A March Rental Report from Realtor.com notes that US rental prices have skyrocketed nearly 20% in just two years. So this is the question: What are the cities where rents increased the most in the last year in the US?
A report from the real estate site Relator.com revealed that rental prices in the US increased by almost 20% from March 2020 to 2022 during the pandemic.
The Sun Belt metro areas topped the list of the fastest growing rental markets between March 2020 and 2022, led by Miami, Riverside, California, and Tampa, Fla.
What are the cities where rents increased the most in the last year in the US?
“With requested rentals nearly 1.2 times higher than two years ago, our March data highlights the growing rental affordability challenges facing many Americans today,” said Danielle Hale, chief economist at Realtor.com. “At the same time, rental trends for March offer early signs of relief from the feverish pace of rental growth, which moderated year-over-year for the second month in a row.”
Relator’s analysis indicates that the median rental price in the US hit a new high of $1,807 in March, up 19.3% in just two years.
Following a slowdown in 2020 at the onset of Covid, rents significantly recovered lost ground in 2021 and have maintained a pace of annual rent growth ever since, in fact, March marked the eighth consecutive month of double-digit annual rent increases. (+17%), although the pace moderated slightly compared to February (+17.1%).
Read: 10 cities with the cheapest houses to buy in the United States
Relator’s data suggests that renting remains an option for Americans who want flexibility. With the rise of remote work, renting offered an attractive option for those looking to explore the possibility of living in relatively affordable markets further away from the big tech cities.
With home prices for sale and mortgage rates on the rise, many prospective buyers are turning to renting and driving up rental prices.
US areas with the highest increases (overall median rent as of March 2022)
- Miami-Fort Lauderdale-West Palm Beach, Florida.
Rent: $2,988 dollars
Year-over-year increase: 57.2% - Orlando-Kissimmee-Sanford, Fla.
Rent: $1,886
YoY increase: 35% - Tampa-St. Petersburg-Clearwater, Fla.
Rent: $2,114
Year-over-year increase: 31.1% - Austin-Round Rock, Texas
Rent: $1,777 dollars
YoY increase: 25.9% - Las Vegas-Henderson-Paradise, Nevada.
Rent: $1,623
YoY increase: 25.1% - San Diego-Carlsbad, Calif.
Rent: $3,016
YoY increase: 24.8% - Memphis, Tenn.-Miss.-Ark.
Rent: $1,403
YoY increase: 24.6% - Phoenix-Mesa-Scottsdale, Arizona.
Rent: $1,896
YoY increase: 23.4% - Jacksonville, Fla.
Rent: $1,580 dollars
YoY increase: 23.2% - Nashville-Davidson–Murfreesboro–Franklin, Tennessee.
Rent: $1,727
Year-over-year increase: 23.1% - Raleigh, North Carolina
Rent: $1,591
Year-over-year increase: 23.1% - San Antonio-New Braunfels, Texas
Rent: $1,389
YoY increase: 22.3% - Boston-Cambridge-Newton, Mass.-NH
Rent: $2,757
YoY increase: 21.9% - Dallas-Fort Worth-Arlington, Texas
Rent: $1,629
YoY increase: 21.2% - Los Angeles-Long Beach-Anaheim, California
Rent: $3,000
YoY increase: 20.2%
Source: Move.com
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