Rent Keeps Rolling Uphill: 19% Rent Increase in the Past Year
Written by Jonas Bordo
March brought continued substantial rent increases yet again. Key stats, according to Dwellsy’s analysis of 509,911 available units:
- $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
Renters now need to spend a full $300 extra 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:
1. Tucson, AZ – $1,865/mo with a 139% increase since March '21
2. Kansas City, MO-KS – $1,880 with a 88% increase since March '21
3. Austin, TX – $2,379 with a 69% increase since March '21
4. Memphis, TN – $1,800 with a 68% increase since March '21
5. Phoenix, AZ – $2,160 with a 66% increase since March '21
6. Dallas, TX – $2,050 with a 63% increase since March '21
7. Las Vegas, NV – $2,070 with a 60% increase since March '21
8. Orlando, FL – $2,295 with a 57% increase since March '21
9. Tampa/St. Petersburg, FL – $2,340 with a 56% increase since March '21
10. Jacksonville, FL – $2,060 with a 53% increase since March '21
Most of these markets share a common theme - lots of single-family rental homes and lower costs of living compared to cities like San Francisco and New York.
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.
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%.
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:
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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.
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