Rent Inflation Continues to Grow Nationwide: Dwellsy Data Shows Rent Up 31% vs. 2021 to a New Record High

Date:

In July, the nationwide median asking rent was $2,100/mo, which is 31% greater than July 2021 and 3% greater than June 2022

LOS ALTOS, Calif. - August 4, 2022 - (Newswire.com)

Rent continued its march upward in July 2022, increasing another $55/mo on a national basis, to $2,100 nationwide. 

Here are the core stats:

  • $2,100/mo: Median asking rent in July 2022
  • 2.7%: The growth in rent vs. June 2022 ($2,045)
  • 31.3%: The growth in rent vs. July 2021 ($1,600)

"Rent began climbing in dramatic fashion toward the end of 2021, and the increases have been relentless throughout 2022," said Jonas Bordo, Dwellsy's CEO and co-founder. "Asking rents across the country have grown by $400 per month since October of last year, far outpacing even today's national inflation rates."

Single-Family Home Rentals in Demand

As has been the case for much of the past year, single-family home rentals are pushing up the overall market, with rents for that property type up more than 37%. Apartment rent, in contrast, is up just 5.7%.

"What we're seeing is a fairly radical shift in renter preferences," said Bordo. "Today's renter is far more interested in a single-family home, with the benefits of space for home offices, pandemic pets and COVID-comfortable entry and exit. Apartments have remained a relatively modest option by comparison. In any normal year, a 5.7% increase in rent would be substantial, but in comparison to 9% overall inflation, that's now looking like more of a deal."

San Jose, Boston and New York Among Most Expensive Rental Markets

Among the largest cities, July saw a three-way tie between San Jose, CA, Boston, MA, and New York, NY, for the highest rent, with the median asking rent coming in at $3,000 for all three cities.  

Top Large Cities by July 2022 Asking Rent

 
Rank Metropolitan Statistical Area Median July 2022 Asking Rent Change in Rent Since July 2021
1 San Jose, CA  $3,000 15.6%
1 Boston, MA  $3,000 11.1%
1 New York, NY $3,000 11.1%
4 San Francisco, CA  $2,950 10.4%
5 Austin, TX $2,910 90.4%

Extraordinary Asking Rent Increases in Some Cities

There are some cities where the asking price for rent saw extraordinary increases over the past year. Tucson, AZ, is at the top of the list with an 181.8% overall change in asking rent since July.  

This represents a steep increase in demand that drove up overall median rent.  

Top Cities by Change in Asking Rent, July 2022 vs. July 2021

 
Rank Metropolitan Statistical Area Median July 2022 Asking Rent Change in Rent Since July 2021
1 Tucson, AZ $1,970 181.8%
2 Kansas City, MO-KS $2,210 121.0%
3 Greeley, CO $2,340 112.7%
4 Fort Collins, CO $2,700 108.5%
5 Springfield, MO $1,590 105.7%

About Dwellsy

Dwellsy is a comprehensive residential home rentals marketplace. 

For more information, contact [email protected].




Press Release Service by Newswire.com

Original Source: Rent Inflation Continues to Grow Nationwide: Dwellsy Data Shows Rent Up 31% vs. 2021 to a New Record High

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