Last Updated on September 15, 2022
Rent Prices Rate of Inflation Slowed in August
Rent Still Up a Staggering 28% Since August 2021
August brought welcome relief for renters in the form of lower rent increases than we’ve seen in recent months. A 0.5% rent increase is below seasonal norms for August vs. August; we would normally expect rent to move up approximately 1% between these two months as rents approach their seasonal peak in the early fall.
Here’s the headline data through August 2022:
- $2,110/mo: Median asking rent in August across the country
- 0.5%: 1-month growth in rent vs. $2,100/mo in August 2022
- 27.9%: 1-year growth in rent vs. $1,650/mo in August 2021
Single-family home rentals continue to drive the overall market, with rents for that property type up more than 36%. Apartment rent, in contrast, is up 4.7%, below overall inflation levels.
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Median Asking Rent, August 2021 to August 2022
Amongst the largest cities, New York once again reclaimed its position as the most expensive rental market in the country, with rent at $3,021 per month. Boston, MA, and San Jose, CA were tied for the number 2 position with rent at $3,000, same as last month.
Within this group, Austin, TX stands out for the highest increases in asking rent, which has nearly doubled since this time last year. Tampa, FL, and Denver, CO have also seen approximately 45% rent increases.
Most Expensive Large Cities by August 2022 Asking Rent
Silverthorne, CO continues to top the overall tables with the highest rent prices in the country, joined on the small cities table by some other expensive markets like Santa Cruz, CA and Napa, CA. The top three small cities all have rent levels above those of famously expensive big cities like New York and San Francisco.
Most Expensive Small Cities by August 2022 Asking Rent
There are some cities where the asking rent increases over the past year have been extraordinary, with Tucson, AZ coming in at number one with an overall change in asking rent of 124% since August 2021.
In most cases, this represents steep demand for single-family homes in most of these markets, driving up overall rental costs.
Cities With Fastest Growing Rent, August 2022 vs. August 2021
Single-family rental homes (“SFR”) continue to be the most in-demand property type for renters, and the rents reflect that, with SFR rents both well above apartment rents, and growing at a faster rate.
SFR properties are now 40% more expensive than apartments nationwide, with median rent at $2,350 vs. $1,675 for apartments.
Most Expensive Cities by Single-Family Home Rent Prices
Most Expensive Cities by Apartment Rent Prices
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