In February, national rents grew 17.1% year-over-year to a new high of $1,792 per month, representing a higher share of household incomes (29.7%) than in 2021 (24.8%)
New rental data shows affordability issues are on the rise, as Americans spent 30% of their monthly budgets on rents in February on average, according to the Realtor.com® Monthly Rental Report released today. February rents accounted for an even higher portion of household incomes in 14 of the 50 largest U.S. markets, with the list of least affordable areas dominated by Sun Belt metros like Miami, Tampa, Fla. and San Diego, Calif.
In February, the U.S. median rental price hit a new high of $1,792 and soared by double-digit percentages (+17.1% year-over-year) for the seventh month in a row. Among unit sizes, studio rents increased at the fastest annual pace, up 17.1% (+$215) to a median of $1,474. Larger unit rents also posted double-digit gains over February 2021: 1-bedrooms, up 16.4% (+$232) to $1,648; and 2-bedrooms, up 16.2% ($278) to $2,002.
“Whether it’s rent or mortgage payments, the general rule of thumb is to keep monthly housing costs to less than 30% of your income. And with rents surging nationwide, February data indicates that many renters’ budgets may be stretched beyond the affordability limit,” said Realtor.com® Chief Economist Danielle Hale. “With rents up by nearly 20% over the past two years, rental prices are likely to remain high, but we do expect some cooling from the recent accelerated pace. In light of mounting economic uncertainties and the conflict in Ukraine, some households will prefer to buy, in an effort to lock-in a largely fixed monthly payment as a hedge against further inflation. But fast-rising mortgage rates and still-limited numbers of homes for sale could mean some would-be buyers may stick with the flexibility of renting. With rental demand already outmatching supply, rental affordability will remain a challenge. For renters eager to make the transition to first-time buying, finding a relatively affordable rental is key to saving for a downpayment. Tools like the Realtor.com® Rent vs. Buy Calculator can help you frame the numbers in a meaningful way and make the choice that is right for you.”
February 2022 Rental Metrics – National
| Unit Size | Median Rent | Change over Feb. 2021 | Change over Feb. 2020 |
| Overall | $1,792 | 17.1% ($261) | 18.8% ($283) |
| Studio | $1,474 | 17.1% ($215) | 11.7% ($154) |
| 1-bed | $1,648 | 16.4% ($232) | 17.1% ($241) |
| 2-bed | $2,002 | 16.2% ($278) | 21.2% ($350) |
Affordability issues soar nationwide, led by Sun Belt metros
February data indicates that rents are increasingly straining Americans’ budgets, representing roughly 30% of typical household incomes. Year-over-year rent growth in February 2022 was four-times higher when compared to March 2020, before the onset of COVID, highlighting limited supply relative to demand. The acceleration in rents is largely driven by a growing segment of young households, many of whom are turning to renting in the face of the for-sale inventory crunch, record-high listing prices and climbing mortgage rates. In turn, many of the least affordable rental markets are also some of the most competitive areas for buying. These trends are illustrated in Sun Belt metros like Miami, Tampa and San Diego, which topped February’s lists of fastest-growing and least affordable rental markets, as well as the hottest homebuying destinations.
Least Affordable Rental Markets (Feb. 2022)
| Rank | Metro Area | Median Rent | Rental Share of Income | Rental Shareof Income YoY | Maximum Affordable Rent |
| 1 | Miami, Fla. | $2,929 | 59.5% | 37.8% | $1,476 |
| 2 | Los Angeles, Calif. | $2,993 | 46.0% | 39.1% | $1,952 |
| 3 | Riverside, Calif. | $2,678 | 45.9% | 40.5% | $1,752 |
| 4 | Tampa, Fla. | $2,098 | 44.7% | 33.1% | $1,407 |
| 5 | San Diego, Calif. | $3,008 | 42.9% | 35.0% | $2,105 |
| 6 | New York, N.Y. | $2,725 | 40.9% | 36.7% | $1,997 |
| 7 | Las Vegas, Nev. | $1,600 | 39.6% | 30.9% | $1,213 |
| 8 | New Orleans, La. | $1,725 | 37.2% | 32.5% | $1,392 |
| 9 | Orlando, Fla. | $1,843 | 36.7% | 26.8% | $1,506 |
| 10 | Phoenix, Ariz. | $1,855 | 34.7% | 27.9% | $1,628 |
| 11 | Sacramento, Calif. | $2,029 | 31.8% | 28.6% | $1,912 |
| 12 | Memphis, Tenn. | $1,385 | 31.4% | 25.3% | $1,324 |
| 13 | Cleveland, Ohio | $1,378 | 30.7% | 29.2% | $1,345 |
| 14 | San Francisco, Calif. | $2,970 | 30.5% | 28.2% | $2,921 |
Middle America rental markets offer relative affordability
Although rental affordability is dwindling at the national level, February data offers some good news for some renters, depending on where they live. In many large markets in Middle America, for instance, February rents came in below the recommended max share of monthly paychecks. Additionally, the area accounted for more than half of February’s most affordable rental markets, including Kansas City, Oklahoma City and St. Louis. Still, with February rent growth outpacing incomes even in these relatively affordable areas, renters devoted more of their monthly paychecks towards housing costs than in 2021.
