Last Updated on August 4, 2022
While rent increases appear to be slowing down, the rapid increase that began in mid-2021 continued this month with a further 2.7% overall increase, moving up $55/mo. 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 5.7%. Amongst the largest cities, July saw a three-way tie between San Jose, CA, Boston, MA and New York, NY for the highest rent, with median asking rent coming in at $3,000 for all three cities. Within this group, Austin, TX stands out for the highest increases in asking rent, which has nearly doubled since this time last year. Tampa, FL and Denver, CO have also seen approximately a 50% increase in rent prices. In some cases, the most expensive small cities outpace the largest, with Silverthorne, CO, Santa Cruz, CA and Napa, CA coming in with the top three spots by asking rent, all with rent levels above famously expensive big cities like New York and San Francisco. There are some cities where the asking rent increases over the past year have been extraordinary, with Tucson, AZ coming in with an overall change in asking rent of 181.8% since July. This represents steep demand for single-family homes in most of these markets, driving up overall rental costs. Single-family rental homes (“SFR”) continue to be the most in-demand property type for renters, and the rent prices reflect that, with SFR rents both well above apartment rents, and growing at a faster rate. SFR properties are now 40% more expensive than apartments nationwide, with median rent at $2,340 vs. $1,674 for apartments. If you’re looking for more data, sign up for updates here. Looking for a new rental? Dwellsy is here to help.Dwellsy National Rent Pricing Data
Relentless Rent Inflation Continues with Rent Up More Than 31% vs. Last Year.
This is what we’ve learned through July 2022:
Median Asking Rent, July 2021 to July 2022
Top 10 Large Cities by July 2022 Asking Rent
Top 10 Small Cities by July 2022 Asking Rent
Top 10 Cities by Change in Asking Rent, July 2022 vs. July 2021
Top 10 Cities by Single-Family Home Rents
Top 10 Cities by Apartment Rents
