Things Are Looking Up - October’s Median Rent Goes Down
A year of record rent increases is finally starting to ease. Median rent in October went down 3%, shifting from $1,649/mo in September to $1,600. This is a normal seasonal change for this time of year, but very welcome and reassuring after a year of record high rent increases.
Unfortunately, affordability continues to be a struggle - rent is up 6% in 2021 and more than that in many towns and cities across the country.
What Sets Our Data Apart
As the largest and most inclusive rental marketplace in the country, we have a representative sample of in-market asking rents, and can provide the actual data that renters experience when they're looking for a place right now. The data we release each month is taken from the numbers we collected from the month before.
Though this sounds typical, most other housing market datasets are focused only on premium multifamily units and they have to use statistical modeling techniques based on census data from several years ago in an attempt to replicate what Dwellsy has.
During a time where we are experiencing record-breaking rent increases and extreme homelessness, all the relevant information we can provide for renters is more important than ever. We are happy to break down the extensive data we have for free. After all, we’re Dwellsy, we’re built for renters.
Let’s take a look at October’s data, the numbers below are reflective of the median monthly rent for each city.
Download our data sets in their entirety below!
Dwellsy-Rent-Affordability-Oct-2021Download
Dwellsy-Rent-Expense-Tables-Oct-2021Download
Least Affordable Rental Markets
The Top 10 most expensive rental markets in October 2021 were:
- Silverthorne, CO: $3,295
- Santa Cruz, CA: $2,985
- Naples, FL: $2,899
- Napa, CA: $2,712
- Boston, MA: $2,700
- San Jose, CA: $2,693
- San Francisco, CA: $2,645
- Kahului, HI: $2,600
- New York, NY: $2,500
- Boulder, CO: $2,500
Most Affordable Rental Markets
- St. Cloud, MN: $505 (9.2% of median income)
- Jefferson City, MO: $550 (10.9% of median income)
- Midland, MI: $638 (11.0% of median income)
- Peoria, IL: $639 (12.7% of median income)
- Wheeling, WV: $556 (13.2% of median income)
Our Methodology
We often get asked about our methodology. In brief, we have the ability to do what no other rental site can do - give you the actual data that renters experience in the market. No complex statistical modeling required, because Dwellsy is free to landlords, which means we have the most comprehensive and inclusive inventory in the market.
Find out what’s happening in your local rental market?
If you are interested in learning more or would like to interview someone at Dwellsy regarding our data, please reach out to press@dwellsy.com or visit the Dwellsy Newsroom.
About Dwellsy
Dwellsy is the renter’s marketplace, 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 12 million residential rental listings, more than any legacy classifieds sites—as well as the most diverse set of listings—including single family rentals, condos and apartments.
If you’re looking for more renter-relevant content, check out our other informative blog posts here.
If you want to find a new rental home Dwellsy, is here to help.
