Rental Housing Prices Rising This Holiday Season
The average cost of rent across the nation typically decreases towards the end of each year, just in time for the holiday season, but not in 2021. Unfortunately, the national median asking rent went up almost 2% from $1,600 in October to $1,630 in November. Though the price increase seems small, this is a huge departure from typical rental market trends.
Continued upward pressure on rent prices is coming from several fronts. This rise is partially due to a continued shift towards single-family housing such as rental houses and townhomes. Single-family rental prices have actually risen 23% this year vs. only 1.3% for apartments.
Additionally, there’s an unseasonably high level of moving happening, which is also increasing demand for new places and shifting market prices up.
Finally, household formation levels are at historic highs, driving increased macro demand for rentals of all types.
The Top 10 most expensive rental markets in November 2021 were:
- Silverthorne, CO: $3,500
- Naples, FL: $3,273
- Santa Barbara, CA: $3,100
- Santa Cruz, CA: $2,900
- Kahului, HI: $2,822
- Oxnard/Ventura, CA: $2,800
- Boston, MA: $2,795
- Napa, CA: $2,785
- San Francisco, CA: $2,684
- San Jose, CA: $2,625
Most Affordable Rental Markets
- Jefferson City, MO: $550 (10.9% of median income)
- St. Cloud, MN: $694 (12.6% of median income)
- Peoria, IL: $639 (12.7% of median income)
- Richmond, IN: $512 (12.8% of median income)
- Midland, TX: $901 (13.1% of median income)
Download our data sets in their entirety below!
Dwellsy-SFR-v-APT-Rent-Nov-2021Download
Dwellsy-Rent-Expense-Nov-2021Download
Dwellsy-Rent-Affordability-Nov-2021Download
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.
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/blog or visit 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 ho listings, more than any legacy classifieds site—as well as the most diverse set of listings—including single family rentals, condos and apartments.
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