January 2024 - Data from the number 1 roommate finder SpareRoom reveals that roommate rents in almost two thirds of major US metro areas reached record highs in 2023, with 18 of the top 29 breaking previous records. 14 of those cities reached their peak in the final quarter of the year.
New York remains the most expensive city to rent, with the peak coming in Q2 of 2023, when the average monthly roommate rent hit $1,625. Since then things have cooled slightly. Meanwhile, Kansas City is the cheapest, with average monthly rents of $562.
These are the major metro areas where rents reached an all-time high in 2023:
- Baltimore
- Boston
- Chicago
- Dallas
- Denver
- Las Vegas
- Los Angeles
- Miami
- New York
- Phoenix
- Portland
- Riverside
- Sacramento
- San Antonio
- San Diego
- Seattle
- Tampa
- Virginia Beach
Of the 18 cities seeing record high rents in 2023, 4 have since seen rents fall; Chicago, Las Vegas, Miami and New York.
These are the average roommate rents across major metro areas in 2023*. The highlighted months show where each hit their peak. Those with no highlight peaked earlier than 2023.
| Metro area | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|
| Atlanta | $859 | $833 | $816 | $858 |
| Austin | $937 | $949 | $959 | $938 |
| Baltimore | $890 | $858 | $855 | $838 |
| Boston | $1,413 | $1,374 | $1,329 | $1,264 |
| Charlotte | $882 | $892 | $878 | $872 |
| Chicago | $1,011 | $1,026 | $1,058 | $980 |
| Dallas | $909 | $788 | $780 | $812 |
| Denver | $1,094 | $1,063 | $1,077 | $1,040 |
| Houston | $835 | $801 | $770 | $784 |
| Kansas City | $562 | $531 | $480 | $468 |
| Las Vegas | $893 | $896 | $883 | $860 |
| Los Angeles | $1,344 | $1,343 | $1,338 | $1,316 |
| Miami | $1,261 | $1,274 | $1,286 | $1,279 |
| New York | $1,571 | $1,581 | $1,625 | $1,525 |
| Orlando | $925 | $909 | $875 | $918 |
| Philadelphia | $905 | $894 | $894 | $861 |
| Phoenix | $939 | $933 | $922 | $933 |
| Portland | $920 | $839 | $868 | $876 |
| Raleigh | $796 | $834 | $862 | $851 |
| Riverside | $1,024 | $1,012 | $975 | $1,013 |
| Sacramento | $969 | $956 | $924 | $965 |
| San Antonio | $734 | $710 | $688 | $664 |
| San Diego | $1,314 | $1,312 | $1,290 | $1,280 |
| San Francisco Bay Area | $1,292 | $1,317 | $1,284 | $1,309 |
| Seattle | $1,072 | $1,025 | $989 | $1,031 |
| Tampa | $985 | $941 | $965 | $898 |
| Virginia Beach | $895 | $877 | $879 | $867 |
| Washington D.C. | $1200 | $1,250 | $1,269 | $1,204 |
Matt Hutchinson, SpareRoom spokesperson comments: ‘The majority of major US metro areas saw record rents in 2023. With cities as spread out as Boston, Miami, Seattle and San Diego all on the list it’s clear this is a nationwide problem.
One of the key issues is the knock on effect of high rents on workforce mobility. Growing an economy relies on people being able to move. Jobs are the number one reason why people relocate, but if people are unable or unwilling to move to take those jobs, the nation's economic growth will suffer.”
***
Notes to editors
*Based on analysis of 68,616 room ads placed on SpareRoom between January and December 2023