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%
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%
