Realtor.com® April Rental Report: National Rents Hit their 14th Straight Month of Record-Highs
05/19/2022 - 06:00 AM
The majority of renters report that rental costs are their biggest financial strain and barrier to putting aside savings, according to Realtor.com® 's Avail Quarterly Landlord and Renter Survey
SANTA CLARA, Calif. , May 19, 2022 /PRNewswire/ -- New data indicates that rental competition remained relentless in April, as the U.S. median rental price hit a new high ($1,827) for the 14th month in a row, according to the Realtor.com® Monthly Rental Report released today. These trends spotlight the affordability struggles reported by renters in Realtor.com® 's Avail Quarterly Landlord and Renter Survey also published today, which found higher rents are increasingly cutting into households' budgets for regular expenses and savings.
"April data illustrates the perfect storm of supply and demand dynamics behind the continued rent surge, from a low number of available rentals to higher for-sale housing costs forcing many would-be buyers to rent for longer than planned," said Realtor.com® Chief Economist Danielle Hale . "Renters are being left with few options but to meet higher rents and, in some cases, even offer above asking – whether they can afford to or not. Avail's new survey shows rents are not only maxing out renters' housing budgets but are the biggest strain on their overall finances, even as inflation drives up expenses across the board. For renters trying to stay on budget, making a list of must-have features is key and using a tool like the Realtor.com® Rentals app can help you find (and stick to) your parameters. This will be especially important as, if recent trends continue, we expect the typical U.S. asking rent to eclipse $2,000 by August."
April 2022 Rental Metrics – National
Unit Size
Median Rent
Change over April 2021
Change over April 2020
Overall
$1,827
16.7%
21.0%
Studio
$1,500
17.2%
15.2%
1-bed
$1,679
15.7%
19.9%
2-bed
$2,062
16.0%
23.8%
April rents maintain record-breaking run, despite annual growth cooling slightly Realtor.com® 's April data showed national rents maintained their record-breaking run that began in January 2021 , despite posting a slightly smaller year-over-year gain than in March. The continued rent surge is attributed to the mismatch between rental supply and rising demand, largely from would-be homebuyers. Some of these aspiring homeowners are staying in the rental market for longer than they may have intended, due to intensifying cost pressures driven by both the longstanding housing supply shortage and more recent inflationary economy. If these trends continue, national asking rents will likely surpass 2022's forecasted year-over-year growth projections (+7.1% ) by end of year.
The U.S. median rental price hit a new high of $1,827 in April, while the annual growth rate (+16.7% ) moderated slightly from the March pace (+17.0% ) . Still, rents continued to rise at a double-digit annual pace, reaching 21.0% higher than in April 2020 right after the onset of COVID. Studio rents grew at a faster year-over-year pace (+17.2% ) than one-bedrooms (+15.6% ) and two-bedrooms (+15.9% ). This is largely due to the ongoing rental market comeback in major downtowns where smaller living spaces are common, with studio rents up double-digits over April 2021 in all 10 of the biggest tech hubs, led by: New York City (29.1% ), Boston (+27.4% ) and Austin, Texas (+25.0% ). In a potential reflection of shifting migration patterns during the pandemic , the five large markets that posted April's biggest overall rental price gains year-over-year were in the Sun Belt: Miami (+51.6% ), Orlando, Fla. (32.9% ), Tampa, Fla. (27.8% ), San Diego (25.6% ) and Las Vegas (24.8% ). Avail survey finds renters are struggling to keep up with rising costs With rental demand on the rise, landlords with limited available units are able to adjust asking rents on both new and renewing leases to reflect the increasingly competitive market. In fact, the majority of landlords surveyed by Realtor. com® ' s Avail reported plans to increase rental prices within the next 12 months. This could mean further rental affordability challenges, with many surveyed renters already feeling the squeeze on their finances and savings, as inflation drives up the cost of everything from rent to regular household expenses.
Among renters surveyed in April, 66.1% said higher rents and related household costs are their top cause of financial strain – ahead of other expenses like food and groceries (57.3% ) and auto and transportation (50.8% ). Higher rents are also limiting renters' ability to save, with more than three-quarters of renters (76.1% ) saving less each month than at the same time last year. The typical household surveyed reported being able to save just $50 each month. Of respondents whose rents have gone up on their current unit, 72.9% are considering a move to a more affordable rental. However, lower-cost options are dwindling, with renters who moved in the past year typically paying higher rents ($350) than they did previously. Those who are staying put are trying to cut costs, most commonly on entertainment (67.1% ) and food and groceries (62.3% ). Additionally, trends among surveyed landlords indicate that renters aren't likely to see relief any time soon. Nearly three-quarters of landlords (72.1% ) plan to raise the rent of at least one property this year, up from 65.1% in the January survey . "Our survey data underscores how renters and landlords alike are feeling the squeeze of inflation and higher costs. For renters in particular, many may understandably feel caught between a rock and a hard place, but remember that there are resources that can help. Doing your research can go a long way in helping you prepare to navigate rent increases and their impact on your family's finances," said Ryan Coon , Avail co-founder and VP of Rentals at Realtor.com® .
