Thinking of renting a single-family home? These are the 10 fastest-growing markets

After showing signs of stagnation toward the end of 2022, the asking rents for single-family homes appear 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 more, according to Jonas Bordo, CEO and co-founder 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.”

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%

12. Los Angeles

2. San Jose, California

January 2023:  $3,895

Change since January 2022: + 8.2%

San Jose, Calif. skyline

3. San Francisco, California

 January 2023:  $3, 700

Change since January 2022: + 1.4%

A supermoon rises behind the Golden Gate Bridge and the San Francisco skyline as seen from Sausalito, Calif. on Thursday, Aug. 11, 2022. (Jose Carlos Fajardo/Bay Area News Group via AP) ORG XMIT: CAJOS802

4. San Diego, California

 January 2023: $ 3,545

Change since January 2022: + 5.9%

9. San Diego

5. Miami, Florida

 January 2023: $ 3,400

Change since January 2022: + 2.3%

4. Miami. The beaches are open (see guidelines here), and out-of-state visitors can easily get to the warm destination via Miami International Airport or Fort Lauderdale-Hollywood International. Be sure to check out the Art Deco district and Little Havana before heading home.

6. Honolulu, Hawaii

 January 2023: $3,300

Change since January 2022: + 4.9%

Honolulu's skyline and oceanfront seen at night.

7. Boston, Massachusetts 

January 2023:  $3,200

Change since January 2022: + 9.4%

Stroll the Boston Seaport this summer.

8. Riverside-San Bernardino, California

January 2023:  $2,800

Change since January 2022: + 5.7%

24. Riverside-San Bernardino-Ontario, CA     • Increase in median list price, May 2021-May 2022:  +14.2%     • Median list price, May 2022:  $599,000 (12th highest out of 50)     • Median days on market:  27 days (24th most out of 50)     • Population:  4,600,396

9. New York, New York

 January 2023: $2,800

Change since January 2022:+ 7.7%

Picture of New York City skyline

10. Washington, D.C.

 January 2023: $2,700

Change since January 2022:+ 8.1%

The Washington D.C. skyline

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