Money & The Economy

Average Rent Up 19% Over Past Year

Rent is substantially up across the country for yet another month. Single-family rentals continue to drive overall rent increases while apartment rent increases are far more modest.

LOS ALTOS, Calif., April 5, 2022 /PRNewswire/ — 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%. 

Content created by Conservative Daily News and some content syndicated through CDN is available for re-publication without charge under the Creative Commons license. Visit our syndication page for details and requirements.

Support Conservative Daily News with a small donation via Paypal or credit card that will go towards supporting the news and commentary you've come to appreciate.

Carl Fox

Carl Fox is the senior money and finance writer for Conservative Daily News. Follow him in the "Money & The Economy" section at CDN and see his posts on the "Junior Economists" Facebook page.

Related Articles

Back to top button