Last Updated on July 27, 2022
Rent prices continued to rise in January, with median U.S. asking rent up 4.8% vs. December.
In a normal year, a 4.8% rent increase would be a big one for the full year. To see that rise occur in a single month is shocking.
On top of already significant rent increases in 2021, the total rent increase since January 2021 now tops 16%. That’s an extra $245 that renters now need to come up with each month in order to make their rent payments.
This analysis is based on Dwellsy’s industry-leading data set, which draws from over 12 million rental homes and apartments. In January, Dwellsy analyzed data for more than 437,000 available rentals in over 400 markets across the U.S.
Key takeaways from Dwellsy’s January 2022 data release:
- Nationwide rent is up 16.3% in the past year to $1,750/mo from $1,505/mo (January to January).
- Rent for single-family homes has driven most of the increase, gaining 35% or $535/mo during the same period.
- Apartment rents were up 3.3% in the past year; a $50/mo increase.
Amongst large cities, those with the highest rents were:
|Rank||City||Jan 2022 Rent||vs. Jan 2021|
|1||Boston, MA||$2,876||+ 15.0%|
|2||San Francisco, CA||$2,750||+ 14.6%|
|3||Miami, FL||$2,740||+ 30.5%|
|4||San Jose, CA||$2,702||+ 9.2%|
|5||New York, NY||$2,500||+ 3.6%|
|6||San Diego, CA||$2,450||+ 25.7%|
|7||Los Angeles, CA||$2,395||+ 9.1%|
For your convenience, Dwellsy provides quick access to summary 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
- Comparison of Single-Family Rentals vs. Apartment rentals in over 200 cities
- Affordability rankings that compare income and rent in over 300 cities
To book an interview with our CEO to discuss results and findings, please use this scheduling link.
For more details, access the full datasets here:
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 housing 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 12 million residential rental home listings, more than any legacy classifieds site, and those numbers continue to rise. We also have the most diverse set of listings—including single family rentals, condos, townhouses and apartments at all price points.
If you’re looking for more data, sign up for updates here.