


3. San Francisco, California

January 2023: $3, 700

Change since January 2022: + 1.4%


4. San Diego, California

January 2023: $ 3,545

Change since January 2022: + 5.9%


5. Miami, Florida

January 2023: $ 3,400

Change since January 2022: + 2.3%


6. Honolulu, Hawaii

January 2023: $3,300

Change since January 2022: + 4.9%


7. Boston, Massachusetts

January 2023: $3,200

Change since January 2022: + 9.4%


8. Riverside-San Bernardino, California

January 2023: $2,800

Change since January 2022: + 5.7%


9. New York, New York

January 2023: $2,800

Change since January 2022:+ 7.7%


10. Washington, D.C.

January 2023: $2,700

Change since January 2022:+ 8.1%


Cities With The fastest Growing 3-Bedroom Home Rent Prices in 2023


1. Albany, Georgia

January 2023: $1,335

Change since January 2022: + 42.8%


2. Fort Smith, Arkansas-Oklahoma

January 2023: $1,298

Change since February 2022: + 36.6%


3. Santa Barbara, California

January 2023: $3,650

Change since February 2022: + 35.4%


4. Rochester, New York

January 2023: $1,600

Change since February 2022:+ 33.3%


5. Anderson, Indiana

January 2023: $1,463

Change since February 2022:+ 33.0%


6. Rochester, Minnesota

January 2023: $2,050

Change since February 2022:+ 32.3%


7. Kalamazoo, Michigan

January 2023: $1,673

Change since February 2022:+ 31.9%


8. Monroe, Louisiana

January 2023: $1,400

Change since February 2022:+ 30.2%


9. Greenville, North Carolina

January: $1,500

Change since February 2022:+ 25.0%


10. Lawton, Oklahoma

January: $1,060

Change since February 2022:+ 24.7%


Swapna Venugopal Ramaswamy is a housing and economy correspondent for USA TODAY. You can follow her on Twitter @SwapnaVenugopal and sign up for our Daily Money newsletter here.

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