Rent Keeps Rolling Uphill: 19% Rent Increase in the Past Year
Wednesday, April 6th, 2022
Rent is substantially up across the country for yet another month. Single-family rentals continue to drive overall rent increases while apartment rent increases are far more modest.
LOS ALTOS, Calif., April 5, 2022 /PRNewswire/ -- March brought continued substantial rent increases yet again. Key stats, according to Dwellsy's analysis of 509,911 available rentals:
$1,850/mo: Median asking rent in March across the country
1.6%: 1 month growth in rent (vs. $1,820/mo in Feb 2022 - a 21% annualized run rate for the year)
19.4%: 1 year growth in rent vs. $1,550/mo in March 2021
30.5%: Median rent as a share of pre-tax median income
That 19.4% increase translates into $300 more in rent expense for renters each month for the same rental last year, across the full market.
"Most of these markets share a common theme: lots of single-family rental homes and lower cost of living vs. cities like San Francisco and New York," said Jonas Bordo, CEO and Co-Founder of Dwellsy.
"Over the past two years, single-family rentals have been by far the most in-demand property type as renters look for more space, seek COVID-safe home entry/exit (no elevators!), and trade into markets with lower costs of living," said Bordo.
In March, single-family rentals continued to bear the brunt of rent increases. Over the past year, single-family rent has risen 36% from $1,600 in March of 2021 to $2,175 in March of 2022, while apartment rents have risen just 3.6%.