Median Rent Crosses the $2,000 Threshold for the First Time
After a year of relentless rent increases, June saw the first median rent above $2000/mo.
In June, the nationwide median asking rent was $2,045/mo, based on the data drawn from Dwellsy’s inventory of over 641,000 available rentals. This sample represents the availability from over 13 million rental properties across the country.
Here are the primary stats for rent in the month of June:
- $2,045/mo: Median asking rent in June across the country
- 2.5%: 1 month growth in rent vs. $1,995/mo in May 2022
- 27.9%: 1 year growth in rent vs. $1,599/mo in June 2021
In the midst of these record highs, there is some good news for renters: the growth rate for rent in June has decreased in comparison to previous months. A 2.5% monthly increase is typically staggering, however it is less than what we’ve seen in recent months. The last two months saw a 3.9% rent increase and 3.8% rent increase respectively.
Further good news for some can be spotted in the split between glegle-family rentals and apartment homes. Apartment rent in the past month was actually down by $2/month (from $1,650 to $1,648).
Not much of a change, but it is a decline after months of consecutive growth. Apartment asking rents are up 5.4% or $84/mo. In contrast to the last time we saw apartment rent go down (Dec vs. Nov), this is a time of year when we would expect seasonal increases in rent. Typically, rent moves up during the summer and fall months and ebbs in the winter months.
As in virtually every month for the past year, single-family rentals continue to drive national rent increases for the U.S., with rent for this group increasing by $40/month in June vs. May. Asking rent growth in the past year for single-family rentals is a staggering 35.7% or $605/mo, underlining the degree to which these properties are in demand.
Dwellsy provides quick access to rent price tables for all U.S. cities and towns. For full details, download the following data sets:
- Rent expense tables for over 400 cities
- Detailed analysis of Single-Family Rentals and Apartment rentals in over 200 cities
About Dwellsy Data
As the largest and most inclusive rental marketplace in the country, Dwellsy has a representative sample of in-market asking rents, and our analysis reflects the actual experience of renters searching for a place in a given time period. Most other rental market datasets are focused only on premium multifamily units and have to use complex statistical modeling techniques based on data from several years ago in their attempts to replicate Dwellsy's data.
Dwellsy is the marketplace that renters want and deserve, a comprehensive residential home rentals marketplace based on the radical concept that true, organic search in a free eco-system creates more value than the pay-to-play model embraced by all of the current rental listing services. Dwellsy has more than 13 million residential rental home listings, more than any legacy classifieds site—as well as the most diverse set of listings—including single-family rentals, condos, townhouses, and apartments at all price points.
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