Rent prices are on the rise in the Midwest, with five of the U.S. cities with the fastest-growing rents located there, according to a recent SmartAsset analysis of Zillow data.

The Midwest has historically been home to more affordable homes than pricey coastal areas, but demand has outpaced supply for rental units in many cities, driving prices up, according to economists at Realtor.com. It's not just rentals, either. The Midwest is home to five of the 10 most in-demand ZIP codes for home sales, according to a recent Redfin report.

"The South has been the desirable place in previous years because it's more affordable on the coast, but insurance costs and property taxes have gone up. The Midwest, however, has stable insurance costs, stable property taxes and a stable housing market," Daryl Fairweather, Redfin's chief economist, recently told CNBC Make It.

And despite recent growth, rent is still generally lower in many Midwestern cities than coastal hubs like New York and Los Angeles.

Average rent prices in Newark, New Jersey, which is located just outside of NYC, grew 8.1% to $2,241 between 2024 and 2025 — the fastest clip of any of the 100 largest U.S. cities, SmartAsset finds. Although Cleveland, Ohio, experienced the second-fastest annual growth at 7.3%, the average rent there is only $1,303.

Here are the 10 U.S. cities where rent grew the fastest between 2024 and 2025, according to SmartAsset:

1. Newark, New Jersey

• Average rent, February 2024: $2,073
• Average rent, February 2025: $2,241
• Percent change: 8.1%

2. Cleveland, Ohio

• Average rent, February 2024: $1,215
• Average rent, February 2025: $1,303
• Percent change: 7.3%

3. Columbia, South Carolina

• Average rent, February 2024: $1,409
• Average rent, February 2025: $1,504
• Percent change: 6.7%

4. Fort Wayne, Indiana

• Average rent, February 2024: $1,144
• Average rent, February 2025: $1,215
• Percent change: 6.2%

5. Milwaukee, Wisconsin

• Average rent, February 2024: $1,296
• Average rent, February 2025: $1,376
• Percent change: 6.2%

6. St. Petersburg, Florida

• Average rent, February 2024: $1,952
• Average rent, February 2025: $2,070
• Percent change: 6.1%

7. Toledo, Ohio

• Average rent, February 2024: $1,034
• Average rent, February 2025: $1,095
• Percent change: 5.9%

8. Detroit, Michigan

• Average rent, February 2024: $1,266
• Average rent, February 2025: $1,339
• Percent change: 5.8%

9. Lexington, Kentucky

• Average rent, February 2024: $1,340
• Average rent, February 2025: $1,416
• Percent change: 5.7%

10. Rochester, New York

• Average rent, February 2024: $1,396
• Average rent, February 2025: $1,472
• Percent change: 5.5%

Slower growth in already pricey cities

It's worth noting that the cities where rent grew the fastest aren't necessarily the most expensive. Boston, New York and San Francisco still have the highest rents in the country, SmartAsset finds, with average prices all over $3,350 a month.

These places are major hubs for business, especially the high-paying tech and financial services industries, but strict zoning and construction costs in each of these cities make it difficult to add enough housing supply to meet the constant demand. Boston and San Francisco in particular are among the U.S. cities with the worst housing shortages, according to a 2024 Zillow report.

On the flip side, rent prices fell between 2024 and 2025 in just six of the largest U.S. cities, SmartAsset finds. Aurora, Colorado, saw the largest drop with the average rent decreasing nearly 3.1%.

Austin, Texas, which has garnered media attention for its recent housing developments, saw rent prices drop by 2.3% in the last year.

The city's population exploded during the Covid-19 pandemic, which drove up housing costs for a period. But those rising costs may have turned political tides in the area, leading residents to vote in a more homebuilding-friendly city council, the Texas Tribune reports.

The city began approving more building permits and boosted the housing supply to the point that rents have been falling and landlords struggle to fill their properties, according to Bloomberg.

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