Single-Family Rentals Continue Driving Record Rent Increases: 37% Through May 2022

Jonas

Single-family rentals continue to be the hottest type of rental for renters across the U.S., pushing rents to the highest levels yet. Persistently high demand and lagging supply for this asset class continue to drive prices up across the nearly 300K available single-family home rentals Dwellsy listed in May.

$2,260/mo: Median asking rent in May 2022 for single-family home rentals, up 37% vs. $1,650 in May 2021 (Sample size: 298,605 available May rentals)
$1,650/mo: Median asking rent in May 2022 for apartment rentals, up 6.5% vs. $1,550 in May 2021 (Sample size: 295,287 available May rentals)

Market Overview

For the overall rental market, including both single-family rentals and apartments in Dwellsy’s analysis of nearly 594,000 available rental units in May:

$1,995/mo: Median asking rent in May across the country
3.9%: 1 month growth in rent vs. $1,920/mo in April 2022
25.9%: 1 year growth in rent vs. $1,585/mo in May 2021
36.4%: Median rent as a share of pre-tax median income

Some large single-family oriented markets have seen some of the highest growth rates in rent, including the following:

Dwellsy provides a full list of all single-family markets with rents and market depth each month.

Notable apartment-oriented markets have seen significant rent increases, but they tend to be dramatically smaller than those seen in single-family oriented markets:

Dwellsy provides quick access to rent price tables for all U.S. cities and towns. For full details, download the following data sets:

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.

About Dwellsy

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—as well as the most diverse set of listings—including single-family rentals, condos, townhouses, and apartments at all price points.

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