Where Rent Increased and Decreased Most – 2026 Study

Rent in 100 of the largest U.S. cities increased by an average 1.73% over the past year, going from $1,810 to $1,843. Meanwhile, general inflation – estimated to be at 2.41% nationally over the same time period – exceeded the rent increases, giving some households extra purchasing power of their biggest monthly expense. Still, many hot spots saw rent far outpace annual inflation, some in excess of a 5% annual increase. These recent trends can reveal housing and job market momentum in a particular locale, along with other contextual insights.

With this in mind, SmartAsset ranked U.S. cities based on the one-year increase in typical rent between 2025 and 2026, including the price tag on a typical rental now, last year, and five years ago.

Key Findings

• San Francisco sees a 14.0% increase in rent. San Francisco earned the title of highest rent increase this year by a wide margin. The typical rent jumped from $3,362 in 2025 to $3,830 in 2026. This boost makes San Francisco the most expensive rent studywide, overtaking New York, NY. The cumulative five year change in rent prices in San Francisco has been 35.1%.
• Other sharp rent increases reveal these cities as current hot spots. Reno, NV and Chicago, IL each saw a 6.5% increase in the typical rent this year, followed by Virginia Beach, VA and New York, NY at 5.4% increases. Lexington, KY (5.1%); Oakland, CA (5.0%); and Minneapolis, MN (5.0%) also saw relative surges.
• Over a five-year timeline, rent increased most in Miami. Ranking 67th this year with a relatively flat 0.3% increase, Miami still overtakes all cities in rent surges considering 2021 to 2026. The rent increased over $1,000 from $1,958 to $2,955 over that period. New York, NY has the second highest five-year increase at 49.8%.
• Rent decreased most in Austin; 21 cities total. Rent dropped -2.9% from $1,577 to $1,531 over the past year in Austin, more than any other large U.S. city. The typical rent also decreased this year in Washington, DC (-2.0%); San Antonio, TX (-1.7%); Phoenix, AZ (-1.6%); Aurora, CO (-1.4%); Denver, CO (-1.0%); Houston, TX (-1.0); and Raleigh, NC (-0.3%); among other cities.

Top 10 Cities With the Biggest Rent Increases

1. San Francisco, CA

• One year increase: 13.94%
• Rent, 2026: $3,830
• Rent, 2025: $3,362
• Rent, 2021: $2,834
• Five year increase: 35.14%

2. Reno, NV

• One year increase: 6.49%
• Rent, 2026: $1,830
• Rent, 2025: $1,718
• Rent, 2021: $1,453
• Five year increase: 25.93%

3. Chicago, IL

• One year increase: 6.49%
• Rent, 2026: $2,292
• Rent, 2025: $2,153
• Rent, 2021: $1,649
• Five year increase: 39.03%

4. Virginia Beach, VA

• One year increase: 5.36%
• Rent, 2026: $1,953
• Rent, 2025: $1,853
• Rent, 2021: $1,410
• Five year increase: 38.50%

5. New York, NY

• One year increase: 5.36%
• Rent, 2026: $3,706
• Rent, 2025: $3,517
• Rent, 2021: $2,474
• Five year increase: 49.81%

6. Lexington, KY

• One year increase: 5.10%
• Rent, 2026: $1,487
• Rent, 2025: $1,415
• Rent, 2021: $1,036
• Five year increase: 43.55%

7. Oakland, CA

• One year increase: 5.04%
• Rent, 2026: $2,527
• Rent, 2025: $2,406
• Rent, 2021: $2,321
• Five year increase: 8.89%

8. Minneapolis, MN

• One year increase: 5.01%
• Rent, 2026: $1,638
• Rent, 2025: $1,560
• Rent, 2021: $1,388
• Five year increase: 18.06%

9. Toledo, OH

• One year increase: 4.77%
• Rent, 2026: $1,060
• Rent, 2025: $1,012
• Rent, 2021: $752
• Five year increase: 40.91%

10. Cleveland, OH

• One year increase: 4.76%
• Rent, 2026: $1,344
• Rent, 2025: $1,283
• Rent, 2021: $958
• Five year increase: 40.27% 

Top 10 Cities With the Biggest Rent Decreases

1. Austin, TX

• One year change: -2.87%
• Rent, 2026: $1,531
• Rent, 2025: $1,577
• Rent, 2021: $1,372
• Five year change: 11.63%

2. Saint Petersburg, FL

• One year change: -2.19%
• Rent, 2026: $2,048
• Rent, 2025: $2,094
• Rent, 2021: $1,459
• Five year change: 40.33%

3. Washington, DC

• One year change: -1.99%
• Rent, 2026: $2,406
• Rent, 2025: $2,455
• Rent, 2021: $2,031
• Five year change: 18.46%

4. San Antonio, TX

• One year change: -1.72%
• Rent, 2026: $1,361
• Rent, 2025: $1,385
• Rent, 2021: $1,199
• Five year change: 13.53%

5. Phoenix, AZ

• One year change: -1.64%
• Rent, 2026: $1,556
• Rent, 2025: $1,582
• Rent, 2021: $1,271
• Five year change: 22.38%

6. Katy, TX

• One year change: -1.43%
• Rent, 2026: $1,896
• Rent, 2025: $1,923
• Rent, 2021: $1,554
• Five year change: 21.95%

7. Aurora, CO

• One year change: -1.39%
• Rent, 2026: $1,689
• Rent, 2025: $1,713
• Rent, 2021: $1,415
• Five year change: 19.41%

8. Tampa, FL

• One year change: -1.36%
• Rent, 2026: $1,968
• Rent, 2025: $1,996
• Rent, 2021: $1,441
• Five year change: 36.61%

9. Mesa, AZ

• One year change: -1.23%
• Rent, 2026: $1,554
• Rent, 2025: $1,574
• Rent, 2021: $1,268
• Five year change: 22.57%

10. Chandler, AZ

• One year change: -1.18%
• Rent, 2026: $1,848
• Rent, 2025: $1,870
• Rent, 2021: $1,515
• Five year change: 21.98%

Data and Methodology

Rental data comes from Zillow’s Zillow Observed Rent Index (ZORI). Data as of February 2026, February 2025, and February 2021 was compared. Data represents average for all homes plus multifamilies for 100 of the largest U.S. cities, smoothed and seasonally adjusted.

Questions about this study? Contact us at press@smartasset.com

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