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“Locked out of the supply-constrained home-buying market, more households are crowding the rental market, driving up rents and stressing housing support programs.” –Patrick Sisson
What’s Going to Happen to Rent Prices in 2023
Dwellsy’s Rent Price Analysis Methodology
Dwellsy Rent Maps – National Rental Market Statistics
Easy Access Data Sets
Monthly Rental Analysis
RENTAL MARKET DATA – February ‘23
Rent Prices Drop in February
After January’s surprising increase in single-family rental prices, February’s data brought a different story – drops in both apartment rent and single-family home rent vs. January. Both property types were off about 1% in February vs. January.
RENTAL MARKET DATA – January ‘23
January Rent Starts with a Bang and a Whimper
2023 is off to a surprising start, particularly for those in the market for single-family rental homes (“SFR”). Median asking rent prices for 3-bedroom SFR properties were up a whopping $128 or 7.4% in January vs. December.
RENTAL MARKET DATA – December ’22
2022 – A Rollercoaster Year for Rents
As 2022 comes to a close, the moderation trend in rent prices continues. Asking rent for 1 bedroom apartments continues to be relatively stagnant, flat from November and up only $8 or 0.6% in 2022.
RENTAL MARKET DATA – November ’22
Rent Stagnates After a Year Of Record-Breaking Growth
November rent prices were essentially unchanged, up just 0.1% from October. This comes after a
drop of 2.5% ($52) in median asking rent between August and October that gave renters hope
that rent increases were a thing of the past.
RENTAL MARKET DATA – October ’22
Median Asking Rent Prices Decline by 1.8% from September to October 2021
October brought a continuation of the monthly rent declines we first saw last month, with a 1.8% or $37 drop, following September’s 0.7% drop vs. August. It appears we may be on the cusp of a genuine trend of rent moderation after a year of consistent rent increases.
RENTAL MARKET DATA – SEPTEMBER ’22
Rent Still Up a Staggering 27% Since September 2021
September was the first time in almost a year that we saw a monthly decline in median asking rents, which were down by $15/mo to $2,095 in September vs. August. This decline is actually more significant than just the 0.7%; we would normally expect a 0.5%-1.0% increase in rent prices from August to September as rent climbed to its seasonal peak.
RENTAL MARKET DATA – AUGUST ’22
Rent Prices Rate of Inflation Slowed in August
August brought welcome relief for renters in the form of lower rent increases than we’ve seen in recent months. A 0.5% rent increase is below seasonal norms for August vs. August; we would normally expect rent to move up approximately 1% between these two months as rents approach their seasonal peak in the early fall.
RENTAL MARKET DATA – JULY ’22
Relentless Rent Inflation Continues with Rent Up 40% vs. Last Year
In July, the nationwide median asking rent was $2,110/mo, which is 40% more than the median rent for July of last year. 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 36%. Apartment rent, in contrast, is up 4.7%.
RENTAL MARKET DATA – JUNE ’22
Median Rent Crosses the $2,000 Threshold for the First Time
In June, the nationwide median asking rent was $2,045/mo, based on the data drawn from Dwellsy’s inventory of over 641,000 available rentals. This sample represents the availability of over 13 million rental properties across the country.
RENTAL MARKET DATA – MAY ’22
Single-Family Rentals Continue Driving Record Rent Increases: 37% Through May 2022
Single-family rentals continue to be the hottest type of rental for renters across the U.S., pushing rents to the highest levels yet. Persistently high demand and lagging supply for this asset class continue to drive prices up across the nearly 300K available single-family home rentals Dwellsy listed in May.
RENTAL MARKET DATA – APRIL ’22
When will renters get a break? 24% increase in median asking rent from April 2021 to April 2022
April brought yet another acceleration in asking rent, according to Dwellsy’s analysis of more than 533,000 available rental units. The nationwide median asking rent for April ’22 was $1920/mo.
RENTAL MARKET DATA – MARCH ’22
Rent Keeps Rolling Uphill: 19% Rent Increase in the Past Year
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%.
RENTAL MARKET DATA – FEB ’22
Rent Inflation Strikes Again: 17.5% Median Rent Increase Since February 2021
Rent prices continued to grow rapidly in February, with the median U.S. asking rent up 4% vs. January. In the past year, rent has gone up 17.5% to $1,820/mo, an extra $271 per month compared to 2021. Renters now need to spend an extra $3,250/yr on rent compared to this time last year.
RENTAL MARKET DATA – JAN ’22
Relentless Rent Rise Continues: 16% since January 2021
In any normal year, a 4.8% rent increase would be a big one for the full year. To see that in a single month is shocking. On top of already significant rent increases in 2021, the total rent increase since January 2021 now tops 16%. That’s an extra $245 that renters now need to come up with each month in order to make their rent payments.
RENTAL MARKET DATA – DEC ’21
Inflation Hits Renters: 11% Overall Rent Increase in 2021
Inflation has hit the economy and renters were not immune, experiencing an 11% increase in median asking rent across the country from January to December of 2021. In a “normal year”, 3-4% increase in overall rents is typical. Unfortunately, 2021 is a year for the books in yet another way: The ongoing Covid pandemic has driven this year’s extraordinary rent inflation from start to finish.
RENTAL MARKET DATA – NOV ’21
November’s Data Shows Surprising Rise in Rent
The average cost of rent across the nation typically decreases toward the end of each year. Unfortunately, the average price of monthly rent rose 8% last month. This shift is likely due to an increase in demand for rental homes. This rise is partially due to a continued shift towards single-family housing such as rental houses and townhomes. Single-family rental prices have actually risen 23% this year. Luckily, many tenants are in the process of moving, which should lead to more vacancies in the rental housing market.
RENTAL MARKET DATA – OCT ’21
October’s Data Shows Apartment Rental Prices Are Down
October rent shows a fairly normal seasonal shift, with median rent starting to decline from peak summer highs. Median rent across the U.S. decreased from $1,649 in September to $1,600 in October, a fairly sharp decline of 3.0%. Across nearly 360K available rentals in October, Dwellsy continued to see apartment rents more or less flat for the year, while single-family home rentals continue to be the cause of above-normal rent growth in 2021.
RENTAL MARKET DATA – SEP ’21
September’s Data Shows Apartment Rental Prices Are Down
To the surprise of many, the general rise in rental home prices is not actually reflective of the entire market. This year’s overall rent increases are coming solely from single-family rentals (SFR), while apartment home rental prices are actually decreasing. The price of apartments nationwide has actually decreased by 2.3% since January.
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