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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