It's no secret that over the past few years, rent has gotten more expensive — especially in large cities.

But just how much has rent gone up? We used the latest housing data to calculate changes in Fair Market Rents (FMRs) for both one and two bedroom housing units in each of the nation's 50 largest metros from 2019 to 2024. Here's what we found. 

• In each of the nation’s 50 largest metros, Fair Market Rents for one and two-bedroom housing units grew from 2019 to 2024. On average, FMRs for one- and two-bedroom units grew by $450 and $505, respectively.
• FMRs for one-bedroom units increased by the largest dollar amounts in New York, Miami and Phoenix. In these metros, FMRs for one-bedroom homes rose by $852, $737 and $731, respectively, from 2019 to 2024. 
• One-bedroom FMRs increased by the lowest dollar amounts in Raleigh ($61), Oklahoma City ($195) and Milwaukee ($226).
• FMRs for two-bedroom units grew the most in New York, Miami and Sacramento. In these metros, From 2019 to 2024, they increased by $921, $870 and $852, respectively.

You can see our full report here: https://www.lendingtree.com/home/mortgage/fair-market-rents-study/

LendingTree's Senior Economist and report author, Jacob Channel, had this to say:

"Ultimately, our study further highlights just how much more expensive housing has gotten in the years since the start of the COVID-19 pandemic. It also reaffirms the need for more housing construction in the nation’s largest metros by acknowledging that increasing housing supply is one of the best ways to bring housing costs down."