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:
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.
Major markets (>1M population) with the highest rent increases in the past year are as follows:
Rank | Metropolitan Statistical Area | Median Asking Rent, March 2022 | Percentage Increase vs. March 2021 |
1 | Tucson, AZ | $1,865 | + 139% |
2 | Kansas City, MO-KS | $1,880 | + 88% |
3 | Austin, TX | $2,379 | + 69% |
4 | Memphis, TN | $1,800 | + 68% |
5 | Phoenix, AZ | $2,160 | + 66% |
6 | Dallas, TX | $2,050 | + 63% |
7 | Las Vegas, NV | $2,070 | + 60% |
8 | Orlando, FL | $2,295 | + 57% |
9 | Tampa/St. Petersburg, FL | $2,340 | + 56% |
10 | Jacksonville, FL | $2,060 | + 53% |
“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%.
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