Renters grappling with higher costs can access free financial counseling through the Renter Advantage program, a collaboration between Realtor.com® 's Avail, the National Foundation for Credit Counseling, the Housing Partnership Network, and Wells Fargo. Learn more here .
April 2022 Rental Metrics – 50 Largest U.S. Metro Areas
Metro Area
Overall Median Rent
Overall Rent YoY
Studio Median Rent
Studio Rent YoY
1-br Median Rent
1-br Rent YoY
2-br Median Rent
2-br Rent YoY
Atlanta-Sandy Springs-Roswell, Ga.
$1,829
16.7%
$1,665
17.9%
$1,700
17.4%
$2,035
17.7%
Austin-Round Rock, Texas
$1,800
24.7%
$1,450
25.0%
$1,652
26.7%
$1,951
18.5%
Baltimore-Columbia-Towson, Md.
$1,800
12.5%
$1,485
12.5%
$1,701
12.1%
$1,900
11.0%
Birmingham-Hoover, Ala.
$1,189
7.8%
$1,073
11.7%
$1,120
7.2%
$1,283
8.3%
Boston-Cambridge-Newton, Mass.-N.H.
$2,825
22.7%
$2,400
27.4%
$2,600
18.3%
$3,190
23.9%
Buffalo-Cheektowaga-Niagara Falls, N.Y.
$1,290
7.5%
$1,125
2.7%
$1,125
3.0%
$1,445
7.8%
Charlotte-Concord-Gastonia, N.C.-S.C.
$1,675
19.5%
$1,563
21.8%
$1,588
21.3%
$1,840
17.3%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
$1,923
13.5%
$1,580
21.5%
$1,880
13.9%
$2,160
9.6%
Cincinnati, Ohio-Ky.-Ind.
$1,416
8.9%
$1,200
13.2%
$1,360
8.8%
$1,576
8.4%
Cleveland-Elyria, Ohio
$1,409
10.7%
$950
4.4%
$1,319
6.2%
$1,540
14.1%
Columbus, Ohio
$1,275
11.1%
$1,095
10.1%
$1,200
11.9%
$1,390
9.4%
Dallas-Fort Worth-Arlington, Texas
$1,655
21.3%
$1,375
18.5%
$1,508
22.4%
$1,918
20.3%
Denver-Aurora-Lakewood, Colo.
$1,970
15.3%
$1,600
14.7%
$1,848
16.0%
$2,331
16.3%
Detroit-Warren-Dearborn, Mich.
$1,385
4.5%
$1,074
7.9%
$1,165
6.4%
$1,545
4.6%
Hartford-West Hartford-East Hartford, Conn.
$1,626
7.5%
$1,497
32.5%
$1,440
2.9%
$1,955
11.7%
Houston-The Woodlands-Sugar Land, Texas
$1,435
13.1%
$1,344
11.6%
$1,310
13.4%
$1,609
12.7%
Indianapolis-Carmel-Anderson, Ind.
$1,237
8.9%
$1,050
8.4%
$1,130
8.2%
$1,374
10.9%
Jacksonville, Fla.
$1,600
23.3%
$1,430
42.3%
$1,484
20.8%
$1,757
24.4%
Kansas City, Mo.-Kan.
$1,233
10.6%
$1,014
9.1%
$1,115
13.0%
$1,465
11.3%
Las Vegas-Henderson-Paradise, Nev.
$1,649
24.8%
$1,315
13.4%
$1,519
25.5%
$1,750
22.3%
Los Angeles-Long Beach-Anaheim, Calif.
$3,016
20.9%
$2,279
23.2%
$2,767
23.9%
$3,445
18.2%
Louisville/Jefferson County, Ky.-Ind.
$1,204
13.6%
$1,005
12.0%
$1,135
12.9%
$1,359
8.6%
Memphis, Tenn.-Miss.-Ark.
$1,409
22.0%
$1,139
10.6%
$1,362
21.2%
$1,561
22.6%
Miami-Fort Lauderdale-West Palm Beach, Fla.
$3,045
53.9%
$2,500
46.0%
$2,659
51.9%
$3,500
54.3%
Milwaukee-Waukesha-West Allis, Wis.