Most Affordable Rental Markets (Feb. 2022)
| Rank | Metro Area | Median Rent | Rental Share of Income | Rental Shareof Income YoY | Maximum Affordable Rent |
| 1 | Kansas City, Mo. | $1,216 | 19.9% | 18.2% | $1,832 |
| 2 | Oklahoma City, Okla. | $923 | 21.1% | 19.0% | $1,314 |
| 3 | Denver, Colo. | $1,921 | 21.9% | 19.0% | $2,631 |
| 4 | St. Louis, Mo. | $1,299 | 22.3% | 20.7% | $1,749 |
| 5 | Washington, D.C. | $2,078 | 22.7% | 20.4% | $2,746 |
| 6 | Indianapolis, Ind. | $1,215 | 23.0% | 20.7% | $1,587 |
| 7 | Louisville, Ky. | $1,200 | 23.0% | 20.5% | $1,564 |
| 8 | Minneapolis, Minn. | $1,558 | 23.0% | 22.1% | $2,028 |
| 9 | Houston, Texas | $1,420 | 23.4% | 21.1% | $1,823 |
| 10 | Raleigh, N.C. | $1,561 | 23.5% | 19.9% | $1,990 |
January 2022 Rental Metrics – 50 Largest U.S. Metros*
| Metropolitan Statistical Area | Overall Median Rent | Overall Rent YoY | Studio Median Rent | Studio Rent YoY | 1-br Median Rent | 1-br Rent YoY | 2-br Median Rent | 2-br Rent YoY |
| Atlanta-Sandy Springs-Roswell, Ga. | $1,812 | 19.6% | $1,684 | 19.3% | $1,685 | 19.7% | $2,000 | 18.7% |
| Austin-Round Rock, Texas | $1,773 | 28.1% | $1,420 | 20.8% | $1,630 | 28.7% | $1,925 | 24.4% |
| Baltimore-Columbia-Towson, Md. | $1,770 | 13.5% | $1,479 | 12.3% | $1,699 | 15.6% | $1,850 | 10.8% |
| Birmingham-Hoover, Ala. | $1,185 | 9.2% | $1,040 | 6.9% | $1,117 | 5.3% | $1,258 | 11.7% |
| Buffalo-Cheektowaga-Niagara Falls, N.Y. | $1,295 | 10.0% | $1,095 | 46.0% | $1,158 | 12.2% | $1,390 | 6.1% |
| Charlotte-Concord-Gastonia, N.C.-S.C. | $1,621 | 19.7% | $1,481 | 21.6% | $1,528 | 19.5% | $1,777 | 17.3% |
| Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | $1,817 | 10.1% | $1,328 | 3.1% | $1,811 | 13.2% | $2,000 | 4.7% |
| Cincinnati, Ohio-Ky.-Ind. | $1,395 | 7.8% | $1,133 | 9.5% | $1,346 | 9.1% | $1,508 | 3.4% |
| Cleveland-Elyria, Ohio | $1,378 | 6.0% | $965 | 7.9% | $1,319 | 6.5% | $1,500 | 8.7% |
| Columbus, Ohio | $1,249 | 11.7% | $1,028 | 3.6% | $1,157 | 10.9% | $1,358 | 9.7% |
| Dallas-Fort Worth-Arlington, Texas | $1,610 | 20.2% | $1,353 | 19.5% | $1,475 | 22.9% | $1,900 | 21.9% |
| Denver-Aurora-Lakewood, Colo. | $1,921 | 15.7% | $1,612 | 16.6% | $1,801 | 15.4% | $2,241 | 17.7% |
| Detroit-Warren-Dearborn, Mich. | $1,373 | 4.2% | $1,074 | 3.3% | $1,147 | 4.7% | $1,500 | 1.9% |
| Hartford-West Hartford-East Hartford, Conn. | $1,648 | 13.3% | $1,480 | 36.8% | $1,488 | 8.6% | $1,888 | 15.6% |
| Houston-The Woodlands-Sugar Land, Texas | $1,420 | 13.8% | $1,308 | 13.3% | $1,295 | 15.9% | $1,598 | 14.4% |
| Indianapolis-Carmel-Anderson, Ind. | $1,215 | 10.9% | $1,040 | 11.2% | $1,117 | 8.3% | $1,349 | 12.5% |
| Jacksonville, Fla. | $1,570 | 24.9% | $1,155 | 7.0% | $1,455 | 23.1% | $1,708 | 26.5% |
| Kansas City, Mo.-Kan. | $1,216 | 11.1% | $1,029 | 8.9% | $1,077 | 11.8% | $1,401 | 11.8% |
| Las Vegas-Henderson-Paradise, Nev. | $1,600 | 25.1% | $1,254 | 8.1% | $1,505 | 29.4% | $1,716 | 26.8% |
| Los Angeles-Long Beach-Anaheim, Calif. | $2,993 | 20.1% | $2,218 | 19.9% | $2,751 | 24.3% | $3,402 | 17.4% |
