CNBC analyzed Apartment List data to rank the northeast metros with the biggest rent increases for a 1-bedroom apartment from April 2023 to April 2024.
Rent prices are up all across the United States. According to a May Zumper report, the national median rent for a one-bedroom apartment is $1,487.
In New York and Los Angeles, the figure jumps to $4,280 and $2,300, respectively.
CNBC Make It analyzed rent estimate data from Apartment List for April 2023 to April 2024, filtering metropolitan statistical areas, as defined by the Census Bureau, by those with at least 500,000 residents to find the metros in the Northeast with the biggest rent increases for a one-bedroom apartment.
The New York City tri-state area didn't even rank in the top five. The New York-Newark-Jersey City metro area saw the average rent for a one-bedroom apartment go from $1,991 in 2023 to $2,008 in 2024, an increase of only $17 or 0.9%.
Connecticut has the most metro areas with the biggest rent increase for one-bedroom apartments — four out of the top five. This includes one statistical area that covers part of northeastern Connecticut and a swath of Massachusetts including Worcester. Connecticut is also the only state in the Northeast region to have multiple metro areas in the top 20.
The state provides residents with easy access to major cities such as New York City, Boston, and Providence, Rhode Island.
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The Northeast metro with the biggest rent increase year over year: Providence-Warwick, Rhode Island
Money Report
Rent for 1-bedroom apartments in the Providence-Warwick, Rhode Island, metro area increased by 5.1% from April 2023 to April 2024. The average price went from $1,053 to $1,107.
That's up 37.3% from April 2019, when the average rent was $806.
Located on the coast of Narragansett Bay in Rhode Island, Providence and Warwick are the state's two largest cities.
Providence is a hub for the health-care and education industries and home to several higher-learning institutions such as Brown University and the Rhode Island School of Design.
Rhode Island's main airport, T.F. Green Airport, is 12 miles south of downtown Providence in Warwick.
The area is best known for its beautiful beaches and historic sites, such as Rocky Point Park and the Conimicut Lighthouse.
5 Northeast metros with the biggest rent increases for a 1-bedroom in one year
- Providence-Warwick, Rhode Island
- Hartford-East Hartford-Middletown, Connecticut
- Bridgeport-Stamford-Norwalk, Connecticut
- New Haven-Milford, Connecticut
- Worcester, Massachusetts (with part of Connecticut)
The Hartford-East Hartford-Middletown metro area had the second-biggest rent increase in 1-bedroom apartments year over year.
Rent for 1-bedroom apartments in the area increased by 4.9% from April 2023 to April 2024.
The average rent went from $1,189 to $1,247 in one year. Overall, rent increased 31.4% from 2019 to 2024 and 8.3% from 2022 to 2024.
In 2023, Hartford was one of Realtor.com's top 10 markets of the year. It's known as the world's insurance capital because it's home to the headquarters of more than 100 insurance companies.
Hartford's cost of living is 6% higher than the national average, while housing expenses are 2% lower, according to PayScale.
Despite lower housing costs, the average amount that residents pay in utilities in Hartford is 26% higher than the national average, and groceries are 2% higher.
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