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:
| Rank | Metropolitan Statistical Area | Median Asking Rent, March 2022 | Percentage Increase 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%.
