Average Rent Up 19% Over Past Year

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. 

Major markets (>1M population) with the highest rent increases in the past year are as follows:

“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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