The 10 U.S. Cities with the Biggest Rent Swings in 2024–2025

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The U.S. rental market has always been dynamic, but the past few years have brought unprecedented shifts. From surging demand in fast-growing regions to unexpected declines in traditionally high-cost markets, rents are moving in different directions across the country.

A recent analysis highlights the 10 cities with the biggest rent increases and decreases between 2024 and 2025, offering valuable insights for both renters and property owners. These changes reveal where affordability is tightening, where relief is emerging, and what factors are fueling the trends.

Where Rents Are Rising the Fastest

Large Metros

Some of America’s biggest metropolitan areas are seeing double-digit rent growth, often tied to population growth, job opportunities, and limited housing supply.

  • Charlotte-Concord-Gastonia (NC/SC): Tops the list with rents jumping +16.8%, fueled by strong economic growth and in-migration.

  • Riverside-San Bernardino-Ontario (CA): +14.7%, reflecting Southern California’s persistent housing shortage.

  • Virginia Beach–Chesapeake–Norfolk (VA/NC): +14.4% as demand outpaces supply in this coastal region.

  • Washington–Arlington–Alexandria (DC metro): +13.8%, driven by strong job markets and limited new construction.

  • Houston–Pasadena–The Woodlands (TX): +13.3%, underscoring Texas’ rapid population boom.

  • Other major metros with increases of 10–12% include Nashville (TN), Richmond (VA), Columbus (OH), Pittsburgh (PA), and San Jose (CA).

These increases highlight the affordability crunch in cities that continue to attract workers and families but face slow housing development.

Midsize Metros

Some midsize markets are experiencing even sharper rent spikes, as smaller cities become popular alternatives to expensive urban centers.

  • Boise City (ID): Leads with a dramatic +32.1% increase a result of rapid growth and limited rental inventory.

  • Knoxville (TN): +25.0%, benefiting from affordability compared to Nashville but now catching up in costs.

  • Pensacola (FL): +24.6%, fueled by tourism, retirees, and in-migration.

  • Deltona-Daytona Beach-Ormond Beach (FL): +21.7%, reflecting Florida’s hot housing demand.

  • Other midsize cities like Syracuse (NY), Durham–Chapel Hill (NC), Salem (OR), Chattanooga (TN/GA), and Charleston (SC) saw increases of 12–18%.

These cities illustrate the “secondary market boom,” where renters priced out of big metros are driving up costs in smaller ones.

Small Metros

Smaller markets have seen the steepest jumps, with rents skyrocketing due to limited housing supply and fast population growth.

  • Bozeman (MT): The single biggest rent increase in the country, at +37.4%.

  • Helena (MT): +29.5%, another Montana hotspot seeing massive demand.

  • Idaho Falls (ID): +18.8%.

  • Twin Falls (ID): +18.7%.

  • Other small metros like Pinehurst–Southern Pines (NC), Midland (TX), Utica–Rome (NY), Coeur d’Alene (ID), and Pocatello (ID) posted 14–18% hikes.

These areas show how rural and mountain destinations are no longer immune to housing crises many are becoming lifestyle hubs, but without enough new housing, rents soar.

Where Rents Are Falling

While many cities face rising costs, others are seeing rent relief, often due to slower demand, oversupply of units, or affordability ceilings.

Large Metros with Declines

  • Indianapolis–Carmel–Greenwood (IN): Down –4.0%, the sharpest decline among large metros.

  • Providence–Warwick (RI/MA): –3.8%, showing weakness in demand.

  • Denver (CO): –3.2%, where rapid construction is cooling prices.

  • Hartford (CT): –1.1%.

  • Even famously expensive cities like Boston, Atlanta, San Francisco, and New York posted barely any growth (+0.5–1.5%), suggesting stabilization.

These declines suggest that big metros with significant new housing construction or affordability limits are starting to see relief.

Midsize Metros with Declines

  • Santa Maria–Santa Barbara (CA): A striking –15.1% decrease, the largest drop among midsize metros.

  • Asheville (NC): –6.2%.

  • Flint (MI): –5.7%.

  • Little Rock (AR): –4.6%.

  • Santa Rosa–Petaluma (CA): –3.8%.

These declines may reflect weaker demand, affordability pushback, or more available housing in midsize cities.

Small Metros with Declines

  • Jacksonville (NC): The steepest small metro decline, at –10.5%.

  • Other areas like Boulder (CO), Watertown (NY), Bloomington (IL), San Luis Obispo (CA), Greenville (NC), and Rapid City (SD) saw declines of –3 to –7%.

In many of these smaller areas, economic shifts or population stagnation are easing demand, leading to rent drops.

Why Are Rents Moving in Opposite Directions?

  1. Population Migration – Cities in the Sun Belt, Mountain West, and Southeast are magnets for new residents, while some coastal and Midwestern metros are stabilizing or losing demand.

  2. Housing Supply – Areas with limited new construction (like Montana and Idaho) see sharp increases, while places with strong building pipelines (like Denver) see declines.

  3. Economic Conditions – Job growth, tourism, and retiree migration drive rents up in some cities, while economic slowdowns cool demand in others.

  4. Affordability Ceilings – In cities like San Francisco and New York, rents may have hit their peak, forcing a slowdown.

Takeaways for Renters and Property Owners

  • Renters in Hot Markets: Prepare for stiff competition. Consider smaller surrounding metros or negotiate lease terms early.

  • Renters in Declining Markets: You may finally have leverage don’t be afraid to ask for concessions.

  • Property Owners in Growth Cities: Rising rents present opportunities, but be mindful of affordability backlash and potential regulation.

  • Property Owners in Declining Cities: Focus on tenant retention and competitive pricing to avoid vacancies.

Conclusion

The U.S. rental market is a patchwork of extremes. While Bozeman, MT saw rents climb nearly 40%, Santa Maria–Santa Barbara, CA rents fell by more than 15%. These swings highlight just how localized housing dynamics are and why renters and landlords alike must pay attention to both national trends and local conditions.

The key message: there is no single U.S. rental market there are hundreds of unique ones, each shaped by migration, supply, and economics.

Source: Finance Yahoo – Rent Cost: The 10 Cities With the Biggest Changes