$1,525
9.3%
$1,200
6.2%
$1,428
9.8%
$1,750
10.7%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.
$1,580
5.5%
$1,245
4.2%
$1,495
5.5%
$1,925
4.4%
Nashville-Davidson--Murfreesboro--Franklin, Tenn.
$1,760
24.2%
$1,749
22.7%
$1,618
20.3%
$1,914
26.9%
New Orleans-Metairie, La.
$1,798
12.4%
$1,300
28.4%
$1,590
6.3%
$2,020
7.8%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.
$2,845
18.0%
$2,581
29.1%
$2,573
12.2%
$3,166
13.1%
Oklahoma City, Okla.
$985
13.0%
$913
30.6%
$916
14.6%
$1,050
11.2%
Orlando-Kissimmee-Sanford, Fla.
$1,927
32.9%
$1,630
23.7%
$1,772
30.9%
$2,190
36.9%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
$1,775
7.6%
$1,413
2.0%
$1,679
4.1%
$1,975
6.1%
Phoenix-Mesa-Scottsdale, Ariz.
$1,915
20.1%
$1,429
20.4%
$1,650
20.7%
$2,225
14.7%
Pittsburgh, Pa.
$1,475
4.2%
$1,261
12.4%
$1,450
5.7%
$1,592
-2.0%
Portland-Vancouver-Hillsboro, Ore.-Wash.
$1,764
12.1%
$1,400
9.8%
$1,710
11.2%
$2,049
11.8%
Providence-Warwick, R.I.-Mass.
$2,200
25.4%
$1,468
4.9%
$1,765
13.5%
$2,575
29.9%
Raleigh, N.C.
$1,615
23.9%
$1,458
22.1%
$1,485
24.5%
$1,791
21.3%
Richmond, Va.
$1,435
17.0%
$1,147
15.0%
$1,305
18.1%
$1,559
16.4%
Riverside-San Bernardino-Ontario, Calif.
$2,729
12.3%
$1,400
-6.7%
$2,184
14.5%
$3,000
13.3%
Rochester, N.Y.
$1,320
9.5%
$980
8.6%
$1,265
13.6%
$1,405
7.7%
Sacramento--Roseville--Arden-Arcade, Calif.
$2,045
10.1%
$1,845
11.5%
$1,901
7.6%
$2,230
10.9%
San Antonio-New Braunfels, Texas
$1,385
19.4%
$1,242
16.4%
$1,264
20.1%
$1,599
21.0%
San Diego-Carlsbad, Calif.
$3,125
25.6%
$2,447
23.1%
$2,769
22.5%
$3,500
23.5%
San Francisco-Oakland-Hayward, Calif.
$3,000
11.1%
$2,350
15.6%
$2,750
11.4%
$3,500
9.5%
San Jose-Sunnyvale-Santa Clara, Calif.
$3,165
19.9%
$2,490
23.9%
$2,920
18.8%
$3,545
18.2%
Seattle-Tacoma-Bellevue, Wash.
$2,165
17.2%
$1,799
23.4%
$2,145
16.2%
$2,633
18.4%
St. Louis, Mo.-Ill.
$1,331
8.7%
$1,000
6.1%
$1,272
10.8%
$1,462
6.1%
Tampa-St. Petersburg-Clearwater, Fla.
$2,163
27.8%
$1,989
28.0%
$1,896
28.0%
$2,390
26.6%
Virginia Beach-Norfolk-Newport News, Va.-N.C.
$1,531
13.4%
$1,343
10.6%
$1,436
10.6%
$1,669
12.8%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.
$2,115
12.4%
$1,722
14.1%
$2,017
12.2%
$2,499
10.6%
Methodology
Realtor.com® Monthly Rental Trends : Data as of April 2022 for studio, 1-bedroom, or 2-bedroom units advertised as for-rent on Realtor.com® . Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). National rents were calculated by averaging the medians of the 50 largest U.S. metropolitan areas, defined by the Core-Based Statistical Area (CBSA). Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history going back to March 2019 .
Note: With the release of its February 2022 Rental Report, Realtor.com® incorporated a new and improved methodology (see details here ). As a result of these changes, the rental data released since March 2022 will not be directly comparable with prior publications. However, future releases, including historical data, will consistently apply the new methodology.
Realtor.com® 's Avail Quarterly Landlord and Renter Survey : Survey responses collected from a nationally representative sample of more than 2,400 independent landlords and their renters. The survey was conducted between April 21st, 2022 and May 2nd, 2022 . The margin of error for landlords is ± 2.9% , and ± 2.7% for renters.
About Realtor.com ® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com ® .
Media Contact rachel.conner@move.com
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