These U.S.cities have seen rent prices soar. Here’s where NYC stands

STATEN ISLAND, N.Y. — Looking for a new place to call home but aren’t sure where in the country the rent won’t make your wallet weep?

Smart Asset ranked 100 of the largest U.S. cities by the percent increase in the average rent prices over a period of one year.

Utilizing Zillow’s Zillow Observed Rent Index, the study compared data from May 2022 and May 2023 that was seasonally adjusted for all homes, including multi-families.

As per the findings, Rent increased by 8% in Columbia, S.C., the highest increase of any major city over the last year, averaging $1,438, compared with $1,331 last year.

Pre-pandemic, the average rent in the city rose 43.5% from $1,001, Smart Asset, said.

Newark; Wichita, Kansas; and, Rochester, New York, followed closely behind with a rent increase averaging 7.6%

Unsurprisingly, New York City has the highest rent in the country at $3,393 — a 3.6% increase over the last year, when rent averaged $3,273, the study found.

Rent is nearly as high in Boston, $3,359; Irvine, California, $3,335; San Francisco, $3,276; and, San Jose, California, $3,107.

Four cities can claim a 50% rent increase since pre-pandemic.

Austin, Texas, saw the largest drop in rent at 3.2%, going from $1,775 last year to $1,719 this year, according to the report.