Rent spikes nationwide

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:

Statistical Area
Median Asking Rent,
March 2022
Percentage Increase
vs. March 2021
1Tucson, AZ$1,865+ 139%
2Kansas City, MO-KS$1,880+ 88%
3Austin, TX$2,379+ 69%
4Memphis, TN$1,800+ 68%
5Phoenix, AZ$2,160+ 66%
6Dallas, TX$2,050+ 63%
7Las Vegas, NV$2,070+ 60%
8Orlando, FL$2,295+ 57%
9Tampa/St. Petersburg, FL$2,340+ 56%
10Jacksonville, 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%. 

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