| Louisville/Jefferson County, Ky.-Ind. | $1,200 | 12.2% | $1,009 | 4.6% | $1,105 | 10.3% | $1,350 | 10.0% |
| Memphis, Tenn.-Miss.-Ark. | $1,385 | 24.2% | $1,248 | 23.4% | $1,319 | 23.3% | $1,507 | 28.9% |
| Miami-Fort Lauderdale-West Palm Beach, Fla. | $2,929 | 55.3% | $2,420 | 51.2% | $2,570 | 53.2% | $3,248 | 49.9% |
| Milwaukee-Waukesha-West Allis, Wis. | $1,505 | 9.0% | $1,195 | 7.4% | $1,402 | 6.9% | $1,740 | 11.5% |
| Minneapolis-St. Paul-Bloomington, Minn.-Wis. | $1,558 | 4.5% | $1,222 | 2.6% | $1,465 | 4.3% | $1,895 | 4.1% |
| Nashville-Davidson–Murfreesboro–Franklin, Tenn. | $1,690 | 20.9% | $1,709 | 24.1% | $1,575 | 20.2% | $1,818 | 20.4% |
| New Orleans-Metairie, La. | $1,725 | 11.3% | $1,400 | 12.0% | $1,508 | 2.2% | $1,965 | 8.2% |
| New York-Newark-Jersey City, N.Y.-N.J.-Pa. | $2,725 | 11.5% | $2,500 | 25.0% | $2,482 | 5.7% | $3,013 | 8.0% |
| Oklahoma City, Okla. | $923 | 8.8% | $800 | 18.5% | $850 | 10.5% | $998 | 10.9% |
| Orlando-Kissimmee-Sanford, Fla. | $1,843 | 35.4% | $1,620 | 27.2% | $1,718 | 35.0% | $2,098 | 42.7% |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | $1,751 | 8.7% | $1,444 | 12.6% | $1,679 | 6.1% | $1,950 | 5.5% |
| Phoenix-Mesa-Scottsdale, Ariz. | $1,885 | 25.0% | $1,451 | 26.2% | $1,648 | 25.8% | $2,200 | 21.4% |
| Pittsburgh, Pa. | $1,500 | 8.8% | $1,210 | 7.5% | $1,490 | 15.7% | $1,630 | 9.5% |
| Portland-Vancouver-Hillsboro, Ore.-Wash. | $1,725 | 12.0% | $1,397 | 10.9% | $1,666 | 11.1% | $2,004 | 12.8% |
| Raleigh, N.C. | $1,561 | 20.7% | $1,472 | 26.6% | $1,440 | 22.4% | $1,750 | 21.7% |
| Richmond, Va. | $1,414 | 16.5% | $1,105 | 12.8% | $1,288 | 17.0% | $1,534 | 16.0% |
| Riverside-San Bernardino-Ontario, Calif. | $2,678 | 14.2% | $1,450 | -3.6% | $2,170 | 19.7% | $2,970 | 12.0% |
| Rochester, N.Y. | $1,308 | 9.0% | $957 | 6.4% | $1,205 | 9.5% | $1,398 | 5.3% |
| Sacramento–Roseville–Arden-Arcade, Calif. | $2,029 | 13.1% | $1,920 | 17.9% | $1,880 | 11.1% | $2,200 | 13.1% |
| San Antonio-New Braunfels, Texas | $1,379 | 23.4% | $1,279 | 25.3% | $1,252 | 23.4% | $1,568 | 22.8% |
| San Diego-Carlsbad, Calif. | $3,008 | 25.4% | $2,388 | 22.2% | $2,727 | 23.8% | $3,369 | 24.9% |
| San Francisco-Oakland-Hayward, Calif. | $2,970 | 12.1% | $2,355 | 17.9% | $2,750 | 13.3% | $3,450 | 11.1% |
| San Jose-Sunnyvale-Santa Clara, Calif. | $3,024 | 14.2% | $2,416 | 23.3% | $2,810 | 14.6% | $3,441 | 14.8% |
| Seattle-Tacoma-Bellevue, Wash. | $2,104 | 17.1% | $1,758 | 25.0% | $2,079 | 16.8% | $2,516 | 12.6% |
| St. Louis, Mo.-Ill. | $1,299 | 9.1% | $999 | 3.5% | $1,225 | 9.8% | $1,428 | 9.8% |
| Tampa-St. Petersburg-Clearwater, Fla. | $2,098 | 32.3% | $1,875 | 26.1% | $1,867 | 33.1% | $2,349 | 33.8% |
| Virginia Beach-Norfolk-Newport News, Va.-N.C. | $1,505 | 13.8% | $1,300 | 11.6% | $1,428 | 10.8% | $1,602 | 13.3% |
| Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | $2,078 | 12.3% | $1,705 | 13.6% | $1,985 | 11.0% | $2,431 | 10.5% |
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