March brought continued substantial rent increases yet again. Key stats, according to Dwellsy’s analysis of 509,911 available rentals:
- $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
That 19.4% increase translates into $300 more in rent expense for renters 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:
|Median Asking Rent,|
vs. March 2021
|1||Tucson, AZ||$1,865||+ 139%|
|2||Kansas City, MO-KS||$1,880||+ 88%|
|3||Austin, TX||$2,379||+ 69%|
|4||Memphis, TN||$1,800||+ 68%|
|5||Phoenix, AZ||$2,160||+ 66%|
|6||Dallas, TX||$2,050||+ 63%|
|7||Las Vegas, NV||$2,070||+ 60%|
|8||Orlando, FL||$2,295||+ 57%|
|9||Tampa/St. Petersburg, FL||$2,340||+ 56%|
|10||Jacksonville, FL||$2,060||+ 53%|
“Most of these markets share a common theme: lots of single-family rental homes and lower cost of living vs. cities like San Francisco and New York,” said Jonas Bordo, CEO and Co-Founder of Dwellsy.
“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,” said Bordo.
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%.